Marine Propulsion Engine Market Size, Share & Industry Analysis, By Type (Diesel, Gas Turbine, Natural gas, Others), By Application (Cargo or Container ship, Defence, Bulk Carrier, Offshore Vessels, Passenger Ship, Others) And Regional Forecast, 2024-2032

A propulsion system refers to a machine that generates thrust to push an object forward. A marine propulsion engine is a machine that uses fuel for the creation of a thrust. This thrust supports the ships in moving forward across the water. In recent years, there has been considerable growth of usage of renewable sources of energy such as wind and solar energy to satisfy the increasing requirements of power, which is expected to drive the growth of the marine propulsion engine market globally over the forecast period.

The increase in the need for efficient and operationally dependable ships is projected to boost the demand for the marine propulsion engine market. Furthermore, the growing focus on the rise in capacity of the diesel engine is projected to speed up the growth of the global marine propulsion engine market. Also, due to different ongoing government investments and projects in inland waterways and the shipbuilding industry, the market is expected to grow significantly over the forecast period. Nevertheless, the severe environmental regulations and rules and large capital investment needed to set up new industrial facilities are expected to hinder the growth of the market.

Market Segmentation:

The marine propulsion engine market is segmented by power source, by application and by region. Based on power source the market is further sub-segmented into diesel, gas turbine, natural gas and others. Among these, diesel is expected to account for the largest market share in the year 2020 and it is anticipated to continue its dominance in the coming years. The easy availability and comparatively cheap cost of diesel are expected to drive the growth of the market. Diesel engines are more reliable, require less maintenance and are economical in nature. Most of the commercial ships and recreational boats are equipped with diesel engines which are anticipated to boost the growth of the market.

Based on application the market is segmented into cargo or container ship, defence, bulk carrier, offshore vessels, and passenger ship, among others. The cargo or container ship and Bulk carrier segment account for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. The increased trade in the global market by countries such as China and South Korea require a large number of commercial ships in the market which is expected to drive the growth over the forecast period. Also, the capability of transportation of heavy products through bulk carrier ships is expected to drive the growth of the market. Additionally, the defence segment is also experiencing considerable growth in the APAC region due to the rapid development of the navy in the region to combat ocean piracy.

Key Players:

Major players operating in the global marine propulsion engine market include Mitsubishi Motors Corporation, MAN Energy Solutions, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries Ltd, Wärtsilä Oyj Abp, Caterpillar Inc., LTD., DAIHATSU DIESEL MFG.CO., LTD., Scania, Nigata Power Systems Co., Ltd., YANMAR CO., Fairbanks Morse Engine, General Electric Company, Masson-Marine, among others.

Key Insights

• New Advancements in the marine propulsion engine market.


• Number of Products, Key Countries, 2020


• New Product Launches, Key Players

Regional Analysis:

Geographically, the global marine propulsion engine market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is anticipated to dominate the market in the coming years with the highest CAGR. This can be attributed due to the presence of primary manufacturing powerhouses in the region such as China, Japan and South Korea, these companies are heavily dependent on external trade which is carried out majorly by ships. As China is the largest exporter in the global market, it requires high number of commercial ships which boosts the market growth of marine propulsion engine market. Also, Asian navies, are steadily improving their defence capabilities on water, which is expected to increase the market size of the marine propulsion engine market in the Asia-Pacific region.

North America is anticipated to grow steadily in the coming years this can be attributed to the rise in investments in commercial freight transport and shipbuilding in key countries such as the U.S. and Canada. Also, the efficiency of fuel offered by the marine propulsion engines is driving the growth of the market in the region. Europe is expected to account for a considerable market share during the forecast period with a steady CAGR. European market players are working on one belt one road initiative and are planning to commercialize it over the forecast period which is expected to drive the growth of the market.

Segmentation