Marine Propulsion Engine Market, By Engine Type (Diesel Engine, Gas Turbine, Hybrid Engine, and Others (including Steam Turbine, Nuclear, etc.), By Power Output (Less than 10,000 kW, 10,000 kW to 30,000 kW, and Above 30,000 kW), By Fuel Type (Heavy Fuel O
Marine Propulsion Engine Market, By Engine Type (Diesel Engine, Gas Turbine, Hybrid Engine, and Others (including Steam Turbine, Nuclear, etc.), By Power Output (Less than 10,000 kW, 10,000 kW to 30,000 kW, and Above 30,000 kW), By Fuel Type (Heavy Fuel Oil, Marine Diesel Oil, Liquefied Natural Gas, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
The global marine propulsion engine market has been growing steadily over the past few years. Marine propulsion engine refers to the main engine on ships and boats that generates thrust to propel the vessel through water. The demand for marine engines is directly associated with maritime trade and cruise/leisure boating activities. Rise in international seaborne trade fueled by growing population and globalization has positively impacted the demand for marine transportation, thereby augmenting the need for efficient and reliable marine propulsion engines across cargo ships, tankers, passenger vessels, and others. Furthermore, growth in recreational boating especially in developed economies has strengthened the sales of marine engines used in yachts and motorboats.
Market Dynamics:
The global marine propulsion engine market is driven by robust growth in international marine trade volumes and rising consumer demand for recreational boating. Growing trade activities have boosted the demand for cargo ships and tankers for transporting goods through waterways. This has significantly increased the replacement demand for new and efficient marine engines during the upgrade of aging fleets. Additionally, rising maritime tourism and cruising industry has accelerated the production of passenger vessels, thereby fueling the sales of high-power marine propulsion engines. However, fluctuating crude oil prices leading to increased operational costs for ship owners and stringent emission norms introduced by IMO for reducing sulfur emissions pose challenges to market growth. Moreover, the ongoing transition toward hybrid and electric ship technologies presents new opportunities in the coming years.
Key features of the study:
This report provides in-depth analysis of the global marine propulsion engine market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global marine propulsion engine market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include ABC Marine, Caterpillar Inc., Cruise Automation, Doosan Engine, GE Marine, MAN Energy Solutions, Mitsubishi Heavy Industries, Rolls-Royce Holdings plc, Samsung Heavy Industries, Wärtsilä Corporation, MTU Friedrichshafen GmbH, Hyundai Heavy Industries, Kawasaki Heavy Industries, Siemens Marine, and Yanmar Holdings Co., Ltd.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global marine propulsion engine market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global marine propulsion engine market.
Detailed Segmentation:
By Engine Type
Diesel Engine
Gas Turbine
Hybrid Engine
Others (including Steam Turbine, Nuclear, etc.)
By Power Output
Less than 10,000 kW
10,000 kW to 30,000 kW
Above 30,000 kW
By Fuel Type
Heavy Fuel Oil (HFO)
Marine Diesel Oil (MDO)
Liquefied Natural Gas (LNG)
Others (including Biofuels, etc.)
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Players Insights
ABC Marine
Caterpillar Inc.
Cruise Automation
Doosan Engine
GE Marine
MAN Energy Solutions
Mitsubishi Heavy Industries
Rolls-Royce Holdings plc
Samsung Heavy Industries
Wärtsilä Corporation
MTU Friedrichshafen GmbH
Hyundai Heavy Industries
Kawasaki Heavy Industries
Siemens Marine
Yanmar Holdings Co., Ltd.
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
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Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Merger and Acquisition Scenario
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