Marine Engine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Marine Engine Market
The marine engine market size was valued at USD 12.03 billion in 2022, and the market is now projected to grow from USD 12.67 billion in 2023 to USD 16.52 billion by 2030, exhibiting a CAGR of 3.85% during the forecast period of 2023-2030.
The manufacture of materials was hampered by the raw material shortage during this period. This, in turn, disrupted the entire supply chain and hindered market expansion. The market for adhesive goods was also impacted by the decline in demand brought on by the construction and automobile industries. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. The nationwide lockdown also resulted in the partial or whole closure of component factories. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the marine engine market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic.
Seaborne trade's rapid growth will fuel the marine engine market growth during forecast period. Since shipping is essential to the global economy, seaborne trade keeps growing in the worldwide market. Low and falling freight costs are one way that shipping benefits customers worldwide. Any economy must have international trade, the bulk transportation of raw materials, and the import and export of produced commodities and food. Approximately 80% of global trade is conducted by the international maritime sector. The United Nations Conference on Trade and Development (UNCTAD) estimates that merchant ship operations generate almost USD 380 billion in freight rates for the global economy, or roughly 5% of global trade. The global reach of shipping containers has expanded due to the growing seaborne trade.
Modern marine engines' fuel source flexibility to support marine engine market growth during forecast period. One of the key benefits of contemporary engine systems for the marine industry is the versatility of the fuel type utilized for marine propulsion. This fuel keeps greenhouse gas emissions under control and is an economical option for marine propulsion. Marine engines that run on two or three fuels are becoming more and more common in newly built vessels. These engines are prepared for the future and can easily adjust to new laws and regulations pertaining to maritime pollution. Due mostly to environmental considerations, the shipping and boating industries are now trending toward lowering GHG emissions.
Comprehensive Analysis of Marine Engine Market
The marine engine market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power & energy benefit management industry. These segmentations are methodically segregated by Ship types, by capacity, by fuel, by speed and by stroke. The Ship Type segmentations include Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries & Passenger Ships, by Capacity segmentations include 0-10000 HP, 10000-20000 HP, 20000-30000 HP, 30000-40000 HP, 40000-50000 HP, 50000 - 60000 HP etc. and by Fuel segmentations include Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, by Speed segmentations include High Speed, Medium Speed, & Low Speed), By Stroke (Two Stroke, Four Stroke.
The Asia Pacific region lead the marine engine market by benefitting a market size of USD 5.31 billion in 2022 due to seaborne trade's rapid growth and modern marine engines' fuel source flexibility and varied fleet of bulk carriers, passenger ships, tankers, container ships, and offshore service boats.
The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These prominent key industry players include, Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Man Energy Solutions (Germany), Mitsubishi Heavy Industries (Japan), Mahindra Powerol (India) and these market players provide a level-playing competitive environment across the globe.
In March 2023, To buy 100 Cat C32 engines, Strategic Marine teamed together with Caterpillar distributor Trakindo. Together with a selective catalytic reduction system, these 100 engines are prepared for IMO III.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 3.85% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Ship Type
Oil Tankers
Bulk Carriers
General Cargo Ships
Container Ships
Gas Carriers
Chemical Tankers
Support Vessels
Ferries and Passenger ships
Others
By Capacity
0 - 10000 HP
10000 - 20000 HP
20000 - 30000 HP
30000 - 40000 HP
40000 - 50000 HP
50000 - 60000 HP
60000 - 70000 HP
70000 - 80000 HP
80000 - 90000 HP
90000 - 100000 HP
100000 - 110000 HP
Greater Than 110000 HP
By Fuel
Heavy Fuel Oil
Intermediate Fuel Oil
Marine Diesel Oil
Marine Gas Oil
LNG
Others
By Speed
High Speed
Medium Speed
Low Speed
By Stroke
Four Stroke
Two Stroke
Others
By Region
North America (By Ship Type, Capacity, Speed, Fuel, Stroke, and Country)
U.S.
