Reports
Global Marine Engines Market Size, Share, Trends, Forecast: 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; By Engine: Auxiliary Engine, Propulsion Engine; By Type: Two Stroke, Four Stroke; By Fuel; By Application; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Marine Engines Market Outlook
The global marine engines industry reached a value of about USD 14.50 billion in 2023. The industry is further expected to grow at a CAGR of about 3.6% in the forecast period of 2024-2032 to reach a value of around USD 19.90 billion by 2032.
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Asia Pacific Leading the Marine Engines Market
Asia Pacific is currently leading the global market and is most likely to lead the market in the forecast period. The growth of the industry in the region could be attributed to the rising shipbuilding industry in the Asian countries like India, South Korea, China, and Japan. The region has a booming maritime industry. Asia Pacific consists of some of the fastest-growing economies in the world, including India, Bangladesh, and China. These countries are leading the world in the export of mineral fuels, electronics, pharmaceuticals, jute, machinery, and automobiles. Due to low labour costs and growing demand for commodities, a large number of manufacturers are present in the region, which is anticipated be a key driver for the market growth in the coming years as well.
Marine Engines: Market Segmentation
Marine engines are engines which are used in marine vehicles, including ships, propelled boats, and other related vehicles. Marine vessels can be for industrial, security, or personal use. These are used for surveillance, shipping, offshore support, and many similar applications. The type of motor used in such vehicles depends on the size and application of the vehicles.
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The power range of marine engines can be divided into the following:
- Up to 1,000 HP
- 1,001 – 5,000 HP
- 5,001 – 10,000 HP
- 10,001 – 20,000 HP
- Above 20,000 HP
Based on engine, the industry can be segmented as follows:
- Auxiliary Engine
- Propulsion Engine
Based on type, the market can be categorised as follows:
- Two Stroke
- Four Stroke
On the basis of fuel type, the marine engine market is divided into:
- Heavy Fuel Oil
- Marine Diesel Oil
- Intermediate Fuel Oil
- Marine Gas Oil
- Others
Marine engines find wide applications in the following:
- Commercial Vessels
- Offshore Support Vessels
- Passenger Ship
- Navy
- Others
The regional markets for marine engines can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Maritime Industry Bolstering the Market Growth
The increasing number of leisure travellers, the massive expansion of the global maritime transport industry, and the emergence of technologically advanced and highly efficient engines are key factors that are responsible for the growth of the global demand for marine engines. Strong government restrictions on emissions from marine vessels, growing customer awareness of the need to implement greener fuels, and the depletion of traditional fuel supplies are likely to boost the market growth. The global demand for marine engines is expected to witness the development of products which comply with the strict emission regulations and operate with greener fuels including LNG and solar and wind power. Other factors propelling the market growth are economic stability and the increasing disposable incomes of the consumers.
Key Industry Players in the Global Marine Engines Market
The report gives a detailed analysis of the following key players in the global marine engines market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Hyundai Heavy Industries Engine Machinery
- Caterpillar Inc.,
- Mitsubishi Heavy Industries Group
- Cummins Inc.
- Daihatsu Diesel Mfg. Co., Ltd.
- Wärtsilä Corporation
- Deere & Company
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Power Range, Engine, Type, Fuel, Application, Region |
| Breakup 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 |
| Breakup by Engine | Auxiliary Engine, Propulsion Engine |
| Breakup by Type | Two Stroke, Four Stroke |
| Breakup by Fuel | Heavy Fuel Oil, Marine Diesel Oil, Intermediate Fuel Oil, Marine Gas Oil, Others |
| Breakup by Application | Commercial Vessels, Offshore Support Vessels, Passenger Ship, Navy, Others |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Hyundai Heavy Industries Engine Machinery, Caterpillar Inc.,, Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd.Wärtsilä Corporation, Deere & Company, Others |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Marine Engines Market Analysis
8.1 Key Industry Highlights
8.2 Global Marine Engines Historical Market (2018-2023)
8.3 Global Marine Engines Market Forecast (2024-2032)
8.4 Global Marine Engines Market by Power Range
8.4.1 Up to 1,000 HP
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 1,001 – 5,000 HP
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 5,001 – 10,000 HP
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 10,001 – 20,000 HP
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Above 20,000 HP
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global Marine Engines Market by Engine
8.5.1 Auxiliary Engine
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Propulsion Engine
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Marine Engines Market by Type
8.6.1 Two Stroke
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Four Stroke
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Marine Engines Market by Fuel
8.7.1 Heavy Fuel Oil
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Marine Diesel Oil
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Intermediate Fuel Oil
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Marine Gas Oil
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Others
8.8 Global Marine Engines Market by Application
8.8.1 Commercial Vessels
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Offshore Support Vessels
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Passenger Ship
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Navy
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Others
8.9 Global Marine Engines Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2023)
