Marine Engine Market Research Report - Forecast to 2030

Marine Engine Market Research Report By Power (Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP and Above 20000 HP), By Application (Commercial Vessels and Offshore Support Vessels), By Fuel (Two strokes and Four strokes), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ‚Äď Market Forecast Till 2030

ID: MRFR/E&P/1456-HCR | 188 Pages | Author: Anshula Mandaokar | June 2023         

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Global Marine Engine Market Overview


Marine Engine Market Size was valued at USD 12.95 billion in 2021. The Marine Engine market industry is projected to grow from USD 13.57 Billion in 2022 to USD 18.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2022 - 2030).Increased shipbuilding activity, high performance, easy maintenance, and fuel economy are the key market drivers enhancing the Marine Engine market growth.
Marine Engine Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Marine Engine Market Trends




  • International marine freight transport is expanding, which will enhance the market growth




International trade depends heavily on maritime transportation. Boats, engine-driven boats, and other like vehicles are all classified as marine vehicles and use marine engines. Marine vehicles can be used for commercial, security, or private purposes. Ocean shipping is the primary form of transportation for international trade. According to UNCTAD, around 80% of the volume of commodities traded internationally are transported by water, with the percentage being much greater for most emerging nations. Compared to air, train, and road transportation, this mode of transportation is more affordable and practical for international trade. From 2022 to 2026, the world's marine engines are anticipated to grow at a modest annual pace. As per market dynamics, similar tendencies might be seen in the expansion of the world marine engines industry. Due to the release of pent-up demand and restocking and inventory accumulation, maritime commerce recovered in 2021. Following the dire circumstances in 2020 caused by the pandemic, the rapid increase in demand in 2021 led to shortages of shipping capacity, containers, and equipment, leading many shipowners to purchase newbuild or old retrofitted vessels to close this demand-supply imbalance.


Figure 1: Northern Sea Route (2020-2030)
Northern Sea Route (2020-2030)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


As a result of its abundance of raw resources and labor, the Asia-Pacific region has recently become a center for  manufacturing. As a result of a growth in the export of manufactured and raw materials, there is a major increase in the demand for container ships in this Region. Due to the reopening of economies, a rise in OPEC output, and the growth of Asian economies, oil demand surged in 2021. There may be a rise in demand for very big crude transporters as a result of this trend, which is ongoing. Natural gas is a low-carbon energy source, and as economies move toward decarbonization, so will the volume of gas traded internationally.


Due to its affordability, marine transportation is one of the most popular forms of transportation, particularly for freight shipping. Seaborne trade has grown significantly in recent years. Therefore, such factors will boost the market growth of marine engines. For example, the United Nations Conference on Trade and Development (UNCTAD) estimates that  seaborne trade reached 10.7 billion tonnes in 2020. Additionally, a study from the UNCTAD (United Nations Conference on Trade and Development) agency states that exports and imports increased worldwide trade for commercial items in November 2021. Worldwide imports of goods climbed by 13.3% in 2021, while  exports increased by 14.3%. Additionally, the United Nations Conference on Commerce and Development (UNCTAD) agency reports that during the past several years, international marine trade has increased (2010–2019)  marine trade increased from 8,408 million loaded tonnes in 2010 to 11,076 million tonnes in 2019.


Marine Engine Market Segment Insights


Marine Engine Power Insights


Based on power, the  Marine Engine market segmentation includes Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP and Above 20000 HP. In 2021, the over 20,000 HP market category represented a greater marine engine market share. Most extremely big boats, such as huge bulk carriers, cargo ships, containerships, defense vessels, LPG carriers, and LNG carriers, use more than 20,000 horsepower marine engines. These ships are generally employed as primary maneuvers to make it easier for them to navigate the waterways. The expansion of international maritime trade, the need for more ships to meet the limited supply of available ships, and the need to replace some of the current fleets to meet the strict International Maritime Organization (IMO) regulations that go into effect in January 2020 are all anticipated to contribute to the above 20,000 HP segment's growth over the forecast period.


