Marine Engine Market Research Report - Forecast to 2030

Marine Engine Market Research Report Information By Fuel (Diesel, Gas, Others), By Power Rating (Upto 1000 kW, 1000-4000 kW, Above 4000 kW), By Type (Auxiliary and Propulsion), Speed (Low-Speed, Medium-Speed, and High-Speed), By Stroke (2-Stroke and 4-Stroke), Application (Cargo Ship, Cruise Ship, and Others), and By Region - Global Forecast to 2030

ID: MRFR/E&P/1456-CR | 128 Pages | Author: Anshula Mandaokar | March 2024         

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Global Marine Engine Market Overview


Marine Engine Market Size was valued at USD 10,916.0 million in 2022. The Marine Engine Market industry is projected to grow from USD 11,418.1 million in 2023 to USD 15,642.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.6% during the forecast period (2023 - 2030). A marine engine, also known as a ship's engine or boat engine, is an internal combustion engine or a propulsion system specifically designed and used for powering watercraft such as ships, boats, submarines, and other vessels that operate in water bodies like oceans, rivers, and lakes. These engines are specialized to operate in the challenging and often harsh marine environment.


Marine Engine Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Marine Engine Market Trends




  • Growth in international marine freight transport to fuel the Marine Engine market.




Over 80% of the volume of international trade in goods is carried by sea, and the percentage is even higher for most developing countries. In 2020, maritime trade contracted by 3.8% reflecting an initial shock, but it rebounded later in 2021. IMO also forecasts that maritime trade could increase between 40% and 115% by 2050 in comparison to 2020 levels. Many factors influence this growth, including general economic conditions, rising population, increasing globalization. The continuous global economic growth is also spurring demand for shipments of energy products and other goods. In addition, growth in the manufacturing and industry sectors and improved socio-economic standards in emerging markets may increase demand for goods. With rising maritime trade, the demand for efficient and environment friendly marine engines used in these cargo ships are also expected to rise. Thus, driving the growth of the market.




  • Government initiatives to accelerate the development of the ship building industry to propel the Marine Engine market.




The shipbuilding industry has witnessed a period of unprecedented growth riding on the stimulus of global demand. China has become the world's leading shipbuilding industry, accounting for 44.9 percent of ship tonnage completed by the global shipbuilding industry and 51 percent of total new orders around the world during the first half of 2021. Further, Chinese and South Korean shipbuilders have grown through generous government subsidies and financial support. Presently, the Indian Government is also playing an important role in supporting the ports sector. The government has been undertaking several initiatives to accelerate the development of the shipping sector. Similarly, the UK government provided a £200m government initiative to tap UK's green shipping heritage. With growing government initiatives, new programme aims to support the research and delivery of new technologies that can decarbonize maritime industries. Thus driving the growth of the market.




  • Rising demand for dual-fuel engines surging the Marine Engine market.




The low-sulfur fuel oil price is continuing to rise and environmental regulations in the maritime industry are increasing, which means the global dual-fuel vessel demand is likely to keep rising. The fuel oil price per ton was US$535 on average last year but recently jumped to US$1,137 with regard to the war in Ukraine and the resultant limited supply of Russian crude oil. This year, the three major South Korean shipbuilders received orders for 154 vessels, and those include 68 ships in which LNG or methanol can be used as an alternative fuel. Specifically, the figure is 30 out of 111 in Korea Shipbuilding & Offshore Engineering, 24 out of 24 in Daewoo Shipbuilding & Marine Engineering, and 14 out of 19 in Samsung Heavy Industries. In addition, most of the single-fuel vessels are supposed to be equipped with a scrubber for SOx reduction or can be altered to use LNG, ammonia or hydrogen as a fuel. As the dual-fuel vessel orders are increasing after the low-sulfur fuel oil price hit an all-time high recently. This is expected to create new opportunities for companies manufacturing dual fuel engines.


Marine Engine Market Segment Insights


Marine Engine by Fuel Insights


The Marine Engine Market segmentation, based on fuel has been segmented as Diesel, Gas, Others. Among these, the Diesel type is projected to dominate the Marine Engine Market revenue through the projected period. Diesel engines occupy the largest share in the marine engine market as they provide fuel efficiency and longer life expectancy. In addition, they are built to tighter tolerances and can stand much more abuse than their gasoline counterparts. Furthermore, diesel engines when maintained properly can give upto 6,000 to 8,000 hours of good use before needing a major overhaul. Caterpillar, Cummins, MAN, and Volvo Penta are some of the major diesel engine vendors for marine applications. The rising demand for economically viable engines, which are reliable, durable, and fuel efficient further complements the marine diesel engines market penetration.