Canada
Europe (By Ship Type, Capacity, Speed, Fuel, Stroke, and Country)
Greece
Germany
Norway
Russian Federation
Turkey
U.K.
Netherlands
Denmark
Italy
Rest of Europe
Asia Pacific (By Ship Type, Capacity, Speed, Fuel, Stroke, and Country)
China
Japan
Singapore
Indonesia
Republic of Korea
India
Vietnam
Rest of Asia Pacific
Middle East & Africa (By Ship Type, Capacity, Speed, Fuel, Stroke, and Country)
UAE
Saudi Arabia
Qatar
Kuwait
Oman
Rest of the Middle East & Africa
Latin America (By Ship Type, Capacity, Speed, Fuel, Stroke, and Country)
Bermuda
Brazil
Rest of Latin America
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Marine Engine Market
- 5. Global Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Ship Type
- 5.2.1. Oil Tankers
- 5.2.2. Bulk Carriers
- 5.2.3. General Cargo Ships
- 5.2.4. Container Ships
- 5.2.5. Gas Carriers
- 5.2.6. Chemical Tankers
- 5.2.7. Support Vessel
- 5.2.8. Ferries & Passenger Ships
- 5.2.9. Other
- 5.3. Market Analysis, Insights, and Forecast – By Capacity
- 5.3.1. 0 - 10000
- 5.3.2. 10000 - 20000
- 5.3.3. 20000 - 30000
- 5.3.4. 30000 - 40000
- 5.3.5. 40000 - 50000
- 5.3.6. 50000 - 60000
- 5.3.7. 60000 - 70000
- 5.3.8. 70000 - 80000
- 5.3.9. 80000 - 90000
- 5.3.10. 90000 - 100000
- 5.3.11. 100000 - 110000
- 5.3.12. Greater Than 110000 HP
- 5.4. Market Analysis, Insights, and Forecast – By Fuel
- 5.4.1. Heavy Fuel Oil
- 5.4.2. Intermediate Fuel Oil
- 5.4.3. Marine Diesel Oil
- 5.4.4. Marine Gas Oil
- 5.4.5. LNG
- 5.4.6. Other
- 5.5. Market Analysis, Insights, and Forecast – By Speed
- 5.5.1. High Speed
- 5.5.2. Medium Speed
- 5.5.3. Low Speed
- 5.6. Market Analysis, Insights, and Forecast – By Stroke
- 5.6.1. Two Stroke
- 5.6.2. Four Stroke
- 5.6.3. Other
- 5.7. Market Analysis, Insights, and Forecast – By Region
- 5.7.1. North America
- 5.7.2. Europe
- 5.7.3. Asia Pacific
- 5.7.4. Latin America
- 5.7.5. Middle East & Africa
- 6. North America Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Ship Type
- 6.2.1. Oil Tankers
- 6.2.2. Bulk Carriers
- 6.2.3. General Cargo Ships
- 6.2.4. Container Ships
- 6.2.5. Gas Carriers
- 6.2.6. Chemical Tankers
- 6.2.7. Support Vessel
- 6.2.8. Ferries & Passenger Ships
- 6.2.9. Other
- 6.3. Market Analysis, Insights, and Forecast – By Capacity
- 6.3.1. 0 - 10000
- 6.3.2. 10000 - 20000
- 6.3.3. 20000 - 30000
- 6.3.4. 30000 - 40000
- 6.3.5. 40000 - 50000
- 6.3.6. 50000 - 60000
- 6.3.7. 60000 - 70000
- 6.3.8. 70000 - 80000
- 6.3.9. 80000 - 90000
- 6.3.10. 90000 - 100000
- 6.3.11. 100000 - 110000
- 6.3.12. Greater Than 110000 HP
- 6.4. Market Analysis, Insights, and Forecast – By Fuel
- 6.4.1. Heavy Fuel Oil
- 6.4.2. Intermediate Fuel Oil
- 6.4.3. Marine Diesel Oil
- 6.4.4. Marine Gas Oil
- 6.4.5. LNG
- 6.4.6. Other
- 6.5. Market Analysis, Insights, and Forecast – By Speed
- 6.5.1. High Speed
- 6.5.2. Medium Speed
- 6.5.3. Low Speed
- 6.6. Market Analysis, Insights, and Forecast – By Stroke
- 6.6.1. Two Stroke
- 6.6.2. Four Stroke
- 6.6.3. Other
- 6.7. Market Analysis, Insights, and Forecast – By Country
- 6.7.1. U.S.