Marine Engine Type Insights


Based on fusion type, the  Marine Engine market segmentation includes Commercial Vessels and Offshore Support Vessels. Due to increased marine commerce, the commercial category was predicted to be the largest section in 2021. Bulk carriers, container ships, tankers, auto carriers, and roll-in/roll-out (RO-RO) carriers are other subcategories of the commercial segment. Due to the increasing need for shipping, it is anticipated that the demand for bulk carriers, tankers, and container ships will increase throughout the projection period.


Marine Engine Fuel Insights


Based on Fuel, the  Marine Engine market data includes Two and Four strokes. As per the market forecast, the two strokes segment will exhibit the highest growth. Large and low-speed engines are two-stroke engines. Two-stroke engines propel the supertankers and other extremely large trading boats. For modest capacity installations, four-stroke engines are chosen since they emit fewer greenhouse gases (GHGs) than two-stroke engines. The four-stroke engines category is anticipated to contribute during the projection period substantially. Most small ships and boats used for transportation and recreation use these engines. The need for four-stroke engines is primarily driven by their lower noise output, cost-effectiveness, high speed, and improved fuel economy.


Figure 2:  Marine Engine Market, by Fuel, 2021 & 2030 (USD billion)
Marine Engine Market, by Fuel, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Marine Engine Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Marine Engine market accounted for USD 5.58 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Geographically predicted, North America will account for the largest share of profits owing to the rising use of various cloud-based services using manufacturing systems and distribution channels.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: Marine Engine Market Share By Region 2021 (%)MARINE ENGINE MARKET SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


The second-largest market for marine engines is in Europe Marine Engine market. The largest maritime fleet in the world is based in Europe. One of the world's largest, most modern, and most inventive fleets is operated by European shipowners. The EU shipping sector provides €147 billion to the EU's yearly GDP with its wide fleet of container ships, tankers, passenger ships, bulk carriers, offshore service boats, and many more specialty ships. The European area dominates the production of luxury yachts, support boats, and cruise ships. Moreover, the Germany Marine Engine market held the largest market share, and the UK Marine Engine market was the fastest-growing market in the region.


The region with the fastest growth is expected to dominate throughout the projection period is Asia-Pacific Marine Engine market. As per market statistics, in 2021, Asia accounted for 41% of all products loaded (for export) and 62% of all goods unloaded (for import) respectively. Asia-Pacific is the  center for production, and various goods, including equipment, electronics, etc., are shipped by sea transportation to various locations across the globe. With 92.5% of the new building deliveries in 2019, China, the Republic of Korea, and Japan continued to hold the top positions in the shipbuilding sectors. Each nation has its own areas of shipping specialization. The Republic of Korea produces gas carriers, oil tanks, and container ships, whereas China is the top manufacturer of bulk carriers, offshore vessels, and general cargo ships. Moreover, the China Marine Engine market held the largest market share, and the India Marine Engine market was the fastest-growing market in the Asia-Pacific region.


Marine Engine Key Market Players & Competitive Insights


Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for cervical fusion. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. According to market competitive landscape, players in the Marine Engine industry competitors must provide affordable products to grow and remain in a market that is becoming increasingly competitive,


Manufacturing locally to cut operational costs is one of the main business tactics used by the Marine Engine industry to serve customers and increase the market sector. The Marine Engine industry has recently given medicine some of the most important advantages. The Marine Engine markets major players such as GE Transportation (US) and Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan),  Dresser-Rand Group Inc. (US), and others are working on expanding the marine engines market demand by investing in research and development activities.


The largest shipbuilding firm in the world and a significant producer of heavy machinery is Hyundai Heavy Industries Co., Ltd. In Ulsan, South Korea, the organization is headquartered. A formal deal to purchase Daewoo Shipbuilding & Marine Engineering was struck in March 2019 between Korea Development Bank and Hyundai Heavy Industries (DSME). KDB contributed significantly to Korea Shipbuilding & Offshore Engineering as part of this deal (KSOE). By transferring its interests to DSME in exchange for claiming ownership positions in KSOE, the goal is to operate as an independent corporation to oversee the group's shipbuilding businesses, including HHI.


