Marine Engine Market is predicted to reach USD 18.84 billion at a CAGR of 4.80% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Marine Engine Market” that contains information from 2018 to 2030. The Marine Engine Market is estimated to register a CAGR of 4.80% 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 Inc. (US.), Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Dresser-Rand Group Inc. (US.).

Marine Engine Market Highlights

The global Marine Engine Market share is accounted to register a CAGR of 4.80% during the forecast period and is estimated to reach USD 18.84 billion by 2030.

The marine engine market refers to the global industry that manufactures and sells engines specifically designed for use in marine vessels, including ships, boats, and other watercraft. These engines are vital components that power propulsion systems, enabling the movement of marine vessels across oceans, rivers, and other water bodies.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Marine Engine Market Trends Report

Segment Analysis

The global Marine Engine Market has been segmented based on Product Type, and Operating Platforms.

Based on power, the Marine Engine market segmentation includes Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP and Above 20000 HP. In 2021, the over 20,000 HP market category represented a greater marine engine market share. Most extremely big boats, such as huge bulk carriers, cargo ships, containerships, defense vessels, LPG carriers, and LNG carriers, use more than 20,000 horsepower marine engines. These ships are generally employed as primary maneuvers to make it easier for them to navigate the waterways. The expansion of international maritime trade, the need for more ships to meet the limited supply of available ships, and the need to replace some of the current fleets to meet the strict International Maritime Organization (IMO) regulations that go into effect in January 2020 are all anticipated to contribute to the above 20,000 HP segment's growth over the forecast period.

Based on fusion type, the Marine Engine market segmentation includes Commercial Vessels and Offshore Support Vessels. Due to increased marine commerce, the commercial category was predicted to be the largest section in 2021. Bulk carriers, container ships, tankers, auto carriers, and roll-in/roll-out (RO-RO) carriers are other subcategories of the commercial segment. Due to the increasing need for shipping, it is anticipated that the demand for bulk carriers, tankers, and container ships will increase throughout the projection period.

Based on Fuel, the Marine Engine market data includes Two and Four strokes. As per the market forecast, the two strokes segment will exhibit the highest growth. Large and low-speed engines are two-stroke engines. Two-stroke engines propel the supertankers and other extremely large trading boats. For modest capacity installations, four-stroke engines are chosen since they emit fewer greenhouse gases (GHGs) than two-stroke engines. The four-stroke engines category is anticipated to contribute during the projection period substantially. Most small ships and boats used for transportation and recreation use these engines. The need for four-stroke engines is primarily driven by their lower noise output, cost-effectiveness, high speed, and improved fuel economy.  

Regional Analysis

The global Marine Engine Market, based on region, has been divided into North America, Europe, Asia-Pacific and the Rest of the World. The North American Marine Engine market accounted for USD 5.58 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Geographically predicted, North America will account for the largest share of profits owing to the rising use of various cloud-based services using manufacturing systems and distribution channels. Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

The second-largest market for marine engines is in Europe Marine Engine market. The largest maritime fleet in the world is based in Europe. One of the world's largest, most modern, and most inventive fleets is operated by European shipowners. The EU shipping sector provides €147 billion to the EU's yearly GDP with its wide fleet of container ships, tankers, passenger ships, bulk carriers, offshore service boats, and many more specialty ships. The European area dominates the production of luxury yachts, support boats, and cruise ships. Moreover, the Germany Marine Engine market held the largest market share, and the UK Marine Engine market was the fastest-growing market in the region.  

The region with the fastest growth is expected to dominate throughout the projection period is Asia-Pacific Marine Engine market. As per market statistics, in 2021, Asia accounted for 41% of all products loaded (for export) and 62% of all goods unloaded (for import) respectively. Asia-Pacific is the  center for production, and various goods, including equipment, electronics, etc., are shipped by sea transportation to various locations across the globe. With 92.5% of the new building deliveries in 2019, China, the Republic of Korea, and Japan continued to hold the top positions in the shipbuilding sectors. Each nation has its own areas of shipping specialization.

Key Findings of the Study

• The global Marine Engine Market is expected to reach USD 18.84 billion by 2030, at a CAGR of 4.80% during the forecast period.


• The North American Marine Engine market accounted for USD 5.58 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period.


• Based on power, the Marine Engine market segmentation includes Up to 1000 HP, 1001 HP to 5000 HP, 5001 HP to 10000 HP, 10001 HP to 20000 HP and Above 20000 HP. In 2021, the over 20,000 HP market category represented a greater marine engine market share.


• GE Transportation (US), Caterpillar Inc. (US.) Cummins Inc. (US), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland), Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (US), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (US), Daihatsu Diesel MFG. Co. Ltd. (Japan), and Dresser-Rand Group Inc. (US.)