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The global marine propulsion engine market size reached approximately USD 19.10 Billion in 2024. The market is further projected to grow at a CAGR of 3.70% between 2025 and 2034, reaching a value of USD 27.47 Billion by 2034.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
3.7%
Value in USD Billion
2025-2034
Marine Propulsion Engine Market Outlook
*this image is indicative*
Global Marine Propulsion Engine Market Report Summary | Description | Value |
Base Year | USD Billion | 2024 |
Historical Period | USD Billion | 2018-2024 |
Forecast Period | USD Billion | 2025-2034 |
Market Size 2024 | USD Billion | 19.10 |
Market Size 2034 | USD Billion | 27.47 |
CAGR 2018-2024 | Percentage | XX% |
CAGR 2025-2034 | Percentage | 3.70% |
CAGR 2025-2034 - Market by Region | Asia Pacific | 4.3% |
CAGR 2025-2034 - Market by Country | India | 4.9% |
CAGR 2025-2034 - Market by Country | China | 4.1% |
CAGR 2025-2034 - Market by Fuel Type | Diesel | 4.2% |
CAGR 2025-2034 - Market by Application | Cargo or Container Ship | 4.5% |
Market Share by Country 2024 | France | 3.1% |
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.
"Global Marine Propulsion Engine Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Fuel Type
Market Breakup by Application
Market Breakup by Region
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.
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.
CAGR 2025-2034 - Market by | Country |
India | 4.9% |
China | 4.1% |
Canada | 3.5% |
France | 2.9% |
Italy | 2.6% |
USA | XX% |
UK | XX% |
Germany | XX% |
Japan | 2.5% |
Australia | XX% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
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.
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.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
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.
Marine Propulsion Engine Market Size
Marine Propulsion Engine Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 19.10 Billion in 2024.
The market is projected to grow at a CAGR of 3.70% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 27.47 Billion by 2034.
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.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2024 |
Historical Period | 2018-2024 |
Forecast Period | 2025-2034 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
Breakup by Fuel Type |
|
Breakup by Application |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
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