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Marine Propulsion Engine Market Size

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

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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.

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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.

Marine Propulsion Engine Market Report Attributes
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:	Rising demand for operationally dependable and efficient ships Introduction of nuclear propulsion engines Rising LNG prominence Growing preference for non-conventional energy sources
Pitfalls & Challenges:	Strict emission standards Renewable energy sources limitations for primary propulsion

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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.