Global Marine Engine Market Research Report Data Analysis By Fuel (Diesel, Gas, Others), By Power Rating (Upto 1000 kW, 1000-4000 kW, Above 4000 kW), By Type (Auxiliary and Propulsion), Speed (Low-Speed, Medium-Speed, and High-Speed), By Stroke (2-Stroke

Marine Engine Market Research Report Information By Fuel (Diesel, Gas, Others), By Power Rating (Upto 1000 kW, 1000-4000 kW, Above 4000 kW), By Type (Auxiliary and Propulsion), Speed (Low-Speed, Medium-Speed, and High-Speed), By Stroke (2-Stroke and 4-Stroke), Application (Cargo Ship, Cruise Ship, and Others), and By Region - Global Forecast to 2030

The Marine Engine Market industry is anticipated to experience a compound annual growth rate (CAGR) of 4.6% from USD 11,418.1 million in 2023 to USD 15,642.8 million by 2030. This growth is expected to occur over the forecast period of 2024 to 2030. A marine engine, also referred to as a ship's engine or boat engine, is a propulsion system or internal combustion engine that is specifically engineered and employed to propel watercraft, including ships, boats, submarines, and other vessels, that operate in bodies of water such as oceans, rivers, and lakes. These engines are designed to operate in the challenging and frequently hostile marine environment.

This growth is influenced by a variety of circumstances, such as the general economic climate, the growing population, and the increasing globalization. Increased demand for energy products and other commodities is also being driven by the ongoing global economic expansion. Furthermore, the demand for products may be bolstered by the improvement of socio-economic standards in emerging markets and the expansion of the manufacturing and industry sectors. With the expansion of maritime commerce, it is anticipated that the demand for environmentally friendly and efficient marine engines for cargo ships will also increase. As a result, the market is expanding.

Market segment insights

The Marine Engine Market has been segmented according to fuel type: Diesel, Gas, and Others. The market is classified as follows: Up to 1000 kW, 1000-4000 kW, and above 4000 kW in terms of power rating.

The marine engine market is segmented into two categories: auxiliary and propulsion. The market is classified as low-speed, medium-speed, and high-speed based on its movement.

The Marine Engine Market is segmented into two categories: 2-stroke and 4-stroke, based on the stroke. The market is classified as cargo ship, cruise ship, and others in terms of application.

Regional Perspectives

The Asia-Pacific region is expected to become the largest expanding global market for marine engines due to the substantial Marine Engine industry. The scale of the marine engine market in the Asia Pacific region is expected to expand at a substantial rate due to the commendable increase in shipbuilding activities. The shipbuilding industry is receiving tax rebates from the administrations in the region. The Asia Pacific market's expansion is primarily fueled by the expansion of the regional shipbuilding industry, the advancement of efficient marine engine technologies, and an increase in maritime trade activities in the region. China remained a prominent manufacturer of general cargo ships, offshore vessels, and bulk carriers. Japan produces chemical tankers, while the Republic of Korea produces gas carriers, oil tankers, and container ships. Four of the eight main shipbuilding businesses are located in South Korea, including Hyundai Heavy Industries in Ulsan, Daewoo Shipbuilding & Marine Engineering (DSME) in Seoul, Samsung Heavy Industries in Geoje, and STX Offshore and Shipbuilding in Jinhae. Additionally, the region is anticipated to experience an increase in the demand for marine engines in the years ahead, as the number of high-value-added LNG carriers contracts continues to increase.

Major Players

GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), and STX Engine (Hong Kong) are the primary players in the market.