Global Marine Engines Market Size By Fuel (MDO, MGO, LNG, Hybrid), By Power (< 1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, > 20,000 HP), By Technology (Low Speed, Medium Speed, High Speed), By Propulsion (2-Stroke, 4-Stroke), By Application (Commercial [Container Vessels, Tankers, Bulk Carriers, Roll On/Roll Off], Offshore [AHTS, PSV, MPSV], Recreational [Cruise Ships, Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI2572  |  Authors: Ankit Gupta, Asmita Semwal

Report Format: PDF   |   Pages: 735   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Marine Engines Market size surpassed USD 8 billion in 2019 and is anticipated to register more than 4% CAGR between 2020 and 2026. Rising seaborne trade throughout emerging economies owing to the growth within the shipping industry will augment the business landscape. Technological development and product design, shifting focus from conventional fuel towards low sulphur fuel and strict government directives to adopt green fuel will aid the demand for engines supporting LSFO, LNG and hybrid fuel.

Global Marine Engines Market

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Implementation of government mandates to limit maritime pollution primarily in Emission Control Areas (ECAs) will fuel the demand for low emission engines. Increasing efforts toward expanding engine capacities has further led to the development initiatives for designing reliably advanced systems. Moreover, rising demand for economically efficient engines coupled with the rising maritime tourism will complement the product deployment.

Global Marine Engines Market Report Coverage
Report Coverage Details
Base Year:2019Historical Data for:2015 to 2019
Market Size in 2019:8.2 Billion (USD)Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:4.56%No. of Pages:735
2026 Value Projection:8.8 Billion (USD) Tables, Charts & Figures:1335
Geographies covered (28):U.S., Canada, Germany, U.K., Italy, Norway, France, Russia, Denmark, Netherlands, Belgium, China, Japan, India, South Korea, Australia, Vietnam, Singapore, Saudi Arabia, UAE, Iran, Angola, Brazil, Argentina, Mexico, Egypt, South Africa
Segments covered:Product, Power, Technology, Propulsion, Application
Growth Drivers:
  • Expansion in seaborne trade
  • Increasing maritime tourism
  • Technological advancement in marine engines
Pitfalls & Challenges:
  • Stringent government regulations against emissions

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Rising government regulations along with increasing demand for sustainable systems will drive the LNG based engine demand

U.S. Marine Engines Market Outlook By Product

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LNG-based marine engines market was valued at over USD 1 billion in 2019. Competitive pricing coupled with reduced carbon emissions in commercially viable regions are some of the key factors contributing towards the market growth. Furthermore, the expansion of ECA zones along with the projected growth of the shipbuilding industry will foster the business scenario.

Diesel engines will gain significant growth in the coming years owing to lesser emissions, oxidation & thermal stability characteristics and reduced costs. Additionally, compliance with environment directives formulated by the government authorities to limit the existing emission levels will augment the business landscape.

Widespread adoption in commercial segment will propel the <1,000 HP engine demand

< 1,000 HP marine engines market is set to witness growth of over 4.1% through 2026. The systems are installed in large vessels for enhanced capacity requirement utilized in the transit of vehicle. These systems are widely installed in merchant ships including containers, bulk carriers, cargo ships and tanker vessels.

>20,000 HP engines are extensively utilized in tugboats, yachts and submarines. Increase in demand for passenger vessels, yachts, commercial vessels, and cruise ships will positively impact the business scenario. Rise in disposable incomes coupled with improved standards of living will further boost the product adoption.

Widespread application in commercial vessels will drive medium speed market share

Germany Marine Engines Market By Technology

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Medium speed marine engines market will witness significant growth on account of being lightweight and low maintenance. Increasing marine tourism along with rise in demand for passenger and recreational vessels is set to enhance the product adoption. Additionally, the systems are being extensively deployed across vessels including ferries and cruises.

Upsurge in demand for tugboats coupled with ongoing expansion & construction of local ports will aid the high-speed marine engines adoption. These engines are essentially installed on boats, fishing vessels, small ships and yachts. Other factors including improved engine performance, higher efficiency and compact size will further enhance the industry outlook.

Cost efficiency and better speed complementing the growth of 4-stroke engines market

Japan Marine Engine Market Statistics By Propulsion

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The four-stroke propulsion engines segment of marine engines industry will undergo significant growth owing to the reduced noise levels, cost efficiency, high speed and greater fuel proficiency. In addition, these systems do not reply on lubricant leading to generation of less pollution, thereby, complementing the business landscape.

