The marine engines market is projected to reach USD 13.3 billion by 2027 from an estimated USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period. The global marine engines market is driven by the growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.
“The propulsion engine segment, by engine, is expected to be the largest market from 2022 to 2027”
The by engine segment is categorized into propulsion engine, and auxiliary engine. The propulsion engine segment held the largest share of the marine engines market. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. The demand for propulsion engines across various engine types is high and expected to increase further as the demand for new build ships increases. This may drive the growth of the propulsion engine segment of the marine engines market.
“The above 20,000 HP segment, by power range, is expected to be the largest market from 2022 to 2027”
The above 20,000 HP segment held the largest market share of the marine engines market in 2021. The above 20,000 HP marine engines have applications mainly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others, wherein, they are used as the main propulsion engine for the vessel. The revival of maritime trade and the requirement for more and more vessels are expected to drive the growth of the above 20,000 HP segment during the forecast period.
“Asia Pacific: The largest region in the marine engines market”
Asia Pacific is expected to dominate the global marine engines market between 2022–2027. The growth of the regional market is driven by its robust shipbuilding industry, supported by governments through tax rebates and tax incentive packages, sustained economic growth, and the development of efficient marine engine technologies. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts in the region. Asia Pacific is expected to see a further growth in the manufacturing sector due to lower capital and labor costs. The growth in manufacturing industry is also expected to lead to an upward trend in the marine engines market as maritime import-export trade increases.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 35%, Tier 2- 40%, and Tier 3- 25%
- By Designation: C-Level- 35%, D-Level- 25%, and Others- 40%
- By Region: Asia Pacific– 55%, North America – 20%, Europe – 12%, Middle East & Africa – 8%, and South America– 5%
Note: “Others” include sales managers, engineers, and regional managers
The tiers of the companies are defined based on their total revenue as of 2021: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:
The report defines, describes, and forecasts the marine engines market, by engine, power range, type, fuel, vessel, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the marine engines market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for marine engines operations and services, which would help marine engines manufacturers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.