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Marine Propulsion Engine Market - By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), Growth Drivers, Regional Insights & Global Forecast, 2024 – 2032

  • Report ID: GMI791
  • Published Date: Jul 2023
  • Report Format: PDF

Marine Propulsion Engine Market Size

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.

Marine Propulsion Engine Market

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.

COVID– 19 Impact

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 Trends

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.

Marine Propulsion Engine Market Analysis

Marine Propulsion Engine Market Size, By Product,

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.

Marine Propulsion Engine Market Revenue Share, By Application

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.

Europe Marine Propulsion Engine Market Size

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.

Marine Propulsion Engine Market Share

The major players operating in the marine propulsion engine market includes

  • Caterpillar
  • Cummins
  • Ingeteam
  • MAN Energy Solutions
  • Masson Marine
  • Rolls-Royce plc
  • Scania
  • AB Volvo Penta
  • Wärtsilä
  • Yamaha Motor Co.
  • YANMAR Marine International
  • Société Internationale des Moteurs Baudouin
  • Deere & Company
  • Steyr Motors Betriebs
  • NANNI Industries
  • Isuzu Motors America
  • Perkins Engines Company Limited
  • Bukh
  • Anglo Belgian Corporation
  • Craftsman Marine

Marine Propulsion Engine Market News

  • In March 2023, Cummins has formed a partnership with Danfoss to collaborate on the development of marine propulsion systems. Through their collaboration, Editron division of Cummins and Danfoss's will work on creating standardized solutions for marine propulsion, with a specific focus on fuel cells, variable-speed diesel gensets, and energy storage packages. This joint effort aims to introduce a new set of standard hybrid-electric solution that has the potential to significantly reduce CO2 emissions, by up to 100%, compared to conventional diesel alternatives.
  • In December 2022, Caterpillar and Jackson Offshore have formed a partnership to collaboratively develop a hybrid propulsion system in a pilot project. This initiative aligns with the offshore vessel owner's objective to minimize emissions and paves the way for future implementation of hybrid technologies across their fleet. The pilot project entails the installation of an integrated hybrid energy solution on the PSV Thunder, aimed at reducing fuel consumption and diesel exhaust emissions while optimizing the vessel's propulsion system during operations in the Gulf of Mexico.

This marine propulsion engine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2019 to 2032, for the following segments:

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By Application

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

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

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Russia
    • Denmark
    • Netherlands
  • 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


Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of marine propulsion engine was valued at 19.7 billion in 2023 and is estimated to surpass USD 26.4 billion by 2032, says this GMI report.

The fuel cell marine propulsion engine industry will witness growth on account of growing demand for hydrogen as a fuel source driven by stricter environmental regulations to reduce greenhouse gas emissions.

European market for marine propulsion engine crossed 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.

Caterpillar, Cummins, Ingeteam, MAN Energy Solutions, Masson Marine, Rolls-Royce plc, Scania, AB Volvo Penta, Wärtsilä, Yamaha Motor Co., and YANMAR Marine International among others.

Marine Propulsion Engine Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 24
  • Tables & Figures: 266
  • Countries covered: 6
  • Pages: 100
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