Global Marine Engines Market Size, Share and Overview

The marine engines market size is expected to grow from an estimated USD 11.7 billion in 2022 to USD 13.3 billion by 2027, at a CAGR of 2.6% during the forecast period. The growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the main drivers for the marine engines market. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.

Key Market Players

A few major players that have a wide regional presence dominate the marine engines market share. The leading players in the marine engines industry include Caterpillar (US), Volkswagen Group (MAN Energy Solutions (Germany), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (Japan), and Rolls-Royce Holdings (UK).

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This research report categorizes the marine engines market based on engine, power range, type, fuel, vessel, and region.

Based on Engine:

• Propulsion Engine
• Auxiliary Engine

Based on 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

Based on Type:

• Two Stroke
• Four Stroke

Based on Fuel:

• Heavy Fuel Oil
• Marine Diesel Oil
• Marine Gas Oil
• Others (LNG, LPG, hybrid fuels such as LNG-HFO, LNG-IFO, LNG-MDO, LNG-MDO-HFO, LNG-MGO, LNG-MGO-HFO, MGO-HFO, and nuclear fuel)

Based on Vessel:

• Offshore Support Vessels
• Oil Tankers
• Bulk Carriers
• General Cargo
• Container Ships
• Product Tankers
• Tugs
• Others (Bunkering & fleet replenishment vessels, dredger, and landing crafts)

Based on Region:

• North America
• Asia Pacific
• South America
• Europe
• Middle East & Africa

By Engine, the propulsion engine segment is expected to make the largest contribution to the marine engines market during the forecast period.

The propulsion engine segment held the largest share of the marine engines market in 2021, and a similar trend is likely to continue in the near future. Propulsion engines are the main supporting system of a ship and are an integral part of the ship’s propulsion mechanism. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Thus, the demand for propulsion engines across various engine types is high and expected to increase further. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. All the vessels, from a small passenger ferry to very large container ships, require a propulsion or a main engine to direct the vessel’s movement through the water. Full-scale resumption of global maritime trade, growth of the shipbuilding industry, and the replacement of aging fleet with new build vessels are expected to drive the propulsion engine segment of the marine engines market during the forecast period.

By Power Range, the above 20,000 HP segment is expected to be the largest segment during 2022-2027.

The above 20,000 HP segment accounted for a larger market share in 2021. The above 20,000 HP marine engines mostly have applications for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others. They are primarily used as prime moves to facilitate the movement of these ships through the waters. The growth of global maritime trade and the requirement of more and more vessels to cope with tight vessel supply, as well as the requirement to replace some of the existing fleet to comply with the stringent International Maritime Organization (IMO) regulations put in force from January 2020, are expected to drive the growth of the above 20,000 HP segment during the forecast period.

By Type, the two stroke segment is expected to hold the largest market share during the forecast period.

The two stroke segment held a larger share of the marine engines market in 2021. The two-stroke engines can run on low-grade fuels, have better efficiency and high power; and are more reliable. They are preferred as main engines in vessels in case of long journeys via oceans when higher power and efficiency are required. They offer high torque at a low engine speed, which helps boats/vessels cruise at a constant speed without adjusting the engine speed. Two-stroke engines have one revolution of the crankshaft during one power stroke. They also have a larger ratio in terms of power to weight and are slow-speed, crosshead engines. The growth of international maritime trade will lead to an increase in the requirement of prime movers for ocean going vessels, which eventually will drive the demand for two stroke marine engines during the forecast period.

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By Fuel, the marine diesel oil segment is expected to dominate the marine engines market during the forecast period.

The largest share of the marine engines market in 2021 was held by the marine diesel oil segment. Marine diesel oil, unlike heavy fuel oil (HFO), does not require heating during storage. The various blending ratios of marine diesel oil can be regulated directly by refinery processes or by mixing ready-made marine fuels. The growing stringency of emission control regulations and continuous revisions in the IMO standards have led to the substitution of bunker oil or heavy fuel oil with low sulfur oils such as marine diesel oil, driving the growth of this segment in the marine engines market during the forecast period.