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
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