Growth in international marine freight transport is projected to fuel the growth of the global marine engine market at a CAGR of 4.6% during the forecast period 2023 to 2030

Market Research Future (MRFR) has published on the “Global Marine Engine Market”.

The Marine Engine Market is estimated to register a CAGR of 4.6% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Marine Engine market— GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), STX Engine (Hong Kong).

Market Highlights

The global marine engine market is accounted for to register a CAGR of 4.6% during the forecast period and is estimated to reach USD 15,642.8 million by 2030.

As global trade continues to expand, the demand for shipping capacity to transport goods from one country to another is on the rise. This demand directly translates into increased orders for new vessels, each of which requires marine engines for propulsion. To accommodate larger quantities of cargo and improve operational efficiency, the maritime industry has been constructing larger vessels. These vessels often require more powerful and technologically advanced marine engines to ensure smooth and efficient transportation. The marine industry is under pressure to reduce emissions and comply with stringent environmental regulations. This has led to a shift toward cleaner and more fuel-efficient propulsion systems, driving the demand for advanced marine engines that meet these environmental standards.

Marine engines that offer better fuel efficiency contribute to cost savings in terms of fuel consumption. Given the high operational costs of shipping, vessel operators are increasingly seeking engines that can help them achieve better fuel economy. Innovations in marine engine technology have led to more reliable, efficient, and environmentally friendly engines. This includes developments in engine design, materials, combustion efficiency, and emission control systems.

The existing fleet of vessels also requires engine replacements or upgrades to comply with new regulations and take advantage of technological advancements. Retrofitting older vessels with modern and efficient engines is a significant driver of the marine engine market. Economic growth and industrialization in emerging markets have led to increased demand for raw materials, finished goods, and resources. This demand fuels international trade and drives the need for marine transportation, further boosting the marine engine market.\

The interconnectedness of the global supply chain relies heavily on maritime transportation. This requires a reliable fleet of vessels with efficient engines to keep goods flowing smoothly around the world. Investments in port facilities and maritime infrastructure also contribute to the growth of international marine freight transport. These developments create opportunities for more vessels and engines to support increased shipping activities.

Segment Analysis

The global marine engine market has been segmented based on fuel, power rating, type, speed, stroke, application, and region.

The global marine engine market segmentation, based on fuel, has been segmented as diesel, gas, others. Among these, diesel is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Diesel engines are known for their high thermal efficiency and fuel economy compared to other internal combustion engines. This is crucial for long-haul voyages where vessels need to cover significant distances while optimizing fuel consumption.

The global marine engine market segmentation, based on power rating, has been segmented as as Upto 1000 kW, 1000-4000 kW, Above 4000 kW. Among these, Upto 1000 kW is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Many types of small and medium-sized vessels, including recreational boats, fishing vessels, tugboats, and coastal ferries, fall within the power range of up to 1000 kW. These vessels are essential for various maritime activities and industries, contributing to a consistent demand for marine engines.

The global marine engine market segmentation, based on type, has been segmented as auxiliary and propulsion. Among these, propulsion is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Diesel engines remain a dominant choice for propulsion in the marine industry due to their reliability, power, and fuel efficiency. They are commonly used in various vessel types, from cargo ships to ferries to offshore support vessels.

The global marine engine market segmentation, based on speed, has been segmented as low-speed, medium-speed, and high-speed. Among these, medium-speed is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Medium-speed engines are used in a diverse array of marine vessels, including container ships, tankers, bulk carriers, ferries, fishing vessels, research vessels, and more. Their adaptability to different vessel types contributes to their widespread use.

The global marine engine market segmentation, based on stroke, has been segmented as 2-stroke and 4-stroke. Among these, 2-stroke is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Two-stroke engines are known for their high power-to-weight ratio, making them particularly suitable for powering large vessels that require significant propulsion power.

The global marine engine market segmentation, based on application, has been segmented as cargo ship, cruise ship, and others. Among these, cargo ship is projected to dominate the global marine engine market revenue through the projected period as estimated by MRFR analysts. Cargo ship applications play a crucial role in driving the marine engine market due to the substantial demand for efficient, reliable, and powerful engines to propel cargo vessels across the world's oceans. Cargo ships are the backbone of global trade, transporting goods and commodities across vast distances, and the engines that power these vessels are central to their operational success.

Regional Analysis

By Region, the study segments the Marine Engine market into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The APAC region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past decades. The APAC region is home to some of the world's fastest-growing economies, leading to increased demand for goods and commodities. As global trade expands, the demand for marine transportation and cargo ships, which require marine engines, rises accordingly.

APAC has a robust shipbuilding industry, with countries like China, South Korea, and Japan being major shipbuilding hubs. These countries produce a significant portion of the world's commercial vessels, driving the demand for marine engines. APAC has one of the largest merchant fleets in the world, consisting of various vessel types, including cargo ships, tankers, bulk carriers, and container vessels. The need to power and maintain this fleet contributes to the demand for marine engines.

Key Findings of the Study

• The global marine engine market is expected to reach USD 15,642.8 million by 2030, at a CAGR of 4.6% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on fuel, the diesel segment was attributed to holding the largest market in 2022.


• Based on power rating, the Upto 1000 segment was attributed to holding the largest market in 2022.


• GE Transportation (US), Caterpillar (US), Cummins Inc. (US), Rolls-Royce Power Systems (Germany), MAN Energy Solutions (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (MHI) Group (Japan), Brunswick (US), Volvo Penta (Sweden), YANMAR (Japan), Scania AB (Sweden), Deere & Company (US), Deutz AG (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), STX Engine (Hong Kong) are the key market players.