Marine Engine by Power Rating Insights


The Marine Engine Market segmentation, based on power rating, the market is segmented as Upto 1000 kW, 1000-4000 kW, Above 4000 kW,. Out of which the Upto 1000 kW segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Marine engines up to 1000 kW are used in yachts and in commercial ships. They are suitable for sea areas as draining water ship, tugboat, fishnet ship, freighter and digging-ship and are also used in ferries, windfarm service vessels (WSV), inland waterway vessels, passenger and pilot boats, rescue and patrol boats, tugs, dredgers, trawlers, and fishing boats. MAN Engines offers a wide range of high-speed four-stroke diesel engines that provide a power spectrum from 147 kW to 735 kW in heavy-duty operation. In medium-duty operation, the power range extends from 412 kW to 1,066 kW.


Marine Engine by Type Insights


The Marine Engine Market segmentation, based on type, the market is segmented as auxiliary and propulsion. Out of which the propulsion segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Marine propulsion is the system or mechanism used to generate thrust that allows a small boat or even a ship to move across waterways. The marine propulsion systems/engine market is gaining significant traction because they power massive ships that transport cargo globally.


Marine Engine by Speed Insights


The Marine Engine Market segmentation, based on speed, the market is segmented as low-speed, medium-speed, and high-speed. Out of which the medium-speed segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Medium-speed marine engines consists of speed ranging from 500 rpm to 1200 rpm. They are installed in ships and boats with very low lead time. Medium-sized boats and ships use medium-speed engines.


Marine Engine by Stroke Insights


The Marine Engine Market segmentation, based on stroke, the market is segmented as 2-stroke and 4-stroke. Out of which the 2-stroke segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Two-stroke engines are generally slow-speed engines. They are most commonly used on ships as two-stroke drive can burn low-grade heavy fuel oil which are most commonly used in large ship. In addition, due to slow speed and less vibration 2 strokes design have an edge over 4 strokes when it comes to ease of maintenance. Although they have a high initial cost, it requires only low maintenance and fuel cost.


Marine Engine by Application Insights


The Marine Engine Market segmentation, based on application, the market is segmented as cargo ship, cruise ship, and others. Out of which the cargo ship segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Marine engines are used extensively in cargo ships such as feeder ship, general cargo vessels, container ships, tankers, dry bulk carriers, and reefer ships. Moreover, Cargo ships are the major users of marine engines accounting for 49% of the market. With the number of merchant ships in trading increasing rapidly, the demand for marine engines from the cargo ship makers are only expected to rise in the coming years.


Marine Engine Regional Insights


By Region, the study segments the Marine Engine market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The sizable Marine Engine industry in Asia-Pacific is likely to make the region the largest expanding global market for Marine Engine. Asia Pacific marine engine market size will grow at a significant rate as shipbuilding activities are rising at a commendable rate. The governments in the region are offering tax rebates to the shipbuilding industry. The growth of the Asia Pacific market is primarily driven by the growth of the regional shipbuilding industry, development of efficient marine engine technologies, and an increase in maritime trade activities in the region. China maintained their position as a leading builder of bulk carriers, offshore vessels, and general cargo ships. The Republic of Korea manufactures gas carriers, oil tankers, and container ships; and Japan makes chemical tankers. South Korea also houses four of the eight major shipbuilding businesses such as Ulsan-based Hyundai Heavy Industries; Seoul-based Daewoo Shipbuilding & Marine Engineering (DSME); Geoje-based Samsung Heavy Industries; and Jinhae-based STX Offshore and Shipbuilding. Furthermore, with rising contracts for high-value-added LNG carriers, the region is expected to witness higher demand for marine engines over the coming years.


Marine Engine Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Marine Engine Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Marine Engine Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies adopted by manufacturers in the global Marine Engine industry to benefit clients and expand the Marine Engine market sector is partnerships and acquisitions. The market for Marine Engine is recognized as being extremely competitive and fragmented. The market for Marine Engine offers considerable potential opportunities for domestic and unorganized companies. Some of the key players operating in the market are GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), STX Engine (Hong Kong). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.


