openPR Logo
Press release

Global Marine Propulsion Market Set to Grow from $10.4B in 2022 to $16.6B by 2031

Global Marine Propulsion Market Set to Grow from $10.4B in 2022

The global marine propulsion market was valued at US$ 10.4 Bn in 2022 and is projected to expand at a CAGR of 5.3% from 2023 to 2031, reaching an estimated US$ 16.6 Bn by 2031. The market growth is fueled by the increasing demand for fuel‐efficient propulsion systems amid expanding global maritime trade, rising environmental regulations, and a shift toward sustainable energy sources in marine applications.

Uncover essential discoveries and trends from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=43946

Analysts' Viewpoint

The marine propulsion market is experiencing steady growth driven by a surge in international trade, increased fleet sizes, and growing investments in energy efficiency. A key market trend is the rising demand for fuel‐efficient systems, as ship owners and operators seek to minimize fuel consumption and reduce emissions to comply with stringent government regulations. This shift is further bolstered by the adoption of cleaner fuels such as LNG, hydrogen, and ammonia, along with advancements in engine technology and digital solutions.

However, challenges such as high initial investments, retrofit costs for existing vessels, and limited charging infrastructure for hybrid and full‐electric systems may restrain market growth. Nonetheless, robust government policies and investments in sustainable marine propulsion technology are expected to drive market expansion.

Market Introduction

Marine propulsion systems provide the thrust needed to propel ships and vessels across water. These systems are typically powered by internal combustion engines, gas turbines, or increasingly, hybrid and fully electric configurations. Key fuel types include:

Heavy Fuel Oil (HFO)
Marine Diesel Oil (MDO)
Marine Gas Oil (MGO)
Liquefied Natural Gas (LNG)
Liquefied Petroleum Gas (LPG)
Battery, Ammonia, Hydrogen, and Others

In addition to propulsion, auxiliary systems support other functions such as power generation and vessel control, further enhancing overall efficiency and reliability.

Key Market Drivers

Increasing Demand for Fuel-Efficient Systems
Efficiency Improvements: Ongoing investments in research and development are yielding advanced engines and propulsion solutions that reduce fuel consumption and emissions.

Regulatory Pressure: The International Maritime Organization's (IMO) regulations on sulfur content and emissions are pushing ship operators to adopt cleaner, more efficient propulsion systems.

Implementation of Stringent Government Regulations

Emission Control: Governments across North America, Europe, and Asia Pacific have set strict emission standards (e.g., sulfur content limits,and NOx reductions) that compel the adoption of advanced propulsion technologies.

Sustainability Initiatives: Hybrid and full‐electric vessels are being developed as part of global efforts to reduce the carbon footprint of maritime operations.

Rising Demand for LNG and Alternative Fuels

Cleaner Combustion: LNG is emerging as a preferred fuel due to its lower emissions compared to conventional marine fuels, supporting compliance with environmental standards.

Infrastructure Growth: Expansion in LNG bunkering facilities globally is making LNG a viable option for new vessels and retrofits.

Regional Outlook

Asia Pacific:

Expected to record the highest demand due to rapid industrialization, increased maritime trade, and large fleet sizes in key markets like China, India, and Southeast Asia.

Europe:

Driven by a strong focus on energy efficiency and a robust maritime trade network, Europe is witnessing significant investments in clean energy propulsion systems and retrofitting of older vessels.

North America:

Although holding a smaller market share compared to Asia Pacific and Europe, North America is set for steady growth due to diversification in fuel types and advanced propulsion technologies.

Other regions-including Latin America, Middle East & Africa-present growth opportunities amid rising demand for energy-efficient and low-emission marine propulsion solutions.

Analysis of Key Players

The global marine propulsion market is moderately consolidated, with a few large-scale vendors commanding a significant share. These companies are investing heavily in R&D, strategic partnerships, and mergers & acquisitions to enhance their product portfolios and expand their global presence.

Key players include:

Cummins Inc.
Caterpillar Inc.
General Electric
BAE Systems
Siemens
Wärtsilä
MAN Energy Solutions
AB Volvo
Rolls-Royce Plc
Yanmar Co., Ltd.
HHI Engine & Machinery
Mitsubishi Electric Corporation

These companies focus on developing propulsion systems that are compatible with alternative fuels and incorporate digital control systems for optimized performance and reduced emissions.

Gain valuable knowledge with the critical insights in our report - https://www.transparencymarketresearch.com/marine-propulsion-market.html

Key Developments

April 2023: GE Marine signed a license agreement with TUSAS Engine Industries, Inc. (TEI) in Türkiye to provide maintenance, repair, and overhaul services for GE's LM2500 marine gas turbines, ensuring reliable performance for both naval and commercial applications.

November 2021: Thoma-Sea Marine Constructors awarded Siemens Energy a contract to supply power, propulsion, control systems, and battery storage technology for two research vessels, highlighting the push for innovation in hybrid propulsion.

