Asia Pacific Marine Propulsion Systems Market Size - By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas, Hybrid), By Technology, By Power, By Propulsion, By Application, By Country Outlook & Forecast, 2024 – 2032

Asia Pacific Marine Propulsion Systems Market Size

Asia Pacific Marine Propulsion Systems Market was valued at USD 15.3 billion in 2023 and is estimated to grow at a CAGR of over 3.1% between 2024 and 2032. Growing technological advancements including LNG powered engines and hybrid propulsion systems in line with continuous focus toward research & development activities will energize the industry outlook.
 

Marine propulsion systems are the equipment and mechanisms which is designed to generate and transmit power to move marine vessels through water. These systems comprising of propulsion units including transmission systems, engines propellers or water jets, and control mechanisms. They are essential for enabling ships to navigate efficiently, maneuver effectively, and maintain speed and direction while operating on water. Increasing efforts to minimize downtime and enhance fleet management along with favorable stringent government standards will drive the business outlook.
 

Asia Pacific Marine Propulsion Systems Market Trends

The region is witnessing significant growth owing to increasing interest in autonomous vessels driven by continuous development of cost-effective and safer maritime operations. Increasing investment by the key industry private and public players toward the expansion of port and offshore fields will sway the deployment of these systems. These substantial investments, coupled with the expansion of Chinese exports, led to a significant surge in port activities. Paradigm shift toward digitalization and automation to improve operational efficiency & safety coupled with integration of predictive maintenance, enable real-time performance optimization capabilities, which in turn will proliferate the product adoption.
 

Asia Pacific Marine Propulsion Systems Market Analysis

The marine diesel propulsion systems market will exceed USD 11 billion by 2032. The increasing global trade in association with enlarging demand for goods are key parameters driving the growth of these systems. Growing international trade in line with need for efficient and reliable propulsion solutions to power cargo vessels, container ships, tankers, and bulk carriers will propel the deployment of these units. The expansion of offshore oil & gas exploration activities to support offshore operations including supply vessels, drilling rigs, and platform support vessels is driving the industry potential.
 

The 1,000 - 5,000 HP rated marine propulsion systems market size will witness growth rate of over 2.5% by 2032. Increasing trend toward construction & operation of medium-sized vessels in various maritime sectors including offshore support, coastal shipping, fishing, and passenger transportation will complement the business scenario. The systems within this range are well-suited for powering medium-sized vessels, catering to diverse applications comprising of passenger vessels, offshore supply, and regional ferry services.
 

China marine propulsion systems market is set to surpass over USD 6.5 billion by 2032. The industry is anticipated to grow on account of its extensive coastline, booming trade and significant investments in port infrastructure. Growing shift toward green technologies, indigenous manufacturing capabilities, and digitalization in line with the expansion of maritime infrastructure will foster the industry size. For instance, China's ambitious Belt and Road Initiative (BRI) and the development of coastal economic zones are driving significant investments in maritime infrastructure.
 

South Korea marine propulsion systems market is witnessing significant growth on account of continuous innovation & development of advanced propulsion systems including LNG, hybrid, and electric systems. Paradigm shift toward renewable energy sources including offshore wind power is driving demand for specialized vessels equipped with dynamic positioning, stimulating the business growth. Furthermore, rapidly expansion of the shipbuilding sector has created robust demand for systems including engines, thrusters, and propellers, which in turn will proliferate the industry scenario.
 

Asia Pacific Marine Propulsion Systems Market Share

ABB is a multinational corporation at the forefront of electrification, industrial automation, robotics, and motion solutions. The company serves diverse sectors such as utilities, industry, transportation, and infrastructure. Its comprehensive portfolio encompasses power distribution and control systems, electric motors, drives, robotics, automation solutions, and digitalization platforms.
 

Asia Pacific Marine Propulsion Systems Market Companies

Eminent players operating in the Asia Pacific marine propulsion systems industry include:

• AB Volvo Penta
• ABB
• Caterpillar
• Cummins Inc.
• DAIHATSU DIESEL MFG. CO., LTD.
• Deere & Company
• DEUTZ AG
• HDHyundai Heavy Industries Engine & Machinery
• IHI Power Systems Co., Ltd.
• Kawasaki Heavy Industries, Ltd.
• MAN Energy Solutions
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce plc
• Scania
• Wartsila
• Weichai Holding Group Co., Ltd.
• Yamaha Motor Co., Ltd.
• YANMAR HOLDINGS CO., LTD.
   

Asia Pacific Marine Propulsion Systems Industry News

• In July 2023, Rolls-Royce has completed the acquisition of Team Italia/Onyx Marine, a prominent specialist in marine automation tools. This acquisition is aimed at ensuring sustained continuity and growth, thereby securing the company's future. This strategic step positions Rolls-Royce to emerge as a leading global provider of integrated solutions for the yacht industry.
   
• In February 2022, Wärtsilä has announced its collaboration with Solstad Offshore to initiate fleet decarbonization, aiming for a 50% reduction in CO2 emissions by 2030 throughout the vessel fleet. The primary aim of the agreement is to pinpoint, assess, and execute strategies aimed at enhancing fuel efficiency and significantly reducing greenhouse gas (GHG) emissions from offshore vessels. Each vessel will undergo a comprehensive assessment to identify suitable solutions, potential operational enhancements, and factors contributing to extending their operational lifespan.
   

This Asia Pacific marine propulsion systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2032, for the following segments:

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Market, By Product

• Diesel
• Wind & Solar
• Gas Turbine
• Fuel Cell
• Steam Turbine
• Natural Gas
• Hybrid
• Others

Market, By Power

• < 1,000 HP
• 1,000 - 5,000 HP
• 5,000 - 10,000 HP
• 10,000 - 20,000 HP
• > 20,000 HP

Market, By Technology

• Low Speed
• Medium Speed
• High Speed

Market, By Propulsion

• 2-Stroke
• 4-Stroke

Market, By Application

• Merchant
  • Container Vessels
  • Tankers
  • Bulk Carriers
  • RO-RO
  • Others 
• Offshore
  • Drilling RIGS & Ships
  • Anchor Handling Vessels
  • Offshore Support Vessels
  • Floating Production Units
  • Platform Supply Vessels
• Cruise & Ferry
  • Cruise Vessels
  • Passenger Vessels
  • Passenger/Cargo Vessels
  • Others
• Navy
• Others

The above information has been provided for the following country:

• China
• Japan
• India
• South Korea
• Australia
• Vietnam
• Singapore