PUBLISHER: Market Research Future | PRODUCT CODE: 1496180
PUBLISHER: Market Research Future | PRODUCT CODE: 1496180
Global 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 Forecast to 2030
The Marine Engine Market is expected to increase from USD 11,418.1 million in 2023 to USD 15,642.8 million by 2030, with a compound annual growth rate (CAGR) of 4.6% over the forecast period (2024- 2030). A marine engine, usually referred to as a ship's engine or boat engine, is an internal combustion engine or propulsion system built and utilized to power watercraft such as ships, boats, submarines, and other vessels that operate in bodies of water such as oceans, rivers, and lakes. These engines are designed to operate in the difficult and often hostile sea environment.
Many factors contribute to this rise, including general economic conditions, rising population, and more globalization. Continuous worldwide economic expansion is driving up demand for energy and other goods shipments. Furthermore, expansion in the manufacturing and industrial sectors, as well as higher socioeconomic standards in emerging nations, may drive up demand for commodities. With increased maritime traffic, demand for efficient and environmentally friendly marine engines used in cargo ships is likely to rise. As a result, the market continues to expand.
Market Segment insights
The Marine Engine Market has been segmented based on fuel type: diesel, gas, and others. In terms of power rating, the market is divided into three categories: up to 1000 kW, 1000-4000 kW, and over 4000 kW.
The Marine Engine Market is split based on type: auxiliary and propulsion. The market is divided into three speed categories: low, medium, and high.
The marine engine market is divided into two segments based on stroke: 2-stroke and 4-stroke. In terms of application, the market is divided into cargo ships, cruise ships, and others.
Regional insights
Asia-Pacific's significant marine engine sector is expected to make the area the fastest-growing global market for marine engines. The Asia Pacific marine engine market is expected to grow significantly as shipbuilding operations increase at a remarkable rate. The governments of the region are providing tax breaks to the shipbuilding industry. The Asia Pacific market is being pushed primarily by the expansion of the regional shipbuilding sector, the development of efficient marine engine technologies, and an increase in maritime trade activities in the region. China has retained its status as a top constructor of bulk carriers, offshore vessels, and general cargo ships. The Republic of Korea manufactures gas carriers, oil tankers, and container ships, while Japan produces chemical tankers. South Korea also has four of the eight main shipbuilding companies, including 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 expanding contracts for high-value-added LNG carriers, the region is projected to see increased demand for marine engines in the coming years.
GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wartsila (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), and STX Engine (Hong Kong).