8.9.1.2 Forecast Trend (2024-2032)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2023)
8.9.2.2 Forecast Trend (2024-2032)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2023)
8.9.3.2 Forecast Trend (2024-2032)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2023)
8.9.4.2 Forecast Trend (2024-2032)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2023)
8.9.5.2 Forecast Trend (2024-2032)
9 North America Marine Engines Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Marine Engines Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Marine Engines Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Marine Engines Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Marine Engines Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Hyundai Heavy Industries Engine Machinery
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Caterpillar Inc.,
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Mitsubishi Heavy Industries Group
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Cummins Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Daihatsu Diesel Mfg. Co., Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Wärtsilä Corporation
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Deere & Company
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Marine Engines Market: Key Industry Highlights, 2018 and 2032
2. Global Marine Engines Historical Market: Breakup by Power Range (USD Billion), 2018-2023
3. Global Marine Engines Market Forecast: Breakup by Power Range (USD Billion), 2024-2032
4. Global Marine Engines Historical Market: Breakup by Engine (USD Billion), 2018-2023
5. Global Marine Engines Market Forecast: Breakup by Engine (USD Billion), 2024-2032
6. Global Marine Engines Historical Market: Breakup by Type (USD Billion), 2018-2023
7. Global Marine Engines Market Forecast: Breakup by Type (USD Billion), 2024-2032
8. Global Marine Engines Historical Market: Breakup by Fuel (USD Billion), 2018-2023
9. Global Marine Engines Market Forecast: Breakup by Fuel (USD Billion), 2024-2032
10. Global Marine Engines Historical Market: Breakup by Application (USD Billion), 2018-2023
11. Global Marine Engines Market Forecast: Breakup by Application (USD Billion), 2024-2032
12. Global Marine Engines Historical Market: Breakup by Region (USD Billion), 2018-2023
13. Global Marine Engines Market Forecast: Breakup by Region (USD Billion), 2024-2032
14. North America Marine Engines Historical Market: Breakup by Country (USD Billion), 2018-2023
15. North America Marine Engines Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Europe Marine Engines Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Europe Marine Engines Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Asia Pacific Marine Engines Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Asia Pacific Marine Engines Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Latin America Marine Engines Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Latin America Marine Engines Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Middle East and Africa Marine Engines Historical Market: Breakup by Country (USD Billion), 2018-2023
23. Middle East and Africa Marine Engines Market Forecast: Breakup by Country (USD Billion), 2024-2032
24. Global Marine Engines Market Structure
Key Questions Answered in the Report
In 2023, the global marine engines market attained a value of nearly USD 14.50 billion.
The market is projected to grow at a CAGR of 3.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 19.90 billion by 2032.
The major market drivers include increasing number of leisure travellers, the expansion of the maritime transport sector, and the emergence of technologically advanced and highly efficient engines.
The key trends guiding the market include the introduction of stringent government regulations aimed at reducing emissions from marine vessels, the growing consumer awareness regarding the requirement for greener fuels, and the depleting traditional fuel supplies.
The major regions in the marine engines market include North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major power ranges of marine engines considered in the market report include up to 1,000 HP, 1,001 – 5,000 HP, 5,001 – 10,000 HP, 10,001 – 20,000 HP, and above 20,000 HP.
The various segments on the basis of engines considered in marine engines include auxiliary engine and propulsion engine.
The major types of marine engine include two stroke and four stroke.
The several segments based on fuel considered in the market report are heavy fuel oil, marine diesel oil, intermediate fuel oil, and marine gas oil, among others.
The significant applications of marine engines include commercial vessels, offshore support vessels, passenger ship, and navy, among others.
The major players in the market are Hyundai Heavy Industries Engine Machinery, Caterpillar Inc., Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Wärtsilä Corporation, and Deere & Company, among others.
Analyst Review
The global marine engines market attained a value of USD 14.50 billion in 2023, driven by the rising maritime transport industry. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 3.6%. The market is projected to reach USD 19.90 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its power ranges, the marine engines industry can be segmented into up to 1,000 HP, 1,001 – 5,000 HP, 5,001 – 10,000 HP, 10,001 – 20,000 HP, and above 20,000 HP. Based on type, the industry can be divided into two stroke and four strokes. The classification based on fuel type are heavy fuel oil, marine diesel oil, intermediate fuel oil, and marine gas oil, among others. Based on engines, industry is categorised into auxiliary engine and propulsion engine. On the basis of applications, the industry is divided into commercial vessels, offshore support vessels, passenger ship, and navy, among others. The major regional markets for marine engines are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Hyundai Heavy Industries Engine Machinery, Caterpillar Inc., Mitsubishi Heavy Industries Group, Cummins Inc., Daihatsu Diesel Mfg. Co., Ltd., Wärtsilä Corporation, and Deere & Company, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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