STX Engine:STX Engine is a leading manufacturer in the world’s marine engine market and provides all services related to design, manufacture, sales, and after-sales services. The company occupies up to 40% of the local marine diesel engine market. It also manufactures engines that add up to 5 million horse power per annum, and the flagship products that it exports (200-15,000 horse power) are high output and low fuel consumption. The company has technology cooperation with Cummins Co of USA and MAN ENERGY SOLUTIONS Co of Germany.


Hyundai Heavy Industries Co., Ltd:Hyundai Heavy Industries Co., Ltd. is the world's largest shipbuilding company. HHI has four core business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, and Engine & Machinery. Based on its leading position in engine production, HHI Engine & Machinery Business Unit is also a forerunner in the sector of engine power generation as well. The company has 12 work sites in five cities across Korea, and have a global network of 16 branches and 25 corporations across the world.


Key Companies in the Marine Engine Market includes



  • GE Transportation (US)

  • Caterpillar (US)

  • Cummins Inc. (US)

  • Rolls-Royce Power Systems (Germany)

  • MAN Energy Solutions (Germany)

  • Wärtsilä (Finland)

  • Mitsubishi Heavy Industries (MHI) Group (Japan)

  • Brunswick (US)

  • Volvo Penta (Sweden)

  • YANMAR (Japan)

  • Scania AB (Sweden)

  • Deere & Company (US)

  • Deutz AG (Germany)

  • Hyundai Heavy Industries Co., Ltd. (South Korea)

  • STX Engine (Hong Kong)


Marine Engine Industry Developments


February 2021:Caterpillar completed the acquisition of varying equity interests and assets of the Weir Group PLC, collectively known as SPM Oil & Gas (SPM). Headquartered near Fort Worth, Texas, SPM Oil & Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are offered via an extensive global network of service centers. This acquisition, included in the Energy & Transportation segment, is consistent with the company’s strategy of providing the customers expanded offerings and services.


February 2022:Deere & Company has acquired majority ownership in Kreisel Electric Inc., a leading pioneer in the development of immersion-cooled battery technology. The Austrian company manufactures high-density, high-durability electric battery modules and packs for high-performance and off-highway applications and has created a battery-buffered, high-powered charging infrastructure platform (CHIMERO). 


June 2022:Volvo Penta is expanding its capabilities, experience, and range by becoming the majority shareholder of Norwegian marine battery and electric driveline solutions supplier ZEM AS.ZEM is a supplier of both marine battery systems and complete electric drivelines and a strong track record in Norway, the most mature marine e-mobility market in the world.


Marine Engine Market Segmentation:


Marine Engine Fuel Outlook



  • Diesel

  • Gas

  • Others


Marine Engine Power Rating Outlook



  • Upto 1000 kW

  • 1000-4000 kW

  • Above 4000 kW


Marine Engine Type Outlook



  • Auxiliary

  • Propulsion


Marine Engine Speed Outlook



  • Low-Speed

  • Medium-Speed

  • High-Speed


Marine Engine Stroke Outlook



  • 2-Stroke

  • 4-Stroke


Marine Engine Application Outlook



  • Cargo Ship

  • Cruise Ship

  • Others


Marine Engine Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • Russia

    • Italy

    • France

    • Spain

    • UK

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia & New Zealand

    • South Korea

    • Rest of Asia-Pacific



  • Middle East & Africa

    • Turkey

    • South Africa

    • GCC Countries

    • Rest of Middle East & Africa



  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 10,916.0 million
Market Size 2023 USD 11,418.1 million
Market Size 2030 USD 15,642.8 million
Compound Annual Growth Rate (CAGR) 4.6 % (2023-2030)
Base Year 2022
Forecast Period 2023-2030
Historical Data 2019 & 2021
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Fuel, Power Rating and Region
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Canada, Mexico, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, UAE, Argentina,
Key Companies Profiled GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), STX Engine (Hong Kong)
Key Market Opportunities ·       Rising demand of dual-fuel engines.
Key Market Drivers ·       Growth in international marine freight transport.




Frequently Asked Questions (FAQ) :

Marine Engine Market was US$ 10,916.0 Mn in 2022

The growth rate of the Marine Engine Market was 4.6% in 2022.

Asia Pacific held the largest market share in the Marine Engine Market

Key players in Marine Engine Market included GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), STX Engine (Hong Kong)

Diesel led the Marine Engine Market

Upto 1000 kW had the largest market share in the Marine Engine Market

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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