- 6.7.2. Canada
- 7. Europe Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Ship Type
- 7.2.1. Oil Tankers
- 7.2.2. Bulk Carriers
- 7.2.3. General Cargo Ships
- 7.2.4. Container Ships
- 7.2.5. Gas Carriers
- 7.2.6. Chemical Tankers
- 7.2.7. Support Vessel
- 7.2.8. Ferries & Passenger Ships
- 7.2.9. Other
- 7.3. Market Analysis, Insights, and Forecast – By Capacity
- 7.3.1. 0 - 10000
- 7.3.2. 10000 - 20000
- 7.3.3. 20000 - 30000
- 7.3.4. 30000 - 40000
- 7.3.5. 40000 - 50000
- 7.3.6. 50000 - 60000
- 7.3.7. 60000 - 70000
- 7.3.8. 70000 - 80000
- 7.3.9. 80000 - 90000
- 7.3.10. 90000 - 100000
- 7.3.11. 100000 - 110000
- 7.3.12. Greater Than 110000 HP
- 7.4. Market Analysis, Insights, and Forecast – By Fuel
- 7.4.1. Heavy Fuel Oil
- 7.4.2. Intermediate Fuel Oil
- 7.4.3. Marine Diesel Oil
- 7.4.4. Marine Gas Oil
- 7.4.5. LNG
- 7.4.6. Other
- 7.5. Market Analysis, Insights, and Forecast – By Speed
- 7.5.1. High Speed
- 7.5.2. Medium Speed
- 7.5.3. Low Speed
- 7.6. Market Analysis, Insights, and Forecast – By Stroke
- 7.6.1. Two Stroke
- 7.6.2. Four Stroke
- 7.6.3. Other
- 7.7. Market Analysis, Insights, and Forecast – By Country
- 7.7.1. Greece
- 7.7.2. Germany
- 7.7.3. Norway
- 7.7.4. Russian Federation
- 7.7.5. Turkey
- 7.7.6. U.K.
- 7.7.7. Netherlands
- 7.7.8. Denmark
- 7.7.9. Italy
- 7.7.10. Rest of Europe
- 8. Asia Pacific Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Ship Type
- 8.2.1. Oil Tankers
- 8.2.2. Bulk Carriers
- 8.2.3. General Cargo Ships
- 8.2.4. Container Ships
- 8.2.5. Gas Carriers
- 8.2.6. Chemical Tankers
- 8.2.7. Support Vessel
- 8.2.8. Ferries & Passenger Ships
- 8.2.9. Other
- 8.3. Market Analysis, Insights, and Forecast – By Capacity
- 8.3.1. 0 - 10000
- 8.3.2. 10000 - 20000
- 8.3.3. 20000 - 30000
- 8.3.4. 30000 - 40000
- 8.3.5. 40000 - 50000
- 8.3.6. 50000 - 60000
- 8.3.7. 60000 - 70000
- 8.3.8. 70000 - 80000
- 8.3.9. 80000 - 90000
- 8.3.10. 90000 - 100000
- 8.3.11. 100000 - 110000
- 8.3.12. Greater Than 110000 HP
- 8.4. Market Analysis, Insights, and Forecast – By Fuel
- 8.4.1. Heavy Fuel Oil
- 8.4.2. Intermediate Fuel Oil
- 8.4.3. Marine Diesel Oil
- 8.4.4. Marine Gas Oil
- 8.4.5. LNG
- 8.4.6. Other
- 8.5. Market Analysis, Insights, and Forecast – By Speed
- 8.5.1. High Speed
- 8.5.2. Medium Speed
- 8.5.3. Low Speed
- 8.6. Market Analysis, Insights, and Forecast – By Stroke
- 8.6.1. Two Stroke
- 8.6.2. Four Stroke
- 8.6.3. Other
- 8.7. Market Analysis, Insights, and Forecast – By Country
- 8.7.1. China
- 8.7.2. Japan
- 8.7.3. Singapore
- 8.7.4. Indonesia
- 8.7.5. Republic of Korea
- 8.7.6. India
- 8.7.7. Vietnam
- 8.7.8. Rest of Asia Pacific
