Marine Engine Market to Grow at a CAGR of 3.85% Over 2023-2030; Rapid Deployment of Marine Engines in Several Applications to Propel Market Development

The global marine engine market size stood at USD 12.03 billion in 2022. The market is predicted to rise from USD 12.67 billion in 2023 to USD 16.52 billion by 2030, recording a CAGR of 3.85% from 2023 to 2030.

Fortune Business Insights™ presents this information in its report titled, “Marine Engine Market Size, Share & COVID-19 Impact Analysis, By Ship Type (Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ships, Gas Carriers, Chemical Tankers, Support Vessels, Ferries and Passenger Ships, and 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, and Greater Than 110000 HP), By Fuel (Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, and Others), By Speed (High Speed, Medium Speed, and Low Speed), By Stroke (Two Stroke, Four Stroke, and Others), and Regional Forecast, 2023-2030”.  

A marine engine is used to convert the heat generated by burning fuel into useful work. Rapid deployment of marine engines in several applications, including cruise and ferries, marine vessels, offshore, industrial & small scale fishing activities, and military and government boats, is driving market growth.

Closure of Manufacturing Activities Amid Pandemic Hindered Market Growth

The COVID-19 pandemic had a detrimental effect on the marine engine market growth. Domestic industrial shutdowns, value chain disruptions, and lack of international transactions to market products hindered market growth during the pandemic. Closure of manufacturing activities due to lockdowns hampered market expansion.

Cummins Inc. launched Marine Overhaul Service Solutions to Maintain Its Dominance

In July 2023, Cummins Inc. launched Marine Overhaul Service Solutions in Singapore, Malaysia, Philippines, and Indonesia, from Papua New Guinea, Australia, New Zealand, and the Pacific Islands. These solutions emphasize the improvements in fleet performance to maintain a competitive edge in this thriving maritime landscape. They provide extensive engine overhaul services to suit all budgets for vessels equipped with Cummins Model K19M/D, K38M, and K50M.

Rapid Expansion of Seaborne Trade to Augment Market Progress

Shipping is the driving force behind the global economy. The rapid expansion of the seaborne trade is expected to boost market growth in the coming years. Through low and decreasing freight costs, shipping offers benefits to consumers globally. International trade, the bulk transport of raw materials, and the import/export of food and manufactured goods are crucial in any economy. The international shipping industry is responsible for carrying out around 80% of the world trade. Surging demand for shipping containers due to the expanding seaborne trade is propelling market growth.

On the other hand, market growth is hampered by the rapid deployment of green energy technologies to reduce dependency on fossil fuels.

Major Companies Focus on Organic & Inorganic Advancements to Boost Their Market Positions

The global market is highly fragmented due to the presence of several prominent companies. Key players are focusing on organic & inorganic advancements to boost their market positions.

Notable Industry Development

• July 2023 – MAN Energy Solutions declared the advancements in the retrofit of marine engines as part of a research consortium, including TU-Darmstadt and WTZ Roßlau gGmbh. The German Federal Ministry sponsors it for Economics and Climate Action (BMWK). This project concentrates on climate-neutral methanol fuel produced from green hydrogen.

List of the Companies Profiled in the Report:

• Caterpillar Inc. (U.S.)


• Cummins Inc. (U.S.)


• Hyundai Heavy Industries (South Korea)


• Man Energy Solutions (Germany)


• Mitsubishi Heavy Industries (Japan)


• Honda Motors Co. Ltd. (U.S.)


• Wartsila (Finland)


• Kongsberg (Norway)


• Mahindra Powerol (India)


• General Motors (U.S.)


• Yanmar Holdings Co., Ltd. (Japan)


• Doosan Infracore (South Korea)

Further Report Findings:

• Asia Pacific market size was valued at USD 5.31 billion in 2022. The presence of well-established manufacturing units is driving market growth in Asia Pacific.


• Europe is the second-largest market for marine engines, as it is home to the world's largest shipping fleet.


• The market in North America is driven by the growing usage of marine engines for defense applications.


• Based on ship type, the gas carriers segment is set to rise at the highest CAGR during the forecast period. Growing focus on reducing GHGs by the shipping industry is driving segment growth.


• By storage solution, the 0-10000 HP segment accounted for the dominant marine engine market share owing to the modularity of smaller-capacity engines.

Table of Segmentation