Marine Propulsion Engine Market Report: Trends, Forecast and Competitive Analysis to 2030

Marine Propulsion Engine Trends and Forecast

The future of the global marine propulsion engine market looks promising with opportunities in the commercial, defense, and passenger markets. The global marine propulsion engine market is expected to reach an estimated $20.0 billion by 2030 with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growing reliance on ships to carry necessary commodities, including consumer staples and natural resources, growing trade between countries as a result of growing industry and globalization, as well as, increasing focus on reducing fossil fuel consumption and improving efficiency.

A more than 150-page report is developed to help in your business decisions.

Marine Propulsion Engine by Segment

The study includes a forecast for the global marine propulsion engine by fuel type, power range, application, and region.

Marine Propulsion Engine Market by Fuel Type [Shipment Analysis by Value from 2018 to 2030]:

• Diesel
• Heavy Fuel Oil
• Natural Gas
• Others

Marine Propulsion Engine Market by Power Range [Shipment Analysis by Value from 2018 to 2030]:

• 0-1,000 HP
• 1,001-5,000 HP
• 5,001-10,000 HP
• 10,001-20,000 HP
• Above 20,000 HP

Marine Propulsion Engine Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Commercial
• Defense
• Passenger
• Others

Marine Propulsion Engine Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Marine Propulsion Engine Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies marine propulsion engine companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the marine propulsion engine companies profiled in this report include-

• Caterpillar
• Daihatsu Diesel
• General Electric Company
• Hyundai Heavy Industries
• IHI Power Systems
• Mitsubishi Heavy Industries
• Rolls Royce
• Volkswagen
• Volvo Penta
• Wartsila

Marine Propulsion Engine Market Insights

Lucintel forecasts that diesel will remain the largest segment over the forecast period because it is more economy and efficiency compared to other energy-propelled counterparts, as well as, changing cost of marine gas and diesel oil.

APAC will remain the largest region over the forecast period because of expansion in the shipbuilding sectors of South Korea and China, increase in the number of joint partnerships with global brands, and increase in the shipping of crude oil, primarily from the Middle East to Asia-Pacific.

Features of the Global Marine Propulsion Engine Market

Market Size Estimates: Marine propulsion engine market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Marine propulsion engine market size by fuel type, power range, application, and region in terms of value ($B).

Regional Analysis: Marine propulsion engine market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different fuel type, power range, application, and regions for the marine propulsion engine market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the marine propulsion engine market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the marine propulsion engine market size?

Answer: The global marine propulsion engine market is expected to reach an estimated $20.0 billion by 2030.

Q2. What is the growth forecast for marine propulsion engine market?

Answer: The global marine propulsion engine market is expected to grow with a CAGR of 4.3% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the marine propulsion engine market?

Answer: The major drivers for this market are growing reliance on ships to carry necessary commodities, including consumer staples and natural resources, growing trade between countries as a result of growing industry and globalization, as well as, increasing focus on reducing fossil fuel consumption and improving efficiency.

Q4. What are the major segments for marine propulsion engine market?

Answer: The future of the global marine propulsion engine market looks promising with opportunities in the commercial, defense, and passenger markets.

Q5. Who are the key marine propulsion engine market companies?

Answer: Some of the key marine propulsion engine companies are as follows.

• Caterpillar
• Daihatsu Diesel
• General Electric Company
• Hyundai Heavy Industries
• IHI Power Systems
• Mitsubishi Heavy Industries
• Rolls Royce
• Volkswagen
• Volvo Penta
• Wartsila

Q6. Which marine propulsion engine market segment will be the largest in future?

Answer: Lucintel forecasts that diesel will remain the largest segment over the forecast period because it is more economy and efficiency compared to other energy-propelled counterparts, as well as, changing cost of marine gas and diesel oil.

Q7. In marine propulsion engine market, which region is expected to be the largest in next 5 years?

Answer: APAC will remain the largest region over the forecast period because of expansion in the shipbuilding sectors of South Korea and China, increase in the number of joint partnerships with global brands, and increase in the shipping of crude oil, primarily from the Middle East to Asia-Pacific.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the marine propulsion engine market by fuel type (diesel, heavy fuel oil, natural gas, and others), power range (0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and above 20,000 HP), application (commercial, defense, passenger, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?