Marine Engines Market

Analysts at GMI Research estimates that the Marine Engines Market was worth USD 11.2 billion in 2022, and forecast to touch USD 13.5 billion in 2030, growing at a CAGR of 2.4% from 2023-2030.

Marine Engines Market Overview

Marine engine is the mechanism or system used to generate power or thrust to propel the ships across the water. The mechanism consists of the engine turning propellers, pump jets, impellers to manoeuvre the ships in the water. The ship propulsion engines are designed by ensuring the better safety standard for the marine ecosystem along with cost efficiency. Thus, the innovative technology is being implemented for the better efficiency of the engine to save the cost of fuel and improve the overall engine efficiency.

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Major Marine Engines Market Drivers

The factors driving the global marine engines market include rising demand for the marine propulsion engine due to growing the international marine freight and trades all over the world. According to the UNCTAD Organization, the total volumes of maritime transport are increasing at an annual average growth rate of 3.4 % and have been reached 11 Billion tons in 2018. Thus, the demand for marine propulsion engines has been increased due to a surge in the global trades owing to around 80% of goods of the volume of international trade is carried out by the sea.

There is a rise in the adoption of advanced technology engines like hybrid engines, natural gas engines to increase the efficiency, environmental compatibility, and flexibility of the propulsion system. For instance, on 6th Sep 2018, Rolls-Royce Company planned to launch new hybrid ship propulsion systems by 2020. Rolls-Royce has unveiled completely integrated MTU hybrid propulsion systems for workboats, yachts, ships, patrol boats, and ferries by 2020. The engine propulsion systems will have a power range varying from around 1,000kW-4,000kW per power train.

Restraint in the Marine Engines Market

However, high capital investment for the marine engine require in the power generation that may hamper the global marine engines market. For instance, Yanmar Marine Engine cost ranges from USD 26,00 to USD 3500.

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Engine Type- Segment Analysis

Based on the engine type, diesel engine expected to grow at the fastest rate in the global marine engines market during the study period, this is primarily attributed to increasing the advanced technology implementation in firing pressures, turbo-charging efficiency, fuel injection technology, brake mean effective pressure to significantly reduce fuel & oil consumption in four-stroke marine engines.

Ship Type – Segment Analysis

Based on the ship type, bulk carrier & cargo holds the highest market share in 2019 in the global marine engines market owing to rising international trade volumes which has generated demand for the ships to handle the goods. As per the UNCTAD in 2019, there were around 92,295 cargo ships and were handled around 1976491 thousands of deadweight.

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Regional – Segment Analysis:

Asia Pacific is the dominated region for the global marine propulsion engines market and expected to grow at the highest CAGR during the forecasted period due to presence of leading players with growing seaborne trade followed by Europe region. According to the UNCTAD, the Asian Countries has been accounted for the 59% of loaded and 64% of unloaded trade around the world. The developing region has traded around 4.2 Billion tons loaded and 5.9 Billion tons unloaded trade.

North America is the also growing at faster pace for the marine propulsion engines market, owing to presence of advanced technology with surge in the international trades. According to the U.S. Energy Information Administration (EIA), the coastal and inland waterborne activities including marine trade are responsible for 240 and 252 Billion ton-miles of transport, respectively. This propels the marine propulsion engine demand over the forecast. Also, as per the World Trade Organization, the total merchandise trades from the commercial import and export business have been generated around USD 19.67 trillion in 2018.

Top Market Players

Various notable players operating in the market, include, Yanmar Co., Cummins INC., Wartsila, Caterpillar, Daihatsu Diesel Mfg. co., ltd, Hyundai Heavy Industries Co., Ltd, Scania, MAN SE, Rolls-Royce Plc, Mitsubishi Heavy Industries, Ltd. and among others. 

Key Developments:

• • In 2020, Caterpillar Marine launched a new Cat C32B high performance 2000 HP (2025 MHP) marine engine with engine speed of 2300 rpm. This engine meets emerging market demands with expanded power capability of the C32 high performance product line.
  • In 2019, the Wärtsilä Company launched 31SG pure gas engine for hybrid systems and other marine applications. The engine was designed with the best fuel economy of any engine available in 8-to-16-cylinder configurations and has 4.2 to 8.8 MW of power output range with speed from 720 to 750 rpm.
  • In 2018, Kongsberg was acquired the commercial marine unit of Rolls-Royce.
  • In 2018, YANMAR launched world’s smallest 3JH40 CR inboard marine diesel engine with an output of 40 mhp.

Segments covered in the Report:

The global marine engines market has been segmented on the basis of engine type, ship type, and key regions. Based on engine type, the market is segmented into natural engine, gas turbine, diesel engine, fuel cell propulsion engine and others. In terms of ship type, the global marine engines market is divided into passenger ship, tanker, offshore vessel, bulk carrier and cargo. 

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Report Coverage	Details
Market Revenues (2022)	USD 11.2 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Engine Type, By Ship Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Yanmar Co., Cummins INC., Wartsila, Caterpillar, Daihatsu diesel mfg. Co., ltd, Hyundai Heavy Industries Co., Ltd, Scania, Man Se, Rolls-Royce Plc, Alenia Aeronautica, Cassidian, and among others; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Marine Engines Market by Engine Type

• • Natural Engine
  • Gas Turbine
  • Diesel Engine
  • fuel cell propulsion engine
  • Others

Global Marine Engines Market by Ship Type

• • Passenger Ship
  • Tanker
  • Offshore Vessel
  • Bulk Carrier
  • Cargo

Global Marine Engines Market by Region

• • North America Marine Engines Market (Option 1: As a part of the free 25% customization)

    • By Engine Type
    • By Ship Type
    • US Market All-Up
    • Canada Market All-Up

  • Europe Marine Engines Market (Option 2: As a part of the free 25% customization)

    • By Engine Type
    • By Ship Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Marine Engines Market (Option 3: As a part of the free 25% customization)

    • By Engine Type
    • By Ship Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Marine Engines Market (Option 4: As a part of the free 25% customization)

    • By Engine Type
    • By Ship Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Marine Engines (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Yanmar Co.
  • Cummins INC.
  • Wartsila
  • Caterpillar
  • Daihatsu diesel mfg. Co., ltd
  • Hyundai Heavy Industries Co., Ltd
  • Scania
  • Man Se
  • Rolls-Royce Plc
  • Mitsubishi Heavy Industries, Ltd