In Tokyo, Japan, Mitsubishi Heavy Industries, Ltd. is a worldwide firm specializing in electronics, electrical equipment, and engineering. One of the foundational businesses of the Mitsubishi Group, MHI's vehicle segment served as the forerunner to Mitsubishi Motors. For a liquefied natural gas (LNG) fuel gas supply system (FGSS) for maritime four-stroke dual-fuel engines, Mitsubishi Shipbuilding Co., Ltd. received Approval in Principle from the French Classification Society, Bureau Veritas (BV) in October 2020.


List of the Key Companies in the Marine Engine market include



  • GE Transportation (U.S.)

  • Caterpillar Inc. (US.)

  • Cummins Inc. (U.S.)

  • Rolls-Royce Power Systems AG (Germany)

  • Man Diesel & Turbo Se (Germany)

  • Wärtsilä Corp (Finland)

  • Mitsubishi Heavy Industries Ltd. (Japan)

  • Brunswick Corporation (US.)

  • AB Volvo (Sweden)

  • Yanmar Co. Ltd. (Japan)

  • Scania AB (Sweden)

  • John Deere (US.)

  • Daihatsu Diesel MFG. Co. Ltd. (Japan)

  • Dresser-Rand Group Inc. (U.S.)


Marine Engine Industry Developments


February 2022: A collaboration pact was reached between Hyundai and MAN Energy Solutions. By this agreement, Hyundai will offer an OPL solution to shipowners seeking EEXI compliance for their fleet without interfering with their regular business operations, helping the marine sector reach its net-zero emission targets.


February 2022: A contract was signed by Volvo Penta and the Editron subsidiary of Danfoss. The two businesses want to collaborate to advance electrification in the marine engine industry through this partnership.


May 2021: To meet carbon emission reduction goals, Hyundai Mipo Dockyard, Korea Shipbuilding & Marine Engineering (KSOE), ABS Ltd., and the Republic of the Marshall Islands (RMI) Maritime Administrator inked a cooperative agreement.


February 2020: Two shuttle tankers powered by liquefied natural gas (LNG) will be built by Daewoo Shipbuilding and Marine Engineering Co. for Knutsen NYK Offshore Tankers (KNOT). The delivery of the order is scheduled for mid-2022.


Marine Engine Market Segmentation


Marine Engine Power Outlook



  • Up to 1000 HP

  • 1001 HP to 5000 HP

  • 5001 HP to 10000 HP

  • 10001 HP to 20000 HP

  • Above 20000 HP


Marine Engine Application Outlook



  • Commercial Vessels

  • Offshore Support Vessels


Marine Engine Fuel Outlook



  • Two strokes

  • Four strokes


Marine Engine Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 12.95 billion
Market Size 2022 USD 13.57 billion
Market Size 2030 USD 18.84 billion
Compound Annual Growth Rate (CAGR) 4.80% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia-Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled GE Transportation (US), Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan),  Dresser-Rand Group Inc. (US.)
Key Market Opportunities Dependence on revenue from the marine diesel engine sector is growing
Key Market Dynamics Increasing demand for modern renewal and generation of clean energy Rising demand lack of proper infrastructure


Frequently Asked Questions (FAQ) :

The  Marine Engine market size was valued at USD 12.95 Billion in 2021.

The  Marine Engine market is projected to grow at a CAGR of 4.80% during the forecast period, 2022-2030.

North America had the largest share of the  Marine Engine market

The key players in the Marine Engine market are GE Transportation (US) and Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan),  Dresser-Rand Group Inc. (US).

The above 20000 HP Marine Engine category dominated the market in 2021.

The Two strokes had the largest 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‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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