Marine Auxiliary Engine Market Size was valued at USD 2.3 Billion in 2022. The Marine Auxiliary Engine Market industry is projected to grow from USD 2.38 Billion in 2023 to USD 3.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.90% during the forecast period (2023 - 2032). Growth in the worldwide maritime commerce and the shipbuilding industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for marine auxiliary engine is being driven by the commercial shipping growth. Sea transportation is a crucial means of delivering goods from distant suppliers. The majority of commodities transported by sea are in the form of containers, with products classified as either less-than-container load (LCL) or full-container load (FCL). Tankers, on the other hand, are suitable for transporting big and bulky commercial goods and products with extended lead times.
For instance, in the maritime industry, the chemical/product tanker segment would emerge, with LNG accounting for 31% of its fuel mix. Only 5% of the LNG in the fuel mix would come from the container ship segment. Because the fuel mix comprises the entire fleet, tonnage age and renewal are as significant as technical compatibility and cost-effectiveness of various fuels. As a result, sectors with a higher number of small-sized ships will see increased use of LNG. LNG's share of the maritime market, which was essentially non-existent in 2010, is expected to rise to 5%-10% over the next 20 years. As a result, the growing usage of LNG in marine fuel mixes provides a potential market for marine engine makers. Exploiting such potential will result in the expansion of the marine auxiliary engine market.
Shipbuilding investments have increased as a result of significant research and development efforts to create environmentally friendly auxiliary engine technologies. Developing countries such as India, Bangladesh, and Indonesia, as well as developed countries such as the United States, Germany, and the United Kingdom, are realising the strategic value of building and maintaining strong ships with cutting-edge technology, which is fueling the expansion of the marine auxiliary engine industry.
The International Marine Organisation (IMO), a department of the United Nations, announced new rules in 2018 to reduce carbon emissions by half and protect the environment. Nations that have made significant expenditures in R&D are leading efforts to cut carbon emissions. Furthermore, the marine industry is investing in battery-powered ferries, which would necessitate high-performance engines and low-carbon fuels. As a result, greater expenditures in the transportation industry and increased usage of energy-efficient motor components in ships would drive the marine auxiliary engine market.
The Marine Auxiliary Engine Market segmentation, based on fuel includes diesel and gas. During the forecast period, diesel category will lead the market. Marine diesel is a word used to describe marine fuel that is made up of various distillate blends and heavy fuel oil with very little heavy fuel oil. Marine diesel has a higher density than ordinary diesel. Marine diesel is available in a variety of blending ratios thanks to refinery procedures or the blending of pre-made marine fuels. Because of their unique mixing ratios, marine diesel oil can be utilised in a wide range of engines.
Figure1: Marine Auxiliary Engine Market, by Fuel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Marine Auxiliary Engine Market segmentation, based on power includes Up to 350 HP, 350 to 650 HP, and 650 HP to 1000 HP. Over the projection period, up to 350 HP category will dominate the market. Marine auxiliary engines with a power range of up to 350 HP are characterised by low-speed engines with a maximum operating speed of 300 RPM. These engines are typically powered by two-stroke turbocharged engines with four to twelve cylinders arranged in a straight line. The capacity of marine auxiliary engines of up to 350 HP to function successfully on low-quality fuels is a critical component in the sector's growth.
The Marine Auxiliary Engine Market segmentation, based on application includes commercial boats, fishing boats, recreation boats, security boats. In 2022, commercial boats category led the market. Commercial boats with marine auxiliary motors include powerboats, houseboats, centre console boats, lifeboats, and personal watercraft boats. Because the speed requirements of these boats are far higher than those of cargo ships and cruise ships, they are powered by 4-stroke engines.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Marine Auxiliary Engine Market area will dominate this market, owing to a rising marine tourism, increased government spending for naval defence, and collaboration between governments and the shipping industry on maritime technologies.
Further, the major countries studiedin the market reportare The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Marine Auxiliary Engine Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Marine Auxiliary Engine Market accounts for the second-largest market share due to increased maritime trade and tourism. Further, the German Marine Auxiliary Engine Market held the largest market share, and the UK Marine Auxiliary Engine Market was the fastest growing market in the European region
The Asia-Pacific Marine Auxiliary Engine Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising manufacturing investments are likely to play a significant role in the APAC marine engine market's rapid growth. Moreover, China’s Marine Auxiliary Engine Market held the largest market share, and the Indian Marine Auxiliary Engine Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Marine Auxiliary Engine Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Marine Auxiliary Engine industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Marine Auxiliary Engine industry to benefit clients and increase the market sector. In recent years, the Marine Auxiliary Engine industry has offered some of the most significant advantages to medicine. Major players in the Marine Auxiliary Engine Market, including Mitsubishi Chemical Corporation (Japan), STX Engine (South Korea), Kirloskar Oil Engines Ltd. (India), Deutz AG (Germany), AGCO Power Inc. (Finland), Volvo Penta (Sweden) and others, are attempting to increase market demand by investing in research and development operations.
