Global Marine Propulsion Engines Market Size, Share, Growth Analysis, By Fuel(Diesel, Heavy Fuel Oil), By Application(Commercial, General Cargo Ships)

Description

Global Marine Propulsion Engines Market size was valued at USD 36.11 billion in 2022 and is poised to grow from USD 37.30 billion in 2023 to USD 48.36 billion by 2031, growing at a CAGR of 3.3% during the forecast period (2024-2031).

Any type of marine vessel, including cruise ships, commercial ships, and naval vessels, depends on its marine propulsion engines to operate. One major element expected to propel the growth of the marine propulsion engines market in the upcoming years is the expansion of international trade. Growth in the industry is also expected to be aided by rising marine vessel counts and increased shipping activity. It is anticipated that the growing market for strong and energy-efficient marine propulsion engines would force industry participants to make R&D investments and develop cutting-edge goods. Any manufacturer of marine propulsion engines is expected to prioritize fuel economy and emissions reduction.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Marine Propulsion Engines Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Marine Propulsion Engines Market Segmental Analysis

The global marine propulsion engines market is bifurcated based on Fuel, Application, Destroyers, Power Range, and region. On the basis of fuel, the market is segmented into Diesel, Heavy Fuel Oil, Natural Gas, and Other Fuels. Based on application, the market is divided into Commercial, General Cargo Ships, Container Ships, Bulk Carriers, Tankers, Defense, and Others. In terms of destroyers, the market is segmented into Frigates, Submarines, Corvettes, Aircraft Carriers, Offshore Patrol Vessels, and Other Vessel Types, Passenger. On the basis of power range, the market is divided into 0-1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and Above 20,000 HP. On a regional level, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Marine Propulsion Engines Market

The global economy depends heavily on maritime transportation, and increasing levels of international trade are expected to increase demand for marine propulsion engines in the years to come. The growing global population is increasing demand for products and commodities throughout the world. This is expected to increase demand for commercial shipping, which will in turn increase demand for marine propulsion engines.

Restraints in the Global Marine Propulsion Engines Market

Purchasing and maintaining a marine propulsion engine both require a significant financial outlay. Because shipowners are reluctant to invest a significant sum of money, which lowers their profit margins, these high prices may serve as barriers to the growth of the marine propulsion engines market as a whole. In the long run, it is also predicted that the high costs of sophisticated marine propulsion engines will hinder industry expansion.

Market Trends of the Global Marine Propulsion Engines Market

Clean and sustainable marine propulsion engines are in great demand as a result of the introduction of stringent emission regulations for maritime vessels and a strong emphasis on sustainability. A growing number of shipping companies are choosing sustainable fuels to power their clean propulsion systems, creating new opportunities for various industry players. Long-term trends indicate that alternative marine propulsion choices including LNG (liquefied natural gas), hydrogen fuel cells, battery-electric propulsion, and hybrid systems will become more and more common.

Product Code: SQMIG20T2015

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Marine Propulsion Engines Market by Fuel

Market Overview
Diesel
Heavy Fuel Oil
Natural Gas
Other Fuels

Global Marine Propulsion Engines Market by Application

Market Overview
Commercial
General Cargo Ships
Container Ships
Bulk Carriers
Tankers
Defense
Others

Global Marine Propulsion Engines Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

Wartsila - Finland
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Scania AB - Sweden
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Rolls-Royce Holdings - United Kingdom
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cummins Inc. - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
GE Transportation - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Doosan Infracore - South Korea
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
MAN Energy Solutions - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Volvo Penta - Sweden
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ABC Diesel - Belgium
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
PACCAR Inc. - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Yanmar Co., Ltd. - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hyundai Heavy Industries - South Korea
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Caterpillar Inc. - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mitsubishi Heavy Industries - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Deutz AG - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Daihatsu Diesel Mfg. Co., Ltd. - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Textron Inc. (Weber Motor) - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
John Deere - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Nigata Power Systems Co., Ltd. - Japan
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ZF Friedrichshafen AG - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
MTU Friedrichshafen GmbH - Germany
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Waagene Purifiner Technology AS - Norway
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Weichai Group - China
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Anglo Belgian Corporation - Belgium
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Fairbanks Morse Engine - United States
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Marine Propulsion Engines Market Size, Share, Growth Analysis, By Fuel(Diesel, Heavy Fuel Oil), By Application(Commercial, General Cargo Ships) - Industry Forecast 2024-2031