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Marine Engines Market on Track for Strong Growth, Estimated to Grow at 5.5% CAGR Through 2029
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.What Is the Expected CAGR for the Marine Engines Market Through 2025?
In the past years, the marine engines market has seen consistent growth. Its value is predicted to increase from $10.4 billion in 2024 to $10.82 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%. This growth during the historic period is the result of factors such as infrastructure development and port expansion, industrialization and trade expansion, military and defense applications, growth in the commercial shipping sector, and the evolution of the passenger cruise industry.
What's the Projected Size of the Global Marine Engines Market by 2029?
In the coming years, we anticipate substantial expansion in the marine engines market. Its size is forecasted to reach $13.43 billion in 2029, with a compound annual growth rate (CAGR) of 5.5%. This growth during the forecast period is due to factors such as increased digitization and use of IoT, a surge in offshore wind and energy projects, a focus on self-sailing vessels, the expansion of global trade, and the growth of the cruise and passenger shipping industry. Key emerging trends over the forecast period include the use of advanced propulsion systems, a rise in compact and high-power engines, a focus on durability and reliability, increased integration of digitization and IoT, and development of autonomous vessels.
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Top Growth Drivers in the Marine Engines Industry: What's Accelerating the Market?
The rise in worldwide marine cargo transportation is anticipated to fuel the market for marine engines. The term marine cargo transportation refers to the use of ships or freight to transfer goods from one place to another. When it comes to international shipping, marine transportation is both less expensive and more practical than rail or air transport. For illustration, GOV.UK, a provider of government services and information based in the UK, revealed that in 2022, UK ports handled around 458.9 million tonnes of cargo. This was a 3% increase compared to the previous year, 2021. Therefore, the growth in global marine cargo transportation is likely to amplify the demand for marine engines.
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Which Emerging Trends Are Transforming the Marine Engines Market in 2025?
Major corporations within the marine engines market are concentrating their efforts on creating marine engines that utilize high-pressure fuel injection systems, aiming to increase fuel efficiency, decrease emissions, and enhance the overall functioning. A high-pressure fuel injection system is an advanced mechanism found in internal combustion engines such as marine ones, its job is to pump fuel into the combustion chamber while under high pressure. An example of this is Scania AB, a firm based in Sweden, which launched a marine engine, DI13, in September 2024. The DI13 uses a high-pressure fuel injection system, which improves fuel efficiency and reduces emissions, thereby ensuring compliance with stringent environmental regulations. These engines are capable of producing between 220 and 1,150 horsepower (162 to 846 kW), and are suitable for a variety of marine tasks, including usage on fishing vessels, patrol boats, and cargo ships. This technology also facilitates accurate monitoring and alterations, guaranteeing optimum performance in changing operational situations.
What Are the Main Segments in the Marine Engines Market?
The marine enginesmarket covered in this report is segmented -
1) By Engine Type: Diesel Engine, Gas Turbine, Natural Engine, Other Engine Types
2) By Ship Type: Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ship
3) By Fuel Type: Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, Other Fuel Types
4) By Stroke: Four Stroke, Two Stroke
5) By 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
Subsegments:
1) By Diesel Engine: Medium-Speed Diesel Engines, High-Speed Diesel Engines
2) By Gas Turbine: Aero-Derivative Gas Turbines, Industrial Gas Turbines
3) By Natural Gas Engine: Spark-Ignited Natural Gas Engines, Dual-Fuel Engines
4) By Other Engine Types: Steam Engines, Hybrid Engines, Electric Propulsion Systems
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Which Top Companies are Driving Growth in the Marine Engines Market?
Major companies operating in the marine engines market include Honda Motor Co Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce plc, Yanmar Holdings Co Ltd., MTU Friedrichshafen GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Mercury Marine, Perkins Engines Company Limited, ABB Marine & Ports, DEUTZ AG, Detroit Diesel Corporation, Lister Petter Ltd., Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Weichai Power Co Ltd.
Which Regions Will Dominate the Marine Engines Market Through 2029?
Asia-Pacific was the largest region in the marine engines market share in 2024. The regions covered in the marine engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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