Home > Energy & Power > Electrical Equipment > Engines > Marine Propulsion Engine Market
Marine Propulsion Engine Market size was valued at USD 19.7 billion in 2023 and is estimated to expand over 3.2% CAGR between 2024 and 2032. A marine propulsion engine is specifically designed to power ships and boats by converting fuel into mechanical energy. This energy is used to generate thrust, propelling the vessel through the water. The engine works by combusting fuel, which produces power that is transmitted to the propulsion system, ultimately driving the ship forward.
Increasing demand for fuel-efficient engines coupled with growing preference for LNG-powered systems will foster the business growth. Advancements in dual-fuel engines with integration of automation and control systems will fuel the product adoption. Rise of autonomous and remotely operated vessels in line with increasing exploration and production activities in the oil & gas industry will complement the industry outlook.
Report Attribute | Details |
---|---|
Base Year: | 2023 |
Marine Propulsion Engine Market Size in 2023: | USD 19.7 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 3.2% |
2032 Value Projection: | USD 26.4 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 100 |
Tables, Charts & Figures: | 266 |
Segments covered: | Product |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
The COVID- 19 disrupted global supply chains and caused a significant decline in shipbuilding activities. Offshore industries, including oil & gas exploration and offshore wind energy, also faced setbacks owing to the pandemic. Reduced investments and project delays in these sectors affected the demand for these units. Moreover, many shipping companies and maritime industry stakeholders faced financial constraints and budget cuts due to the economic impact affecting the overall product demand.
Marine propulsion engine market will register an appreciable momentum attributed to factors including expanding maritime trade, infrastructure development, and increasing public & private players investments. Expansion of offshore wind energy sector along with rising demand for renewable power generation will expand the business revenue. Expansion of the naval sector together with growing demand for high-speed vessels will continue to entail the unit deployment. Growing maritime tourism industry and development of cruise ships, luxury yachts, and expedition vessels will drive the demand for advanced marine propulsion engines that offer reliability, fuel efficiency, and low environmental impact.
Based on product, the marine propulsion engine market is segmented as diesel propulsion, wind & solar propulsion, gas turbine propulsion, fuel cell propulsion, steam turbine propulsion, natural gas and others. The diesel propulsion marine engine market held approximately 55% of the market share in 2022. Growth in commercial shipping combined with increasing demand for fuel-efficient engines will favor the industry scenario. Increasing demand for offshore wind support vessels coupled with availability of infrastructure and support will strengthen the business scenario. Retrofit and repowering opportunities with technological advancements in the sector will play a vital role in accelerating technical adoption of these units.
The fuel cell propulsion marine engine market will witness growth upsurge on account of growing demand for hydrogen as a fuel source led by stricter environmental regulations to reduce greenhouse gas emissions. Increasing investments, collaborations and partnerships with focus on hydrogen infrastructure development will enhance marine propulsion engine market landscape. Shifting consumer awareness and acceptance for cost reduction and commercial viability will positively influence product deployment.
The natural gas propulsion marine engine market is anticipated to grow on account of increasing interest in LNG-powered vessels with rising availability and accessibility of natural gas. Increasing investments in natural gas infrastructure with expansion of the short-sea shipping market will boost the business potential. Expansion of the river and inland waterway transportation industry along with increasing interest in small-scale LNG applications will thrust the industry share.
The Europe marine propulsion engine market reached USD 3.3 billion in 2022 Paradigm shift toward alternative fuels driven by decarbonization efforts in the maritime industry due to stricter emissions regulations and economic targets will foster the industry potential. Increasing demand for autonomous vessels integrated with artificial intelligence and machine learning will gain traction, which in turn will foster the industry outlook. Growing demand for ice-class vessels in line with rising demand for compact and lightweight engines will energize the business dynamics.
The Asia Pacific marine propulsion engine market is set to grow on account of growing shipbuilding industry and increasing demand for commercial vessels. Stringent environmental regulations to increase adoption of marine fuel including fuel cell, natural gas and wind will augment the industry landscape. Expansion of the fishing aquaculture sector coupled with focus on growing trading industry will influence the adoption of these units.
The major players operating in the marine propulsion engine market includes
Click here to Buy Section of this Report
By Application
The above information has been provided for the following regions and country: