Marine Propulsion Market Size, Share, and COVID-19 Impact Analysis, By Type (Wind, Steam Turbine, Diesel, Gas Turbine, Nuclear, Fuel Cell, and Solar), By Component (Gear Box, Engine, Shaft, Propeller, and Others), By Power (Electric, Mechanical, and Hybrid), and Regional Forecast, 2024-2032

The global marine propulsion market refers to the market for the systems, components, and technologies used to power marine vessels such as ships, boats, and submarines. Marine propulsion systems are essential for the operation of these vessels, providing the power needed to propel them through the water. The market includes a range of propulsion technologies, such as diesel engines, gas turbines, electric motors, and hybrid systems.

The global marine propulsion market is driven by the demand for new vessels, particularly in emerging economies. This is due to the need for vessels for transporting goods and people, exploration, and offshore activities. Furthermore, the marine industry is under pressure to reduce emissions and improve fuel efficiency. For this, there is a growing demand for more efficient and eco-friendly propulsion systems such as electric motors and hybrid systems. For example, Rolls-Royce Holdings plc, a leading manufacturer of marine propulsion systems, developed a hybrid electric propulsion system for ships that combines a gas turbine and an electric motor to provide more efficient and eco-friendly power. This system is installed on a number of vessels, including the Norwegian ferry "Color Hybrid" in 2021.

The marine propulsion market is being driven by technological advancements, such as developing more efficient engines and propulsion systems and using digital technologies for remote monitoring and maintenance. The global naval sector is experiencing growth due to rising geopolitical tensions, driving the demand for marine propulsion systems in naval vessels. In F.Y. 2023, U.S. Navy invested USD 154.0 million to expand required industrial capabilities to support high-temperature composites, advanced propulsion systems, and navigation and guidance components.

But, the marine propulsion industry is subject to a complex web of international regulations that can impact the use of certain propulsion systems and technologies, creating barriers to entry for new market players. Furthermore, marine propulsion systems can be expensive, particularly for larger vessels, which can be a barrier to entry for some companies and limit growth opportunities.

Impact of COVID-19:

The COVID-19 pandemic negative impacted on the global marine propulsion market. The pandemic is the major reason for global supply chain disruption and caused a decline in global trade, which has negatively impacted the demand for new vessels and, therefore, the demand for marine propulsion systems. For example, in 2020, Wärtsilä Corporation, a leading marine propulsion system manufacturer, reported a decline in sales due to the COVID-19 pandemic.

The global marine propulsion market is segmented into four types. By type, it is segmented into wind, steam turbine, diesel, gas turbine, nuclear, fuel cell, and solar. Based on component, this market is fragmented into gear box, engine, shaft, propeller and others. Based on power, the market is divided into electric, mechanical and hybrid. From a geographical view, the market is categorized into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Key Insights:

The report will describe the following key insights:

• The report analyzes a detailed industry overview, including qualitative and quantitative information.


• The report analyzes an overview and forecast of the global marine propulsion market based on various segments.


• The report also analyzes comprehensive PEST analysis for all four regions, i.e. North America, Europe, Asia Pacific, Middle East & Africa, and Latin America, after evaluating economic, social, political, and technological factors affecting the global marine propulsion market in these regions.

Regional Analysis:

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The Asia Pacific region held the largest global marine propulsion market share. It is expected to continue to regulate the market going forward. This region is home to major manufacturing hubs like China, Japan, and India, whose businesses are strongly reliant on international trade primarily conducted by ships. The need for numerous commercial ships in China, the world's largest exporter, drives the market expansion of marine propulsion engines. Additionally, Asian navies are continuously enhancing their ability to defend themselves on the water, which is anticipated to grow the Asia Pacific market for marine propulsion systems.

Key Players Covered:

The report includes the profiles of key players such as:

• ABB Ltd


• BAE Systems PLC


• Caterpillar Inc


• General Electric Company


• MAN Energy Solutions S.E


• Mitsubishi Heavy Industries Ltd


• Hydrasearch Defense


• Regal Rexnord Corporation


• KTR Corporation


• Rolls Royce


• Wärtsil


• John Deere


• Cummins


• Others

MARINE PROPULSION MARKET Segmentation:

Key Industry Developments:

• In May 2023, ABB announced a secured contract from Navantia, a Spanish shipbuilding company, to retrofit Juan Carlos I, the Spanish Navy flagship, with an electrical propulsion system based on dual ABB Azipod units. The 230.82-meter-long Juan Carlos I is a multi-resolution amphibious assault ship-aircraft carrier built by Navantia in 2010.


• In March 2023, Hyundai got a contract from Philippine Navy to integrate controllable pitch propellers manufactured by Kongsberg Maritime for offshore patrol vessels. Kongsberg Maritime V.P. said that this propulsion system is vital for advanced patrol vessels.