June 2021: Cummins Inc. secured an US$ 87.0 Mn contract from the U.S. Army for the development of its Advanced Combat Engine (ACE), a scalable diesel engine solution with hybridization capabilities.

June 2020: BAE Systems was selected by the New York City Transit Authority to supply 435 electric hybrid power and propulsion systems for new transit buses, reflecting cross-sector applications of marine propulsion technologies.

Market Segmentation

By Fuel Type:

Heavy Fuel Oil
Marine Diesel Oil
Diesel-Electric
Marine Gas Oil
LNG, LPG
Battery, Ammonia, Hydrogen, Others

By Engine Type:

Two-stroke
Four-stroke

By Power Rating:

1,000 kW
1,000-5,000 kW
5,000-10,000 kW
10,000-15,000 kW
15,000-20,000 kW
20,000 kW

By Market Type:

New Built
Retrofit

By Vessel Type:

Offshore Support Vessels
Tankers/Carriers
Barges/Cargo Vessels
Tugboats
Defense Vessels
Ferries, Yachts, Cruise Ships
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Purchase this Exclusive Premium Research Report Today - https://www.transparencymarketresearch.com/checkout.php?rep_id=43946<ype=S

Discover More In-Depth Reports from Transparency Market Research -

Battery Swapping Market- https://www.transparencymarketresearch.com/battery-swapping-market.html

Cobalt-free Battery Market- https://www.transparencymarketresearch.com/cobalt-free-battery-market.html

Concentrated Solar Power Market-https://www.transparencymarketresearch.com/concentrated-solar-power-market.html

End-of-Pipe Air Pollution Control Equipment Market-https://www.transparencymarketresearch.com/end-of-pipe-air-pollution-control-equipments.html

Underwater Monitoring System for Oil and Gas Market-https://www.transparencymarketresearch.com/underwater-monitoring-system.html

Contact Us:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

About Us Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Global Marine Propulsion Market Set to Grow from $10.4B in 2022 to $16.6B by 2031 here

News-ID: 4085522 • Views:

More Releases from Transparency Market Research

Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 - Transparency Market Research
Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth. Uncover essential discoveries and trends from
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Radiopharmaceuticals to Propel Market Expansion | Transparency Market Research, Inc
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth. Discover essential conclusions and data from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100 Analysts' Viewpoint The Technetium‐99m
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to US$ 280 Million by 2030, Driven by Rising Equine Diseases and Diagnostic Advancements
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of 6.1%
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,

All 5 Releases


More Releases for Marine

Marine Fender Market Hits New High | Major Giants Bridgestone Corporation, Fende …
HTF MI recently introduced Global Marine Fender Market study with 143+ pages in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status (2025-2032). The market Study is segmented by key regions which is accelerating the marketization. At present, the market is developing its presence. Major companies in Marine Fender Market are: Acir Marine (United States), Bridgestone Corporation (Japan), Fendercare Marine (United Kingdom), Maha Tech Asia Pte Ltd
Marine Lighting Market Forecasted for Strong Growth from 2025 to 2032 | Phoenix …
The marine lighting market is estimated to be valued at USD 449.8 Mn in 2025 and is expected to reach USD 654.3 Mn by 2032, growing at a compound annual growth rate (CAGR) of 5.5% from 2025 to 2032. A new report from CoherentMI, titled "Marine Lighting Market 2025-2032," offers an in-depth examination of the industry, including valuable insights into the Marine Lighting Market's performance. The report covers competitor dynamics, regional
Marine Switchboards Market | ABB, Atlas Marine Systems, Clean Marine Switchboard …
The global marine switchboards market report is a comprehensive report that provides a detailed analysis of the current status and future trends of the marine switchboards market worldwide. This report provides valuable information to industry stakeholders by offering an in-depth perspective on market dynamics, competitive landscape, growth opportunities, and key challenges faced by industry participants. From the perspective of market dynamics, this report explores the factors driving the growth of the
Marine Asset Management Services Market Boosts Massive Revenue by 2030| Oceanic …
The latest study released on the Global Marine Asset Management Services Market by GMV Research evaluates market size, trend, and forecast to 2030. The Marine Asset Management Services market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities, and upcoming challenges and about
Marine Doors market: Players tapping Emerging Markets | MML Marine, Baier, Freem …
"The global Marine Doors Market is carefully researched in the report while largely concentrating on top players and their business tactics, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost structures. Each section of the research study is specially prepared to explore key aspects of the global Marine Doors Market. For instance, the market dynamics section digs deep into the drivers, restraints, trends, and opportunities of the global
Ocean Engineering Equipment Market Business Opportunities 2026 - Top Companies a …
The Ocean Engineering Equipment Market research added by UpMarketResearch.com, offers a comprehensive analysis of growth trends prevailing in the global business domain. This report also provides definitive data concerning market, size, commercialization aspects and revenue forecast of the industry. In addition, the study explicitly highlights the competitive status of key players within the projection timeline while focusing on their portfolio and regional expansion endeavors. Request Exclusive Free Sample PDF of This