What Fueled The Previous Growth In The Marine Propulsion Engines Market?
The marine propulsion engines market has seen considerable growth due to a variety of factors.
• The size of the marine propulsion engines market has seen consistent growth over the past few years. The market, which was worth $26.29 billion in 2024, is projected to increase to $27.42 billion in 2025, promising a compound annual growth rate (CAGR) of 4.3%. The growth witnessed in the historic period can be credited to the era of the steam engine, the shift to diesel engines, progress in engine design, the advent of gas turbines, as well as globalization and trade expansion.
What Can Be Expected from the Marine Propulsion Engines Market Size?
The Marine Propulsion Engines market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the marine propulsion engines market is anticipated to experience robust growth and is projected to expand to a market size of $33.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.1%.
This growth during the prediction period is linked to factors like the adoption of hybrid and electric propulsion, incorporation of AI and digitalization, green shipping initiatives, development of LNG infrastructure, and a concentrated emphasis on sustainability. Major trends for this forecast period will involve improving fuel efficiency and emissions, a transition towards alternative fuels, progress in digitalization and connectivity, using LNG as fuel, concentrating on decarbonization, and optimizing size and power.
What Are the Critical Driver Fuelling The Marine Propulsion Engines Market's Growth?
The expansion of the marine propulsion engine market looks set to be driven by an increase in international seaborne trade. This trade employs ships to transport goods over the seas, with marine propulsion systems propelling the vessels. These systems offer added safety for the marine environment, cost effectiveness, and lower emissions, leading to an increase in demand within the maritime industry. As an example, the United Nations Conference on Trade and Development (UNCTAD), a Swiss intergovernmental organization, reported a 1.4% increase in marine trade in 2022, with an expected growth of 2.1% predicted for the period of 2023 to 2027. In addition, containerized trade rose by 1.2% in 2022, with an expected increase of 1.9% in 2023. With these rises, international seaborne trade is undoubtedly propelling the growth of the marine propulsion engine market.
How Is The Marine Propulsion Engines Market segmented?
The marine propulsion engines market covered in this report is segmented –
1) By Engine Type: 2-Stroke Engine, 4- Stroke Engine
2) By Ship Type: Cargo Or Container Ships, Tanker, Bulk Carrier, Offshore Vessel, Passenger Ship, Other Ship Types
3) By Power Range: 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, Above 20,000 HP
4) By Fuel Type: Diesel, Heavy Fuel Oil, Natural Gas, Other Fuel Types
5) By Application: Commercial, Defense, Passenger
Subsegments:
1) By 2-Stroke Engine: Direct Injection 2-Stroke Engines, Loop Scavenged 2-Stroke Engines
2) By 4-Stroke Engine: Diesel 4-Stroke Engines, Gasoline 4-Stroke Engines
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What New Trends Are Influencing The Marine Propulsion Engines Market?
The marine propulsion engine market is increasingly seeing product innovations as a predominant trend. Major corporations in the sector are concentrating their efforts on creating novel products to fortify their market foothold. For example, AB Volvo Penta, an American company specializing in engines and comprehensive power systems for boats, vessels, and industrial uses, presented variable-speed marine generator sets for marine electric propulsion in September 2022. The distinct characteristic of these sets is their reduced battery banks and the capability to recharge while moving, making the shift to hybrid-electric marine propulsion more economical and feasible. Volvo Penta provides a selection starting from the D8, 190 kW, extending up to 545 KWe for the D16.
Who Are the Key Players In The Marine Propulsion Engines Market?
Major companies operating in the marine propulsion engines market include:
• Caterpillar lnc.
• Daihatsu Diesel Mfg Co. Ltd
• Hyundai Heavy Industries Co. Ltd.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce Holdings Plc
• Wärtsilä Corporation
• Yanmar Holdings Co. Ltd.
• Scania AB
• MAN Energy Solutions
• Cummins Inc.
• AB Volvo Penta
• Kawasaki Heavy Industries Ltd.
• Fairbanks Morse Defense
• Anglo Belgian Corporation
• Nigata Power Systems Co. Ltd.
• Deutz AG
• WinGD
• Siemens Energy AG
• Yamaha Motor Co. Ltd.
• Torqeedo GmbH
• China Shipbuilding Corporation
• Mitsubishi Turbocharger and Engine Europe B.V.
What Is The Most Dominant Region In The Marine Propulsion Engines Market?
Asia-Pacific was the largest region in the marine propulsion engines market in 2024. The regions covered in the marine propulsion engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
