Global Marine Engine Market

Marine Engine Market Size, Share, Growth Analysis, By Engine Type (Diesel Engine, Gas Turbine), By Power Range, By Application, By Fuel Type, By Region - Industry Forecast 2025-2032

Report ID: SQMIG25A2159 | Region: Global | Published Date: November, 2024
Pages: 260 | Tables: 64 | Figures: 75

Marine Engine Market Insights

Marine Engine Market size was valued at USD 12.49 Billion in 2023 and is poised to grow from USD 12.98 Billion in 2024 to USD 17.56 Billion by 2032, growing at a CAGR of 3.9% during the forecast period (2025-2032).

The transportation of a ship from one port to another is accomplished by marine engines. A marine engine, either a 4-stroke or a 2-stroke engine, is installed onboard a ship for the purpose of propulsion whether it is a small ship operating in coastal areas or a big one travelling international waterways. Marine engines are heat engines that build thermal energy and convert it into mechanical energy in order to transfer heat produced by the combustion of fuel into usable work. The engines used on ships are of the type known as internal combustion engines, in which the fuel is burned inside the engine cylinder and heat is produced after the combustion process.

US Marine Engine Market is poised to grow at a sustainable CAGR for the next forecast year.

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FAQs

Global Marine Engine Market size was valued at USD 12.03 billion in 2022 and is poised to grow from USD 12.49 billion in 2023 to USD 16.90 billion by 2031, growing at a CAGR of 3.9% during the forecast period (2024-2031).

Global marine engine market is not much fragmented nor consolidated. The main competitors in the market are concentrating on offering items that are customised to meet the needs of their customers. They will be able to dominate other businesses due to this. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. 'Caterpillar Inc. ', 'MAN Energy Solutions  ', 'Wärtsilä Corporation ', 'Hyundai Heavy Industries Co. Ltd. ', 'Rolls-Royce Holdings plc ', 'Cummins Inc. ', 'Mitsubishi Heavy Industries Ltd. ', 'Volvo Penta ', 'Yanmar Holdings Co. Ltd. ', 'Scania AB ', 'Deutz AG ', 'John Deere Power Systems ', 'Kawasaki Heavy Industries Ltd. ', 'STX Engine Co. Ltd. ', 'Textron Inc. ', 'Daihatsu Diesel Mfg. Co. Ltd. ', 'GEA Group AG ', 'Bosch Industriekessel GmbH'

The rise of technologically advanced and highly efficient engines, the rising number of leisure travelers, and the vast worldwide maritime transport industry expansion are the main drivers of the rising demand for marine engines. The industry is anticipated to develop as a result of severe government regulations on emissions from maritime vessels, rising consumer awareness of the need to switch to greener fuels, and the depletion of traditional fuel supplies. The development of goods that adhere to stringent emission laws and run-on cleaner fuels like LNG and solar and wind power is anticipated to coincide with the increase in demand for marine engines worldwide. Economic stability and rising consumer disposable incomes are further drivers of market expansion.

The pandemic caused a change in how customers made purchases. The pandemic has sped up the transition from traditional retail to online buying by about five years. Customers were looking for a secure means to satisfy their needs, which caused a dramatic increase in online retail sales activity. Although the increase in trade is to be appreciated, it is growing at such a rate and scale that port operations and shipping services frequently cannot keep up, leading to logistical bottlenecks. Lacks in shipping capacity, containers, and other equipment affect the entire sector. Retailers must reduce supply chain uncertainty and logistical bottlenecks if they want to hold onto more inventory. This trend of growth in e-commerce can make significant rise of marine engine in the market.

The Asia Pacific region that now dominates the global market is expected to continue to do so during the projection period. A total of 62% commodities unloaded (imported) in 2019 were brought in from Asia, as were 41% of the total goods loaded (exported), which came from the same continent. The expanding shipbuilding sector in Asian nations like India, South Korea, China, and Japan may be partly responsible for the expansion of the sector in the area. The maritime sector is flourishing in the area.

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Global Marine Engine Market

Report ID: SQMIG25A2159

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