Marine Engines Market - Trends Forecast Till 2028

Market Overview

The Marine Engines Market size is projected to reach a CAGR of 3.9% from 2022 to 2028.

Marine propulsion is the system or mechanism used to generate thrust that allows a small boat or even a ship to move across waterways. Modern ships are usually equipped with mechanical systems consisting of an electric motor turning a propeller, or even pump-jets or an impeller, and they use reciprocating engines as the main source of power.

Growth in international marine freight transport, growth in maritime tourism, and increasing adoption of smart engines for situational awareness and safety are some of the factors that have supported long-term expansion for Marine Engines Market.

The Outbreak of COVID-19 has hindered the growth of the marine propulsion engine market with continuous lockdowns and the subsequent economic slowdown across the world. The most significant near-term impact on marine engines will be felt through supply chains. However, post-pandemic as restrictions eased market expected to gain momentum during the forecast period.

Regional Analysis

Asia Pacific is expected to be the largest marine engines market during the forecast period. Asia Pacific comprises China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• MAN Diesel & Turbo
• Wartsila
• Hyundai Heavy Industries Co. Ltd
• Daihatsu Diesel Mfg. Co. Ltd
• Caterpillar
• Mitsubishi Heavy Industries
• Volvo Penta
• Rolls-Royce
• Cummins
• GE Transportation
• Deutz AG

Recent Developments

• In August 2021, Yanmar Marine International commenced installations of its new high horsepower 6LF diesel engines, with outstanding results reported from the first project completed in Europe. In the milestone installation, certified Yanmar dealer Motonáutica Balear in Mallorca repowered Magnum 40 motorboat Adriana with two Yanmar 6LF530 models and upgraded the electronics and controls.
• In February 2019, MAN Diesel & Turbo SE won the contract to supply the engines for a new harbor tug in Spain, which would be operated by P&O Reyser in the Port of Barcelona, which is expected to enter service from mid-2020.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Marine Engines Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope