Rising at 2.6% CAGR, Marine Engines Market is Projected to Reach $13.3 billion by 2027

According to a new market research report, the marine engines market is expected to grow from an estimated USD 11.7 billion in 2022 to USD 13.3 billion by 2027, at a CAGR of 2.6% during the forecast period.

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The growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the main drivers for the marine engines market. 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.

Key market players:

A few major players that have a wide regional presence dominate the marine engines market. The leading players in the marine engines market include Caterpillar (US), Volkswagen Group (MAN Energy Solutions (Germany), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (Japan), and Rolls-Royce Holdings (UK). Major strategies adopted by these players include sales contracts, product launches, contracts, partnerships, agreements, and acquisitions to increase their market shares and expand their geographic presence. Sales contracts and agreements were the most commonly adopted strategies from January 2019 to February 2022.

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This research report categorizes the marine engines market based on engine, power range, type, fuel, vessel, and region.
Based on Engine:

Propulsion Engine
Auxiliary Engine

Based on 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

Based on Type:

Two Stroke
Four Stroke

Based on Fuel:

Heavy Fuel Oil
Marine Diesel Oil
Marine Gas Oil
Others (LNG, LPG, hybrid fuels such as LNG-HFO, LNG-IFO, LNG-MDO, LNG-MDO-HFO, LNG-MGO, LNG-MGO-HFO, MGO-HFO, and nuclear fuel)

Based on Vessel:

Offshore Support Vessels
Oil Tankers
Bulk Carriers
General Cargo
Container Ships
Product Tankers
Tugs
Others (Bunkering & fleet replenishment vessels, dredger, and landing crafts)

Based on Region:

North America
Asia Pacific
South America
Europe
Middle East & Africa

The two stroke segment is expected to be the largest segment in the marine engines market, by type, during the forecast period.

The two stroke segment accounted for the largest share of the marine engines market, by type, in 2021. The two-stroke engines can run on low-grade fuels, have better efficiency and high power; and are more reliable. They are preferred as main engines in vessels in case of long journeys via oceans when higher power and efficiency are required. They offer high torque at a low engine speed, which helps boats/vessels cruise at a constant speed without adjusting the engine speed. Two-stroke engines have one revolution of the crankshaft during one power stroke. They also have a larger ratio in terms of power to weight and are slow-speed, crosshead engines. The growth of international maritime trade will lead to an increase in the requirement of prime movers for ocean going vessels, which eventually will drive the demand for two stroke marine engines during the forecast period.

The marine diesel oil segment is expected to be the largest in the marine engines market, by fuel, during the forecast period.

The largest share of the marine engines market in 2021 was held by the marine diesel oil segment. Marine diesel oil, unlike heavy fuel oil (HFO), does not require heating during storage. The various blending ratios of marine diesel oil can be regulated directly by refinery processes or by mixing ready-made marine fuels. The growing stringency of emission control regulations and continuous revisions in the IMO standards have led to the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, driving the growth of this segment in the marine engines market during the forecast period.

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Asia Pacific likely to emerge as the largest marine engines market.

The Asia Pacific region accounted for the largest share of the marine engines market in 2021. The region is a global shipbuilding hub, dominated by countries such as China, South Korea, Japan, and the Philippines. Also, the region is experiencing rapid economic growth, creating a favourable environment for the growth of maritime trade. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby resulting in an increase in maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts among countries in the region. The governments in the region are offering tax rebates to the shipbuilding industry as well. Hence, the region is witnessing a spike in investments in the shipbuilding industry, consequently leading to a rise in demand for marine engines.

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