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Global Marine Propulsion Engine Market Size, Share, Trends: By Fuel Type: Diesel, Natural Gas, Gas Turbine, Others; By Application: Passenger Ship, Cargo or Container Ship, Defence, Offshore Vessels, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Marine Propulsion Engine Market Outlook
The global marine propulsion engine market size reached approximately USD 19.1 billion in 2023. The market is further projected to grow at a CAGR of 3.7% between 2024 and 2032, reaching a value of USD 26.50 billion by 2032.
Key Trends in the Market
Marine propulsion refers to the mechanism used for generating thrust for moving vessels and ships across water. Marine propulsion engines operate on Newton’s third law of motion and applies the force on surrounding air or water for creating reaction force on the vehicle to push it in the required direction.
- The increasing international trade owing to rising industrialisation and globalisation is boosting the marine propulsion engine market growth due to the increasing demand for products including minerals, oil, and natural gas, among others.
- Rising initiatives to reduce carbon dioxide emissions owing to increasing environmental concerns is aiding the market expansion. Compared to road and air transport, boats emit significantly less carbon dioxide per kilometre per tonne transported. River transportation can accelerate climate transition and aid in significantly reducing carbon dioxide emissions.
- Increasing investments by various countries towards the improvement of inland waterway transportation is providing lucrative growth opportunities to the market. China is working towards enhancing the reliability and capacity of inland waterway transport in the Hubei Province along the Han River to increase connectivity between western and central regions, bolstering the demand for marine propulsion engines.
Global Marine Propulsion Engine Market Analysis
On the basis of fuel type, the market is divided into diesel, natural gas, and gas turbine, among others. Based on applications, the market is classified into passenger ship, cargo or container ship, defence, and offshore vessels, among others.
On the basis of region, the marine propulsion engine market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Rolls-Royce plc
- AB Volvo
- HD Hyundai Co Ltd.
- Mitsubishi Heavy Industries Ltd.
- Societe Internationale des Moteurs Baudouin
- Wartsila Corporation
- Caterpillar Inc.
- Cummins Inc
- General Electric Company
- Daihatsu Diesel Mfg.Co.,Ltd.
- Others
Market Share by Fuel Type
Diesel is anticipated to account for a marine propulsion engine market share over the forecast period. This growth can be attributed to the relatively inexpensive nature and the efficiency offered by the fuel type. The increasing stringency of emission control regulations have resulted in a rise in adoption of fuels with low sulphur content including marine diesel oils. The reliable nature of diesel engines and less requirement for maintenance is bolstering their adoption and aiding the segment growth.
Market Share by Region
The Asia Pacific is witnessing significant growth owing to the expansion of the shipping sector and increase in maritime trade. Rising investments by various navies in the region to strengthen their defence capabilities is boosting the marine propulsion engine market demand. Increasing research and development activities for the production of efficient marine engine technologies and rising shipbuilding activities in the region are providing lucrative growth opportunities to the market.
Competitive Landscape
Caterpillar Inc., headquartered in Texas, United States, is one of the leading mining, engineering, and construction equipment manufacturing companies. The company is also involved in the production of marine propulsion engines, industrial gas turbines, and natural gas engines, among others.
Cummins Inc specialises in distributing, manufacturing, and designing marine propulsion engines and diesel and alternate fuel generators. Headquartered in Indianna, United States, the company also specialises in turbo technologies and emission solutions, among others.
General Electric Company, headquartered in Massachusetts, United States, specialises in marine propulsion engines and water treatment equipment, among others. The different divisions of the company include additive manufacturing, power, renewable energy, and aerospace.
Other marine propulsion engine market key players include Rolls-Royce plc, AB Volvo, HD Hyundai Co Ltd., Mitsubishi Heavy Industries Ltd., Societe Internationale des Moteurs Baudouin, Wartsila Corporation, and Daihatsu Diesel Mfg.Co.,Ltd., among others.
Key Highlights of the Report
| 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:
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| Breakup by Fuel Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Marine Propulsion Engine Market Analysis
8.1 Key Industry Highlights
8.2 Global Marine Propulsion Engine Historical Market (2018-2023)
8.3 Global Marine Propulsion Engine Market Forecast (2024-2032)
8.4 Global Marine Propulsion Engine Market by Fuel Type
8.4.1 Diesel
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Natural Gas
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Gas Turbine
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Marine Propulsion Engine Market by Application
8.5.1 Passenger Ship
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Cargo or Container Ship
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Defence
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Offshore Vessels
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Marine Propulsion Engine Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Marine Propulsion Engine 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 Propulsion Engine 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 Propulsion Engine 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 Propulsion Engine 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 Propulsion Engine 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 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Rolls-Royce plc
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AB Volvo
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 HD Hyundai Co Ltd.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Mitsubishi Heavy Industries Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Societe Internationale des Moteurs Baudouin
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Wartsila Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Caterpillar Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Cummins Inc
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 General Electric Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Daihatsu Diesel Mfg.Co.,Ltd.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Marine Propulsion Engine Market: Key Industry Highlights, 2018 and 2032
2. Global Marine Propulsion Engine Historical Market: Breakup by Fuel Type (USD Billion), 2018-2023
3. Global Marine Propulsion Engine Market Forecast: Breakup by Fuel Type (USD Billion), 2024-2032
4. Global Marine Propulsion Engine Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Marine Propulsion Engine Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Marine Propulsion Engine Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Marine Propulsion Engine Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Marine Propulsion Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Marine Propulsion Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Marine Propulsion Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Marine Propulsion Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Marine Propulsion Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Marine Propulsion Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Marine Propulsion Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Marine Propulsion Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Marine Propulsion Engine Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Marine Propulsion Engine Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Marine Propulsion Engine Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 19.1 billion in 2023.
The market is projected to grow at a CAGR of 3.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 26.50 billion by 2032.
The major market drivers include rising industrialisation and globalisation and increasing investments by various navies to strengthen their defence capabilities.
The key trends fuelling the growth of the market include increasing investments towards the improvement of inland waterway transportation and rising initiatives to reduce carbon dioxide emissions.
What are the major regions in the market for marine propulsion engines, according to the EMR report?
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The applications include passenger ship, cargo or container ship, defence, and offshore vessels, among others.
The key players in the market are Rolls-Royce plc, AB Volvo, HD Hyundai Co Ltd., Mitsubishi Heavy Industries Ltd., Societe Internationale des Moteurs Baudouin, Wartsila Corporation, Caterpillar Inc., Cummins Inc, General Electric Company, and Daihatsu Diesel Mfg.Co.,Ltd., among others.
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