Marine Engine Market Overview 2023 – Size, Share, Market Leaders, Growth Aspects, Future Trends, Technology and Business Insight to 2030

Marine Engine Market Insights:

The global Marine Engine Market is estimated to be worth USD 18.84 Billion by 2030, registering a 4.8% CAGR during the forecast period (2022- 2030).

The increasing growth in the number of marine travelers, the advent of technologically advanced, expansion of the worldwide seaborne transport sector, reliable engines, and the growing economic stability has resulted in the expansion of the worldwide marine engine market considerably. Besides, the constant evolution in technologies and manufacturing processes in the marine engine has acknowledged the environmental regulations pertaining to the emission of harmful gases. The market is estimated to witness exponential growth by the increasing activities by the globally well-established firms. However, the outbreak of COVID-19, the market has been analyzed again with new establishments. We will provide COVID-19 impact analysis with the report. 

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A marine engine is a machine for the propulsion of watercraft. A marine engine means an off-road engine that’s installed or aimed to be installed on a marine vessel. It’s an engine for marine applications, installed in a boat or ship. For small vessels, these are generally adapted automotive engines; for large vessels, they’re specifically built for the purpose. This includes a movable auxiliary marine engine when it’s fueling, cooling or exhaust system is an integral part of the vessel.

There are two types of marine engines; a Propulsion marine engine which means a marine engine that moves a vessel through the water or directs the vessel’s movement and an Auxiliary marine engine means a marine engine not utilized for propulsion. Marine engines are presented in marine vehicles that incorporate boats, engine-driven boats, and other comparative vehicles. Marine vehicles can be either business, safeguard, or for individual application. These are used for observation, transportation, seaward help, and various comparable applications. The kind of engine utilized in these vehicles relies upon the size and usage of the vehicles.

Rapidly expanding international trade and the resultant worldwide supply chain are projected to punch the global marine engine market growth.

Marine Engine Market Regional Analysis

The global Marine Engine Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia Pacific is set to usher the global market. Leading nations including China and India subsisting on the largest manufacturers in the world is a major factor running the growth of marine engines in the region.

The market in Europe is expected to flaunt expressive growth in the forecast timeframe. Significant infrastructure for shipping gives a competitive advantage to the region.

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Marine Engine Market Segmentation

The global Marine Engine Market is segmented into the following types;

By Ship Type:

• Oil Tankers
• Bulk Carriers
• General Cargo Ships
• Container Ships
• Gas Carriers
• Chemical Tankers
• Support Vessel
• Ferrier and Passenger ships
• Others

By Capacity:

• 0 – 10000 HP
• 10000 – 20000 HP
• 20000 – 30000 HP
• 30000 – 40000 HP
• 40000 – 50000 HP
• 50000 – 60000 HP
• 60000 – 70000 HP
• 70000 – 80000 HP
• 80000 – 90000 HP
• 90000 – 100000 HP
• 100000 – 110000 HP
• Greater than 110000 HP

By Speed:

• High Speed
• Medium Speed
• Low Speed

By Fuel Type:

• Heavy Fuel Oil
• Intermediate Fuel Oil
• Marine Diesel Oil
• Marine Gas Oil
• LNG
• Other

By Engine Type:

• Propulsion Engine
• Auxiliary Engine

By Vessels Type:

•  Commercial Vessel
• Offshore Support Vessel

By Stroke:

• Four Stroke
• Two Stroke
• Other

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Marine Engine Market Key Players

The global Marine Engine Market’s prominent key players are GE Transportation (U.S.), Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Rolls-Royce Power Systems AG (Germany), Man Diesel & Turbo Se (Germany), Wärtsilä Corp (Finland). Mitsubishi Heavy Industries Ltd. (Japan), Brunswick Corporation (U.S.), AB Volvo (Sweden), Yanmar Co. Ltd. (Japan), Scania AB (Sweden), John Deere (U.S.), Daihatsu Diesel MFG. Co. Ltd. (Japan), Dresser-Rand Group Inc. (U.S.) and Deutz AG (Germany).

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