Marine Propulsion Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Marine Propulsion Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028


The global marine propulsion engine market size reached US$ 37.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.7 Billion by 2028, exhibiting a growth rate (CAGR) of 2.4% during 2022-2028.

A marine propulsion engine burns fuel and enables ships to move across the water. It comprises a piston, valves, towers, casings, bearings, bedplates, crankcases, crankshafts, flywheels, generators, transformers, gearboxes, control panels, rotor blades, electrical controls, and cylinder blocks and liners. It has generators that supply electric power to motors and can operate on heavy fuel or diesel oil. Nowadays, it is widely utilized in modern merchant ships and offshore support vessels as prime movers across the globe.

The rising international trade on account of the increasing globalization and industrialization is escalating the demand for container ships to transport a variety of products, such as oil, natural gas, mineral ores and consumer products. This represents one of the major factors bolstering the global marine propulsion engine market growth. Moreover, the increasing focus on reducing fossil fuel consumption and improving energy efficiency is escalating the adoption of marine electric propulsion engines worldwide. Apart from this, the advent of nuclear propulsion and the growing preference for liquefied natural gas (LNG) are further contributing to the market growth. Besides this, advancements in technology and the rising environmental awareness are resulting in the utilization of alternate fuels, such as bio-methane and algal oils, to run marine propulsion engines with minimal exhaust gas emissions. Moreover, the market players are focusing on enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is anticipated to fuel the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global marine propulsion engine market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on engine type, power source, power range and vessel type.

Breakup by Engine Type:

2-Stroke Engine

4- Stroke Engine



Breakup by Power Source:

Diesel

Gas Turbine

Natural Gas

Steam Turbine

Fuel Cell

Others



Breakup by Power Range:

80-750 HP

751-5000 HP

5001-10,000 HP

10,001-20,000 HP

Above 20,000 HP



Breakup by Vessel Type:

Bulk Carriers

Container Ships

Passenger Ships

Support Vessels

Tankers

Gas Carriers

Military Vessels

Others



Breakup by Region:

North America

United States

Canada

Asia Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa



Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse, Hyundai Heavy Industries Group, Man SE (Volkswagen Group), Masson Marine, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc and Wärtsilä Oyj Abp.

Key Questions Answered in This Report:

How has the global marine propulsion engine market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global marine propulsion engine market?

What are the key regional markets?

What is the breakup of the market based on the engine type?

What is the breakup of the market based on the power source?

What is the breakup of the market based on the power range?

What is the breakup of the market based on the vessel type?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global marine propulsion engine market and who are the key players?

What is the degree of competition in the industry?


1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Propulsion Engine Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Engine Type
6.1 2-Stroke Engine
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 4- Stroke Engine
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Power Source
7.1 Diesel
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Gas Turbine
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Natural Gas
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Steam Turbine
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Fuel Cell
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Power Range
8.1 80-750 HP
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 751-5000 HP
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 5001-10,000 HP
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 10,001-20,000 HP
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Above 20,000 HP
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Vessel Type
9.1 Bulk Carriers
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Container Ships
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Passenger Ships
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Support Vessels
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Tankers
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Gas Carriers
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Military Vessels
9.7.1 Market Trends
9.7.2 Market Forecast
9.8 Others
9.8.1 Market Trends
9.8.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 AB Volvo
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Caterpillar Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Cummins Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fairbanks Morse
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Hyundai Heavy Industries Group
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.6 Man SE (Volkswagen Group)
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Masson Marine
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8 Mitsubishi Heavy Industries Ltd.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Rolls-Royce Plc
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 Wärtsilä Oyj Abp
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis

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
Cookie Settings