Two-stroke engines volume will witness substantial growth of 5.1% through 2026. Ongoing technological development coupled with improved operational efficiency will augment the business landscape. The ability to use economical fuels, uniform turning moment, high load sustainability and wear & tear resistance is set to propel the market statistics.

Increasing exploration and drilling activities will augment the offshore market outlook

Offshore marine engines market is projected to reach over USD 1 billion by 2026. Rising demand for offshore support vessels to conduct distinct operations will stimulate the product deployment. Growing drilling activities coupled with robust growth in Exploration and Production (E&P) activities will further boost the industry scenario.

Rising maritime trade across the developing economies coupled with the growing shipbuilding activities will induce demand for commercial marine engines. The expansion of major shipping routes especially the choke points will foster the product installation. Post the COVID-19 impact, once the port bans across the globe are lifted, commercial products will further register high growth rate.

Increasing production activities set to propel the demand in UAE

UAE, in 2019, accounted for over 14% of the Middle East marine engines market share. Increasing production and exploration activities will stimulate the demand for oil & gas tanker, gas carriers along with platform supply vessels and drill ships. Enforcement of the environmental directives, high-end technology adoption and growing trade practices are some of the prime factors set to augment the product adoption.

Increasing shipbuilding activities specifically in South Korea and Japan coupled with a healthy orderbook is projected to boost the business landscape. Technological advancements in product design accompanied with various market players operating in the industry will strengthen the industry scenario.

The marine engines are used to generate power for offshore support vessels, commercial vessels, and other marine vessels vessels operating on a variety of fuels including gas oil, diesel oil, hybrid and LNG. Fuel efficiency, easy maintenance, low harmful emissions, durability, high performance, and quiet operation are the major factors accounting for the product installation.

Flooding the market with new products and investing in product design act as a crucial strategy for the market participants

The manufacturers are primarily focusing on mergers & acquisitions, new product launch, and R&D to achieve competitive advantage in the industry. Key players in the marine engines market include MAN Energy Solutions, Duetz, Shanghai Diesel Engine, John Deere, Volvo Penta, Weichai, Yanmar Holdings, Wärtsilä, Brunswick, Cummins, Anglo Belgian Corporation, Caterpillar, Rolls Royce, STX Engines, Scania, Yamaha and IHI among others.

Marine engines market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

By Product

  • MDO
  • MGO
  • LNG
  • Hybrid
  • Others

By Power

  • Below 1,000 HP
  • 1,001-5,000 HP
  • 5,001-10,000 HP
  • 10,001-20,000 HP
  • Above 20,000 HP

By Technology

  • Low Speed
  • Medium Speed
  • High Speed

By Propulsion

  • 2 Stroke
  • 4 Stroke

By Application

  • Commercial
    • Container Vessels
    • Tankers
    • Bulk Carriers
    • RO-RO
    • Others
  • Offshore
    • AHTS
    • PSV
    • FSV
    • MPSV
    • Others
  • Recreational
    • Cruise-Ships
    • Ferries
    • Yachts
    • Others
  • Navy
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Italy
    • Norway
    • France
    • Russia
    • Denmark
    • Netherlands
    • Belgium
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Vietnam
    • Singapore
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Iran
    • Angola
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Mexico

Frequently Asked Questions (FAQ) :

Overall marine engines market recorded a remuneration of USD 8.2 bn in 2019.
The overall marine engines industry is anticipated to acquire a revenue share of USD 8.8 bn by the end of 2026.
LNG-based marine engines industry size was recorded at USD 1 billion in 2019 on account of lowered carbon emissions in some commercially viable regions as well as competitive pricing.
< 1,000 HP marine engines will be the products of choice for stakeholders, as they fulfil the massive capacity requirement of merchant ships. < 1,000 HP segment may register 4.1% CAGR through 2026.
Two-stroke marine engines business is expected to witness 5.1% CAGR through 2026, propelled by the myriad technological developments in tandem with enhanced operational efficiency of these engines.
Marine engines will be extremely popular in the UAE, which in 2019 held more than 14% of the Middle East marine engines market share owing to rising number of production and exploration activities.

Premium Report Details

  • Published Date: Jul 2020
  • Pages: 735
  • Tables: 1298
  • Charts / Figures: 37
  • Companies covered: 20
  • Countries covered: 28

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