Asia Pacific Marine Propulsion Engine Market Size - By Product (Diesel, Wind & Solar, Gas Turbine, Fuel Cell, Steam Turbine, Natural Gas), By Country Outlook & Forecast, 2024 – 2032

Asia Pacific Marine Propulsion Engine Market Size

Asia Pacific Marine Propulsion Engine Market was valued at USD 11.4 billion in 2023 and is estimated to grow at a CAGR of over 3.3% between 2024 and 2032. The surge in demand for fuel-efficient engines, combined with a rising preference for LNG-powered systems, will drive the business growth.
 

A marine propulsion engine is purposefully crafted to propel ships and boats by converting fuel into mechanical energy. This energy is harnessed to create thrust, driving the vessel through the water. The engine operates by igniting fuel, generating power that is then transferred to the propulsion system, thereby propelling the ship forward. The integration of automation and control systems into advanced dual-fuel engines will further stimulate the adoption of these engines.
 

Asia Pacific Marine Propulsion Engine Market Trends

The marine propulsion engine industry will witness a significant growth driven by several factors, including the expansion of maritime trade, infrastructure development, and increased investments from both public and private sectors. Moreover, the rise of the offshore wind energy sector in line the growing demand for renewable power generation will fuel the product penetration. The growing maritime tourism sector coupled with the development of cruise ships, expedition vessels and luxury yachts will fuel demand for advanced units.
 

Asia Pacific Marine Propulsion Engine Market Analysis

The diesel marine propulsion engine market size is set to reach over USD 8.5 billion by 2032. The ongoing expansion of shipping sector along with rising need for fuel-efficient engines will augment the industry landscape. The growing demand for offshore wind support vessels, combined with accessible infrastructure and support will enhance the business scenario. Retrofitting and repowering opportunities, driven by technological advancements, will significantly facilitate the technical adoption of these units.
 

The gas turbine marine propulsion engine market will witness growth rate of over 4.5% through 2032. Stringent environmental regulations along with surging focus toward reducing carbon emissions will escalate the industry growth. Gas turbines are often used in conjunction with LNG propulsion systems owing to their high efficiency and compatibility with LNG fuel, which in turn will propel the industry penetration.
 

Japan marine propulsion engine market is set to surpass USD 3 billion by 2032. Favorable regulations aimed at boosting the utilization of marine fuel alternatives including fuel cells, natural gas, and wind power will drive the industry outlook. Flourishing fishing aquaculture sector coupled with growing emphasis on the trading industry will offer significant opportunities for business expansion.
 

Asia Pacific Marine Propulsion Engine Market Share

AB Volvo Penta is on of the significant player in the marine propulsion engines industry. The company is a subsidiary of the Swedish multinational manufacturing company, Volvo Group, specializing in marine and industrial engines. In the marine propulsion sector, it offers a wide range of engines, propulsion systems, and accessories for leisure boating, commercial marine applications, and marine leisure applications.
 

Asia Pacific Marine Propulsion Engine Market Companies

Some of the leading key players operating across the industry are:

• AB Volvo Penta
• Caterpillar
• Craftsman Marine
• Cummins
• Deere & Company
• DEUTZ AG
• HYUNDAI HEAVY INDUSTRIES
• Ingeteam
• Isuzu Motors Asia Ltd.
• MAN Energy Solutions
• NANNI Industries
• Perkins Engines Company Limited
• Rolls-Royce plc
• Scania
• VETUS
• Wärtsilä
• Yamaha Motor Co.
• YANMAR Marine International
   

Asia Pacific Marine Propulsion Engine Industry News

• In December 2023, MAN Energy Solutions provided propulsion diesel engines and diesel generator sets to Damen Naval for their ASW-frigates. The contract encompasses eight Marine Engines, and sixteen variable speed Naval generator sets complete with sound enclosures and plant auxiliaries. Additionally, the agreement incorporates Integrated Logistic Support for the four upcoming frigates being developed and constructed for the Netherlands and Belgium.
   
• In March 2023, Cummins and Danfoss have joined forces to advance marine propulsion systems, focusing on the development of standardized solutions. The collaboration, which involves Cummins' Editron division and Danfoss, will particularly target fuel cells, variable-speed diesel gensets, and energy storage packages. Their shared goal is to introduce a new generation of hybrid-electric solutions poised to dramatically decrease carbon emissions by as much as 100% when compared to traditional diesel options.
   

This Asia Pacific marine propulsion engine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:

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Market, By Product

• Diesel
• Wind & Solar
• Gas Turbine
• Fuel Cell
• Steam Turbine
• Natural Gas

The above information has been provided for the following countries:

• China
• Japan
• India
• South Korea
• Australia
• Vietnam
• Singapore