- 9. Latin America Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Ship Type
- 9.2.1. Oil Tankers
- 9.2.2. Bulk Carriers
- 9.2.3. General Cargo Ships
- 9.2.4. Container Ships
- 9.2.5. Gas Carriers
- 9.2.6. Chemical Tankers
- 9.2.7. Support Vessel
- 9.2.8. Ferries & Passenger Ships
- 9.2.9. Other
- 9.3. Market Analysis, Insights, and Forecast – By Capacity
- 9.3.1. 0 - 10000
- 9.3.2. 10000 - 20000
- 9.3.3. 20000 - 30000
- 9.3.4. 30000 - 40000
- 9.3.5. 40000 - 50000
- 9.3.6. 50000 - 60000
- 9.3.7. 60000 - 70000
- 9.3.8. 70000 - 80000
- 9.3.9. 80000 - 90000
- 9.3.10. 90000 - 100000
- 9.3.11. 100000 - 110000
- 9.3.12. Greater Than 110000 HP
- 9.4. Market Analysis, Insights, and Forecast – By Fuel
- 9.4.1. Heavy Fuel Oil
- 9.4.2. Intermediate Fuel Oil
- 9.4.3. Marine Diesel Oil
- 9.4.4. Marine Gas Oil
- 9.4.5. LNG
- 9.4.6. Other
- 9.5. Market Analysis, Insights, and Forecast – By Speed
- 9.5.1. High Speed
- 9.5.2. Medium Speed
- 9.5.3. Low Speed
- 9.6. Market Analysis, Insights, and Forecast – By Stroke
- 9.6.1. Two Stroke
- 9.6.2. Four Stroke
- 9.6.3. Other
- 9.7. Market Analysis, Insights, and Forecast – By Country
- 9.7.1. Bermuda
- 9.7.2. Brazil
- 9.7.3. Rest of LA
- 10. Middle East & Africa Marine Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
- 10.1. Key Findings
- 10.2. Market Analysis, Insights, and Forecast – By Ship Type
- 10.2.1. Oil Tankers
- 10.2.2. Bulk Carriers
- 10.2.3. General Cargo Ships
- 10.2.4. Container Ships
- 10.2.5. Gas Carriers
- 10.2.6. Chemical Tankers
- 10.2.7. Support Vessel
- 10.2.8. Ferries & Passenger Ships
- 10.2.9. Other
- 10.3. Market Analysis, Insights, and Forecast – By Capacity
- 10.3.1. 0 - 10000
- 10.3.2. 10000 - 20000
- 10.3.3. 20000 - 30000
- 10.3.4. 30000 - 40000
- 10.3.5. 40000 - 50000
- 10.3.6. 50000 - 60000
- 10.3.7. 60000 - 70000
- 10.3.8. 70000 - 80000
- 10.3.9. 80000 - 90000
- 10.3.10. 90000 - 100000
- 10.3.11. 100000 - 110000
- 10.3.12. Greater Than 110000 HP
- 10.4. Market Analysis, Insights, and Forecast – By Fuel
- 10.4.1. Heavy Fuel Oil
- 10.4.2. Intermediate Fuel Oil
- 10.4.3. Marine Diesel Oil
- 10.4.4. Marine Gas Oil
- 10.4.5. LNG
- 10.4.6. Other
- 10.5. Market Analysis, Insights, and Forecast – By Speed
- 10.5.1. High Speed
- 10.5.2. Medium Speed
- 10.5.3. Low Speed
- 10.6. Market Analysis, Insights, and Forecast – By Stroke
- 10.6.1. Two Stroke
- 10.6.2. Four Stroke
- 10.6.3. Other
- 10.7. Market Analysis, Insights, and Forecast – By Country
- 10.7.1. UAE
- 10.7.2. Saudi Arabia
- 10.7.3. Qatar
- 10.7.4. Kuwait
- 10.7.5. Oman
- 10.7.6. Rest of MEA
- 11. Competitive Analysis
- 11.1.