Mitsubishi Heavy Industries, Ltd. is a Japanese multinational firm headquartered in Tokyo that manufactures engineering, electrical equipment, and electronics. MHI is one of the Mitsubishi Group's key firms, and its vehicle sector is the forerunner to Mitsubishi Motors. Aerospace and automotive components, air conditioners, elevators, forklift trucks, hydraulic equipment, printing machines, missiles, tanks, power systems, ships, aeroplanes, railway systems, and space launch vehicles are all manufactured by MHI. It is the world's 23rd-biggest defence contractor, assessed by defence revenues in 2011, and the largest located in Japan, through its defense-related activities. In September 2021, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. reached 6,000 units cumulative delivery of marine boilers on August 24 with the shipping of MAC-B type auxiliary boilers for VLCCs being built at the Namura Shipyard.
Wärtsilä Oyj Abp is a Finnish firm that manufactures and services power sources and other marine and energy equipment. Wärtsilä's core products include energy sector technologies such as gas, multi-fuel, liquid fuel, and biofuel power plants and energy storage systems; and marine sector technologies such as cruise ships, ferries, fishing vessels, merchant ships, navy ships, special vessels, tugs, yachts, and offshore vessels. Ferries, tugs, and vessels for the fishing, mercantile, offshore, and special segments are among the ship design capabilities. Online services, underwater services, turbocharger services, and services for the maritime, energy, and oil and gas businesses are all available. In September 2021, Wartsila, a technological business, and Samsung Heavy Industries (SHI), a Korean shipbuilding company, have inked a joint development programme (JDP) agreement to develop ammonia-fueled boats with 4-stroke auxiliary engines for future newbuild projects. Both sides recognise the significance of future carbon-free fuels in the marine industry's decarbonization efforts. The contract was signed in July 2021.
In April 2021,In hydrogen engine technology, Kawasaki Heavy Industries, Ltd.,Yanmar Power Technology Co., Ltd., and Japan Engine Corporation formed a joint venture to provide hydrogen-fueled marine engines for oceangoing and coastal vessels. Kawasaki Heavy Industries will focus on medium- and high-speed 4-stroke engines, while Yanmar Power Technology will focus on low-speed 2-stroke engines. It will also expand the product line of propulsion and auxiliary (generator) engines for a variety of boats.
In April 2021,Wabtec Corporation and Cummins Sales & Service inked a contract to supply marine enginex for Frederick Paup, a self-propelled trailing suction hopper dredge (TSHD), in the United Kingdom. Wabtec will provide five V250MDC marine diesel engines under the contract, three 16V250MDC units and two 12V250MDC units. According to Wabtec, the V250 series diesel engines.
In June 2020,Wabtec Corporation has received its first order from the United States Government for marine engines and sophisticated emissions reduction technology. The transaction is valued more than USD 10 million, and the company's 16V250 series marine diesel engines will power two new National Security Multi-Mission Vessels (NSMVs) for the US Maritime Administration.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 2.3Billion |
| Market Size 2023 | USD 2.38 Billion |
| Market Size2032 | USD 3.24 Billion |
| Compound Annual Growth Rate (CAGR) | 3.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuel, Application and Power and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Wabtec Corporation (US), Rolls-Royce Pic (UK), Yanmar Holdings Co. (Japan), MAN (Jepan), Cummins Inc. (US), Caterpillar (US), Deere & Company (US), Hyundal Heavy Industries Co. (South Korea), Mitsubishi Chemical Corporation (Japan), STX Engine (South Korea), Kirloskar Oil Engines Ltd. (India), Deutz AG (Germany), AGCO Power Inc. (Finland), Volvo Penta (Sweden), Wartsila (Finland), Volkswagen (Germany). |
| Key Market Opportunities | Growing demand for dual-fuel engines |
| Key Market Dynamics | Increase In the International marine trade. |
Frequently Asked Questions (FAQ) :
The Marine Auxiliary Engine Market size was valued at USD 2.3 Billion in 2022.
The market is projected to grow at a CAGR of 3.90% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Mitsubishi Chemical Corporation (Japan), STX Engine (South Korea), Kirloskar Oil Engines Ltd. (India), Deutz AG (Germany), AGCO Power Inc. (Finland), Volvo Penta (Sweden).
The up to 350 HP categories dominated the market in 2022.
The commercial boats had the largest share in the market.
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