"Market Intelligence for High-Geared Performance"

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

Region : Global | Report ID: FBI105939 | Status : Ongoing



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.

Key Market Driver -

increased production and sales of ships globally, the rise in international seaborne trade and rapid growth in demand of crude oil is expected to drive the growth of the market

Key Market Restraint -

the severe environmental rules and regulations across the globe and large capital investments required for the setup of new manufacturing facilities are expected to hamper 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.

To gain extensive insights into the market, Request for Customization




By Type

  • Diesel

  • Gas Turbine

  • Natural gas

  • Others

By Application

  • Cargo or Container ship

  • Defence

  • Bulk Carrier

  • Offshore Vessels

  • Passenger Ship

  • Others

By Geography

  • North America (USA, Canada, and Mexico)

  • Europe (Germany, France, U.K., and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the World

  • Ongoing
  • 2023
  • 2019-2022

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients


Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.