- 11.1.1. Company Market Share Analysis, 2022
- 11.1.2. Company Profile
- 11.1.2.1. Cummins Inc.
- 11.1.2.1.1. Business Overview
- 11.1.2.1.2. Product and Service Offerings
- 11.1.2.1.3. Recent Developments
- 11.1.2.1.4. Financials (Based on Availability)
- 11.1.2.2. Caterpillar
- 11.1.2.2.1. Business Overview
- 11.1.2.2.2. Product and Service Offerings
- 11.1.2.2.3. Recent Developments
- 11.1.2.2.4. Financials (Based on Availability)
- 11.1.2.3. Hyundai Heavy Industries
- 11.1.2.3.1. Business Overview
- 11.1.2.3.2. Product and Service Offerings
- 11.1.2.3.3. Recent Developments
- 11.1.2.3.4. Financials (Based on Availability)
- 11.1.2.4. Man Energy Solution
- 11.1.2.4.1. Business Overview
- 11.1.2.4.2. Product and Service Offerings
- 11.1.2.4.3. Recent Developments
- 11.1.2.4.4. Financials (Based on Availability)
- 11.1.2.5. Mitsubishi Heavy Industries
- 11.1.2.5.1. Business Overview
- 11.1.2.5.2. Product and Service Offerings
- 11.1.2.5.3. Recent Developments
- 11.1.2.5.4. Financials (Based on Availability)
- 11.1.2.6. Honda Motors Co. Ltd.
- 11.1.2.6.1. Business Overview
- 11.1.2.6.2. Product and Service Offerings
- 11.1.2.6.3. Recent Developments
- 11.1.2.6.4. Financials (Based on Availability)
- 11.1.2.7. Wartsila
- 11.1.2.7.1. Business Overview
- 11.1.2.7.2. Product and Service Offerings
- 11.1.2.7.3. Recent Developments
- 11.1.2.7.4. Financials (Based on Availability)
- 11.1.2.8. Kongsberg
- 11.1.2.8.1. Business Overview
- 11.1.2.8.2. Product and Service Offerings
- 11.1.2.8.3. Recent Developments
- 11.1.2.8.4. Financials (Based on Availability)
- 11.1.2.9. Mahindra Powerol
- 11.1.2.9.1. Business Overview
- 11.1.2.9.2. Product and Service Offerings
- 11.1.2.9.3. Recent Developments
- 11.1.2.9.4. Financials (Based on Availability)
- 11.1.2.10. General Motors (U.S.)
- 11.1.2.10.1. Business Overview
- 11.1.2.10.2. Product and Service Offerings
- 11.1.2.10.3. Recent Developments
- 11.1.2.10.4. Financials (Based on Availability)
- 11.1.2.11. Yanmar Holdings Co. Ltd.
- 11.1.2.11.1. Business Overview
- 11.1.2.11.2. Product and Service Offerings
- 11.1.2.11.3. Recent Developments
- 11.1.2.11.4. Financials (Based on Availability)
- 11.1.2.12. Doosan Infracore
- 11.1.2.12.1. Business Overview
- 11.1.2.12.2. Product and Service Offerings
- 11.1.2.12.3. Recent Developments
- 11.1.2.12.4. Financials (Based on Availability)
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook