Summary

The global marine propulsion engine market size reached US$ 38.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.0 Billion by 2032, exhibiting a growth rate (CAGR) of 2.1% during 2024-2032.

A marine propulsion engine burns fuel and enables ships to move across the water. It comprises a piston, valves, towers, casings, bearings, bedplates, crankcases, crankshafts, flywheels, generators, transformers, gearboxes, control panels, rotor blades, electrical controls, and cylinder blocks and liners. It has generators that supply electric power to motors and can operate on heavy fuel or diesel oil. Nowadays, it is widely utilized in modern merchant ships and offshore support vessels as prime movers across the globe.

The rising international trade on account of the increasing globalization and industrialization is escalating the demand for container ships to transport a variety of products, such as oil, natural gas, mineral ores and consumer products. This represents one of the major factors bolstering the global marine propulsion engine market growth. Moreover, the increasing focus on reducing fossil fuel consumption and improving energy efficiency is escalating the adoption of marine electric propulsion engines worldwide. Apart from this, the advent of nuclear propulsion and the growing preference for liquefied natural gas (LNG) are further contributing to the market growth. Besides this, advancements in technology and the rising environmental awareness are resulting in the utilization of alternate fuels, such as bio-methane and algal oils, to run marine propulsion engines with minimal exhaust gas emissions. Moreover, the market players are focusing on enhancing the efficiency of marine propulsion engines to increase the cargo holding capacity of new-generation tankers, which is anticipated to fuel the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global marine propulsion engine market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on engine type, power source, power range and vessel type.
Breakup by Engine Type:
• 2-Stroke Engine
• 4- Stroke Engine

Breakup by Power Source:
• Diesel
• Gas Turbine
• Natural Gas
• Steam Turbine
• Fuel Cell
• Others

Breakup by Power Range:
• 80-750 HP
• 751-5000 HP
• 5001-10,000 HP
• 10,001-20,000 HP
• Above 20,000 HP

Breakup by Vessel Type:
• Bulk Carriers
• Container Ships
• Passenger Ships
• Support Vessels
• Tankers
• Gas Carriers
• Military Vessels
• Others

Breakup by Region:
• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being AB Volvo, Caterpillar Inc., Cummins Inc., Fairbanks Morse, Hyundai Heavy Industries Group, Man SE (Volkswagen Group), Masson Marine, Mitsubishi Heavy Industries Ltd., Rolls-Royce Plc and Wärtsilä Oyj Abp.

Key Questions Answered in This Report:
• How has the global marine propulsion engine market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global marine propulsion engine market?
• What are the key regional markets?
• What is the breakup of the market based on the engine type?
• What is the breakup of the market based on the power source?
• What is the breakup of the market based on the power range?
• What is the breakup of the market based on the vessel type?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global marine propulsion engine market and who are the key players?
• What is the degree of competition in the industry?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Propulsion Engine Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Engine Type
6.1 2-Stroke Engine
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 4- Stroke Engine
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Power Source
7.1 Diesel
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Gas Turbine
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Natural Gas
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Steam Turbine
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Fuel Cell
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Others
7.6.1 Market Trends
7.6.2 Market Forecast
8 Market Breakup by Power Range
8.1 80-750 HP
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 751-5000 HP
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 5001-10,000 HP
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 10,001-20,000 HP
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Above 20,000 HP
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Vessel Type
9.1 Bulk Carriers
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Container Ships
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Passenger Ships
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Support Vessels
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Tankers
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Gas Carriers
9.6.1 Market Trends
9.6.2 Market Forecast
9.7 Military Vessels
9.7.1 Market Trends
9.7.2 Market Forecast
9.8 Others
9.8.1 Market Trends
9.8.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 AB Volvo
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Caterpillar Inc.
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.2.3 Financials
15.3.2.4 SWOT Analysis
15.3.3 Cummins Inc.
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fairbanks Morse
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Hyundai Heavy Industries Group
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.6 Man SE (Volkswagen Group)
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.6.3 Financials
15.3.6.4 SWOT Analysis
15.3.7 Masson Marine
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.8 Mitsubishi Heavy Industries Ltd.
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 Rolls-Royce Plc
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.10 Wärtsilä Oyj Abp
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.10.4 SWOT Analysis
List of Figures
Figure 1: Global: Marine Propulsion Engine Market: Major Drivers and Challenges
Figure 2: Global: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Marine Propulsion Engine Market: Breakup by Engine Type (in %), 2023
Figure 4: Global: Marine Propulsion Engine Market: Breakup by Power Source (in %), 2023
Figure 5: Global: Marine Propulsion Engine Market: Breakup by Power Range (in %), 2023
Figure 6: Global: Marine Propulsion Engine Market: Breakup by Vessel Type (in %), 2023
Figure 7: Global: Marine Propulsion Engine Market: Breakup by Region (in %), 2023
Figure 8: Global: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 9: Global: Marine Propulsion Engine (2-Stroke Engine) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 10: Global: Marine Propulsion Engine (2-Stroke Engine) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 11: Global: Marine Propulsion Engine (4-Stroke Engine) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 12: Global: Marine Propulsion Engine (4-Stroke Engine) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 13: Global: Marine Propulsion Engine (Diesel) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 14: Global: Marine Propulsion Engine (Diesel) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 15: Global: Marine Propulsion Engine (Gas Turbine) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 16: Global: Marine Propulsion Engine (Gas Turbine) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 17: Global: Marine Propulsion Engine (Natural Gas) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 18: Global: Marine Propulsion Engine (Natural Gas) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 19: Global: Marine Propulsion Engine (Steam Turbine) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 20: Global: Marine Propulsion Engine (Steam Turbine) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 21: Global: Marine Propulsion Engine (Fuel Cell) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 22: Global: Marine Propulsion Engine (Fuel Cell) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 23: Global: Marine Propulsion Engine (Other Power Sources) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 24: Global: Marine Propulsion Engine (Other Power Sources) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 25: Global: Marine Propulsion Engine (80-750 HP) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 26: Global: Marine Propulsion Engine (80-750 HP) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 27: Global: Marine Propulsion Engine (751-5000 HP) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 28: Global: Marine Propulsion Engine (751-5000 HP) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 29: Global: Marine Propulsion Engine (5001-10,000 HP) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 30: Global: Marine Propulsion Engine (5001-10,000 HP) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 31: Global: Marine Propulsion Engine (10,001-20,000 HP) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 32: Global: Marine Propulsion Engine (10,001-20,000 HP) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 33: Global: Marine Propulsion Engine (Above 20,000 HP) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 34: Global: Marine Propulsion Engine (Above 20,000 HP) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 35: Global: Marine Propulsion Engine (Bulk Carriers) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 36: Global: Marine Propulsion Engine (Bulk Carriers) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 37: Global: Marine Propulsion Engine (Container Ships) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 38: Global: Marine Propulsion Engine (Container Ships) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 39: Global: Marine Propulsion Engine (Passenger Ships) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 40: Global: Marine Propulsion Engine (Passenger Ships) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 41: Global: Marine Propulsion Engine (Support Vessels) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 42: Global: Marine Propulsion Engine (Support Vessels) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 43: Global: Marine Propulsion Engine (Tankers) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 44: Global: Marine Propulsion Engine (Tankers) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 45: Global: Marine Propulsion Engine (Gas Carriers) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 46: Global: Marine Propulsion Engine (Gas Carriers) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 47: Global: Marine Propulsion Engine (Military Vessels) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 48: Global: Marine Propulsion Engine (Military Vessels) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 49: Global: Marine Propulsion Engine (Others Vessel Types) Market: Sales Value (in Billion US$), 2018 & 2023
Figure 50: Global: Marine Propulsion Engine (Others Vessel Types) Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 51: North America: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 52: North America: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 53: United States: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 54: United States: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 55: Canada: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 56: Canada: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 57: Asia Pacific: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 58: Asia Pacific: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 59: China: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 60: China: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 61: Japan: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 62: Japan: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 63: India: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 64: India: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 65: South Korea: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 66: South Korea: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 67: Australia: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 68: Australia: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 69: Indonesia: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 70: Indonesia: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 71: Others: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 72: Others: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 73: Europe: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 74: Europe: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 75: Germany: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 76: Germany: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 77: France: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 78: France: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 79: United Kingdom: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 80: United Kingdom: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 81: Italy: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 82: Italy: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 83: Spain: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 84: Spain: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 85: Russia: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 86: Russia: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 87: Others: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 88: Others: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 89: Latin America: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 90: Latin America: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 91: Brazil: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 92: Brazil: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 93: Mexico: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 94: Mexico: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 95: Others: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 96: Others: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 97: Middle East and Africa: Marine Propulsion Engine Market: Sales Value (in Billion US$), 2018 & 2023
Figure 98: Middle East and Africa: Marine Propulsion Engine Market: Breakup by Country (in %), 2023
Figure 99: Middle East and Africa: Marine Propulsion Engine Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 100: Global: Marine Propulsion Engine Industry: SWOT Analysis
Figure 101: Global: Marine Propulsion Engine Industry: Value Chain Analysis
Figure 102: Global: Marine Propulsion Engine Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Marine Propulsion Engine Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Marine Propulsion Engine Market Forecast: Breakup by Engine Type (in Billion US$), 2024-2032
Table 3: Global: Marine Propulsion Engine Market Forecast: Breakup by Power Source (in Billion US$), 2024-2032
Table 4: Global: Marine Propulsion Engine Market Forecast: Breakup by Prower Range (in Billion US$), 2024-2032
Table 5: Global: Marine Propulsion Engine Market Forecast: Breakup by Vessel Type (in Billion US$), 2024-2032
Table 6: Global: Marine Propulsion Engine Market Forecast: Breakup by Region (in Billion US$), 2024-2032
Table 7: Global: Marine Propulsion Engine Market Structure
Table 8: Global: Marine Propulsion Engine Market: Key Players