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Small Marine Engines Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Small Marine Engines Market
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According to The Business Research Company's, The small marine engines market size has grown strongly in recent years. It will grow from $7.9 billion in 2023 to $8.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased leisure travel, government regulations, replacement market, boat manufacturing trends, economic prosperity, innovation in fuel efficiency.
The small marine engines market size is expected to see strong growth in the next few years. It will grow to $10.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising disposable income, shift towards electric propulsion, global expansion of fishing industry, environmental sustainability, urbanization and marina development, climate change impact. Major trends in the forecast period include integration of advanced technologies, rising popularity of electric propulsion, market consolidation and strategic alliances, global economic factors, customization and personalization.
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Market Drivers and Trends:
The rise in the adoption of autonomous vessels and robots is expected to propel the growth of the small marine engines market going forward. Autonomous vessels and robots are technological systems designed to operate and navigate independently without the direct control of a human operator. Small marine engines provide the necessary power, reliability, and efficiency for autonomous vessels and robots operating in maritime environments. Their versatility and adaptability make them a valuable component in the development and deployment of autonomous marine technology. For instance, in April 2022, according to a report shared by NATO (North Atlantic Treaty Organization), a Belgium-based intergovernmental military alliance, there will be 21 autonomous ships in 2025, and it is anticipated that there will be 143 autonomous ships by 2045. Therefore, the rise in the adoption of autonomous vessels and robots is driving the growth of the small marine engines market .
Technological innovation is a key trend gaining popularity in the small marine engines market. Major companies in the small marine engines market are focused on developing new and innovative technologies and conducting research and development to attain a competitive edge in the market. For instance, in September 2022, Wartsila Corporation, a Finland-based company that manufactures small marine engines launched a new multi-fuel maritime engine, Wartsila 25 engine. Wartsila 25 operates on liquid or gaseous alternative fuels, such as ammonia. When using diesel fuel, there is currently a NOx abatement system that can be integrated with the engine to completely comply with IMO Tier III regulations on NOx emissions. This engine is a significant step toward the maritime industry's decarbonization objectives and ushers in a new era of medium-speed, small-bore engines that are future-proof. The Wartsila 25 satisfies every requirement. It is a compact yet potent engine that can easily switch to new fuels, making it an investment that is already future-proof .
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Major Key Players of the Market:
Yamaha Motor Co. Ltd., Yanmar Marine International B.V., Brunswick Corporation, Suzuki Motor Corporation, Honda Motor Co. Ltd., Alcatel-Lucent SA, AT&T Inc., Commscope Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Anixter International Inc., Cobham Limited, Corning Incorporated, TE Connectivity Limited, Harris Communications, Nokia Corporation, Belkin International, Cisco Systems Inc., Belden Incorporated, Nexans SA, Amphenol Corporation, Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co. Ltd, MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd, Rolls Royce plc, Volvo Penta of the Americas Inc., Wärtsilä Corporation, Greaves Cotton Limited
Small Marine Engines Market 2024 Key Insights:
• The small marine engines market size is expected to see strong growth in the next few years. It will grow to $10.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Rising Fishing Activity Fuels Growth In The Small Marine Engines Market
• Innovative Technologies Transforming The Small Marine Engines Market
• North America was the largest region in the small marine engines market in 2023
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