Marine Engines Global Market Report 2024

Marine engines are heat engines that convert heat energy into mechanical energy by burning fuel to propel ships. They are installed or intended for installation on marine vessels. Marine engines are classified as either propulsion marine engines, which propel or steer ships through the sea, or auxiliary marine engines, which do not provide propulsion.

In marine engines, the main types include diesel engines, gas turbines, natural engines, and others. Gas turbines convert natural gas or liquid fuels into mechanical energy and are used in ships such as oil tankers, bulk carriers, cargo ships, and container ships. Fuel types for marine engines include heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, LNG, and others. Marine engines are categorized as four-stroke and two-stroke, with power ranging from up to 1,000 HP to above 20,000 HP.

The marine engines market research report is one of a series of new reports from The Business Research Company that provides marine engines market statistics, including marine engines industry global market size, regional shares, competitors with a marine engines market share, detailed marine engines market segments, market trends and opportunities, and any further data you may need to thrive in the marine engines industry. This marine engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine engines market size has grown strongly in recent years. It will grow from $9.92 billion in 2023 to $10.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth during the historical period can be linked to infrastructure development and the expansion of ports, industrialization and the broadening of trade, applications in military and defense, the expansion of commercial shipping, and the development of the passenger cruise industry.

The marine engines market size is expected to see strong growth in the next few years. It will grow to $13.07 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period is a result of several factors such as the influence of digitalization and IoT, the increasing prominence of offshore wind and energy projects, the attention towards autonomous vessels, the expansion of global trade, and the continual growth of cruise and passenger shipping. Significant trends expected during this period encompass the adoption of advanced propulsion systems, the rise of compact and high-power engines, a focus on durability and reliability, the integration of digitalization and IoT, as well as the ongoing development of autonomous vessels.

The marine engine market is expected to experience growth due to the expansion of international marine freight transport. Marine freight transport involves the use of ships or cargo vessels to transport goods across international waters. This mode of transportation is often more cost-effective and practical than rail or air transport for international shipping. According to a report by the World Economic Forum, approximately 90% of the world's products were transported by water in 2021. Additionally, over the past two decades, the average size of container ships has doubled, with the largest vessels capable of transporting up to 24,000 containers. This increase in the scale and volume of international marine freight transport underscores the growing demand for marine engines to power these vessels. As international trade continues to expand and goods are increasingly transported via maritime routes, the demand for efficient and reliable marine engines is expected to rise in tandem with the growth of the marine freight transport industry.

The increased shipbuilding activities are expected to drive the growth of the marine engines market in the coming years. Shipbuilding activities encompass the construction and assembly of ships and other maritime vessels, involving processes such as design, fabrication, and outfitting. Marine engines play a crucial role in shipbuilding by providing propulsion, powering auxiliary systems, and ensuring the operational efficiency of various vessels, including freighters, navy ships, and offshore platforms. For example, according to Hellenic Shipping News Worldwide in November 2023, Korea produced 69.8 million DWT (deadweight tonnage) of ships in 2022, showing an increase from 68.3 million DWT in 2021. Therefore, the rise in shipbuilding activities is a key driver behind the growth of the marine engines market.

Cloud-based technology for monitoring marine engines has emerged as a significant trend in the marine engines market. Cloud monitoring involves the examination, evaluation, and regulation of the operational workflow of a cloud-based IT infrastructure. The focus on expanding engine capacities has led to initiatives aimed at developing advanced systems. For example, in April 2021, Cummins Inc. launched PrevenTech Marine, an advanced remote monitoring solution for marine vessels. This system monitors Cummins-powered assets remotely using connectivity, big data, advanced analytics, and IoT, aiming to increase uptime, reduce maintenance costs, and improve the overall service experience.

Key companies in the marine engine market are prioritizing innovative products, such as modular 4-stroke marine engines, to better serve their existing customer base. Modular 4-stroke marine engines are propulsion systems designed with a modular structure and operate on a 4-stroke combustion cycle. For instance, in September 2022, Wartsila Corporation, a Finland-based manufacturer of marine engines and equipment, introduced the Wartsila 25 medium-speed 4-stroke engine, a unique addition to its engine portfolio. This engine is specifically designed to advance and support the marine industry's transition to decarbonized operations. The modular design of the Wartsila 25 engine offers shipowners and operators maximum flexibility, while its efficiency and fuel economy contribute to reduced emissions. The engine is capable of running on diesel, LNG, gas, or liquid carbon-free biofuels and can be adapted to operate on future carbon-neutral fuels as they become available. The availability of various valve timing options is a key enabler for future fuel and emission optimization. The Wartsila 25 engine is also the first Wartsila engine designed to run on ammonia as a fuel, showcasing a commitment to environmentally sustainable propulsion solutions.

In January 2022, Langley Holdings, a UK-based engineering and industrial manufacturing group, acquired Bergen Engines AS from Rolls-Royce for $103 million (€91 million). This acquisition is expected to contribute to Langley Holdings' net-zero goals and long-term environmental objectives by leveraging the growing microgrid industry. Bergen Engines, headquartered in Norway, specializes in the manufacture of gas and diesel engines for land-based, commercial marine, and naval applications.

Major companies operating in the marine engines market report are Honda Motor Co. Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce PLC, Yanmar Holdings Co. Ltd., AMTU Shipbuilding Pvt. Ltd., MTU Friedrichshafen GmbH, Wartsila Oyj Abp, MAN Energy Solutions SE, Rheinmetall AG, Zhongwang Industries Co. Ltd., Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Johnson Marine, Detroit Diesel Corporation, Lister Petter Ltd., Evinrude, Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Osborne Engines Inc., Weichai Power Co. Ltd.

Asia-Pacific was the largest region in the marine engines market share in 2023. The regions covered in the marine engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The marine engines market consists of sales of outboard marine engines, inboard marine engines, sterndrive marine engines, and jet drive marine engines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Marine Engines Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on marine engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for marine engines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The marine engines market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Engine Type: Diesel Engine; Gas Turbine; Natural Engine; Other Engine Types
• 2) By Ship Type: Oil Tankers; Bulk Carriers; General Cargo Ships; Container Ship
• 3) By Fuel Type: Heavy Fuel Oil; Intermediate Fuel Oil; Marine Diesel Oil; Marine Gas Oil; LNG; Other Fuel Types
• 4) By Stroke: Four Stroke; Two Stroke
• 5) By Power Range: Up to 1,000 HP; 1,001-5,000 HP; 5,001-10,000 HP; 10,001-20,000 HP; Above 20,000 HP
• Companies Mentioned: Honda Motor Co. Ltd.; Caterpillar Marine Power Systems; Volvo Penta AB; Suzuki Motor Corporation; Hyundai Heavy Industries Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.