The global marine propulsion engines market was surpassed at USD 15.8 billion in 2022 and is expected to hit around USD 24.44 billion by 2032, growing at a CAGR of 4.46% from 2023 to 2032.
|Market Size in 2022||USD 15.8 billion|
|Revenue Forecast by 2032||USD 24.44 billion|
|Growth rate from 2023 to 2032||CAGR of 4.46%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Caterpillar; Hyundai Heavy Industries Co. Ltd.; Mitsubishi Heavy Industries Ltd.; Volvo Penta; Daihatsu Diesel MFG. Co. Ltd.; General Electric Company; Yanmar Holdings Co. Ltd.; IHI Power Systems Co. Ltd.; Wartsila; Rolls Royce Plc; Volkswagen Group (MAN Energy Solutions S.E.), Others|
The marine industry is increasing steadily due to dependency on the ships for transportation of goods required such as natural resources, and consumer supplies among other resources. The ships require high-performance engines for sailing the distance in lesser time and also powerful engines to bear the load of the ships. Such engines are usually powered by diesel engines, as they are reliable and require less maintenance as compared with other types of engines. The rising international trade on account of increasing globalization and industrialization is escalating the demand for container ship to transport various products such as oil, natural gas, and minerals.
The increasing focus on reducing fossil fuel consumption and improving efficiency is escalating the adoption of marine electric propulsion engines. The increase in the usage of LNG and nuclear propulsion, along with the rise in demand for the diesel-based marine propulsion engine market is driving the growth of the market. Moreover, as newer technologies engines that are installed in the ships are mostly based on nuclear power which works without refueling for more than 20 years, a small amount of nuclear fuel is also engaged in providing energy equivalent to a larger amount of coal and oil engines.
Dual-fuel diesel (DFD) marine propulsion engines have been installed as prime movers aboard LNG carriers to maximize natural gas use. LNG vessel propulsion systems are usually equipped with waste heat reduction systems (WHRs) as such systems help reduce emissions, enhanced fuel efficiency, and better engine performance. Switching to LNG-powered vessels is a complicated task for companies, however, they can combine modern WHRs with the engines to enhance their performance. Furthermore, the increased emphasis on decreasing fossil fuel use and improving energy efficiency encourages the global adoption of marine electric propulsion engines. Alternative fuels such as algal oils and bio-methane are also being utilized to power marine propulsion engines with minimal gas emissions as technology progresses and environmental awareness rises.
Currently, Asia Pacific is witnessing strong maritime trade and shipping growth, resulting in an increase in demand for marine propulsion engines. The market is gaining momentum and is anticipated to reveal a CAGR of 4.06% during forecast period. China has become the world's largest exporter, necessitating a significant number of commercial ships, boosting the market expansion of the marine propulsion engines industry. Furthermore, Asian navies are expanding their maritime defense capabilities, likely raising market size.
North America is anticipated to have a significant impact on the marine propulsion engines market throughout the projected period. The area anticipates requiring marine engine producers to create motors that adhere to US EPA New Source Performance Standards (NSPS). Due to the expanding seaborne trade, the region's marine propulsion engine market is expected to develop faster than the world average.
Marine Propulsion Engines Market Segmentations:
By Fuel Type
By Power Range