How large is the marine engines market, and what is its growth trajectory?
The marine engines market size has grown strongly in recent years. It will grow from $10.4 billion in 2024 to $10.96 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in commercial shipping, development of passenger cruise industry.
The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.85 billion in 2029 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to impact of digitalization and IoT, rise in offshore wind and energy projects, focus on autonomous vessels, global trade expansion, expanding cruise and passenger shipping. Major trends in the forecast period include adoption of advanced propulsion systems, growth in compact and high-power engines, emphasis on durability and reliability, digitalization and IoT integration, development of autonomous vessels.
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What key drivers have fueled the marine engines market’s development over the years?
Growth in international marine freight transport is expected to drive the marine engine market. Marine freight transport refers to ships or cargo used to move goods from one location to another. Marine transport is cheaper and more feasible than railroad and air transportation for international transport. For instance, in July 2023, according to the GOV.UK, a UK-based government services and information provider, in 2022, UK ports managed a total of 458.9 million tonnes of cargo, reflecting a 3% increase compared to 2021. Thus, an increase in international marine freight transport will increase the demand for marine engines.
What is the segmentation for the marine engines market?
The marine engines market covered in this report is segmented –
1) By Engine Type: Diesel Engine, Gas Turbine, Natural Engine, Other Engine Types
2) By Ship Type: Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ship
3) By Fuel Type: Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, Other Fuel Types
4) By Stroke: Four Stroke, Two Stroke
5) By Power Range: Up to 1,000 HP, 1,001–5,000 HP, 5,001–10,000 HP, 10,001–20,000 HP, Above 20,000 HP
Subsegments:
1) By Diesel Engine: Medium-Speed Diesel Engines, High-Speed Diesel Engines
2) By Gas Turbine: Aero-Derivative Gas Turbines, Industrial Gas Turbines
3) By Natural Gas Engine: Spark-Ignited Natural Gas Engines, Dual-Fuel Engines
4) By Other Engine Types: Steam Engines, Hybrid Engines, Electric Propulsion Systems
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Who are the most influential companies in the marine engines market?
Major companies operating in the marine engines market include Honda Motor Co Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce plc, Yanmar Holdings Co Ltd., MTU Friedrichshafen GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Detroit Diesel Corporation, Lister Petter Ltd., Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Weichai Power Co Ltd.
What are the top industry trends projected to impact the marine engines market?
Major companies operating in the marine engines market are focused on introducing marine engines feature high-pressure fuel injection systems to enhance fuel efficiency, reduce emissions, and improve overall performance. High-pressure fuel injection systems refer to advanced mechanisms used in internal combustion engines, including marine engines, to inject fuel into the combustion chamber at very high pressures. For instance, in September 2024, Scania AB, a Sweden-based company, launched DI13, a marine engine that utilizes a high-pressure fuel injection system, that improves fuel efficiency while reducing emissions, making them compliant with stringent environmental regulations. The engines offer an output range from 220 to 1,150 horsepower (162 to 846 kW), catering to diverse marine applications, including fishing vessels, patrol boats, and cargo ships. These units allow for precise monitoring and adjustments, ensuring optimal performance under varying operational conditions.
What are the major regional insights for the marine engines market, and which region holds the top position?
The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Marine Engines Market Report 2025 Offer?
The marine engines market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Marine engines refer to a heat engine used to transform heat energy into mechanical energy by burning fuel to propel a ship. It is installed or planned to be installed on a marine vessel. Marine engines are categorized as propulsion marine engine, which propels or guides the movement of a ship through the sea, and auxiliary marine engine refers to a propulsion-less marine engine.
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