Europe Marine Propulsion Systems Market Size – By Propulsion (2-Stroke, 4-Stroke), By Product, By Power, By Technology, By Application (Merchant, Offshore, Cruise & Ferry, Navy) & Forecast, 2024 – 2032

Europe Marine Propulsion Systems Market Size

Europe Marine Propulsion Systems Market size was valued at USD 4.6 billion in 2023 and is estimated to grow at a rate of 2.7% between 2024 and 2032. Increase in maritime trade and fleet size along with rising demand of high-performance engines will augment the business landscape. For instance, in 2022, ships have transported over 40% of goods exported from the region.
 

A marine propulsion system encompasses the apparatus accountable for producing and transmitting power to propel marine vessels through water. It constitutes the system or mechanism utilized to create thrust for propelling a watercraft through aquatic environments. This system comprises engines, propulsion units such as water jets or propellers, transmission systems, and control systems. These components are integral in facilitating the efficient movement, effective maneuverability, and consistent speed and direction maintenance while navigating waterways.
 

Europe Marine Propulsion Systems Market Trends

The increasing emphasis on advancing propulsion systems for greater fuel efficiency aims to lower operational expenses and mitigate environmental footprint will foster the industry potential. Increasing seaborne trade along with a promising outlook for the shipbuilding sector will create favorable business conditions. A transition from conventional to alternative fuels is underway owing to mounting environmental concerns and escalating emission levels, further boosting the industry's prospects.
 

Europe Marine Propulsion Systems Market Analysis

The 4-stroke marine propulsion systems segment will exceed USD 2 billion by 2032. The rising trend of extensive international trade routes coupled with the use of affordable fuel is set to drive up the demand for these units. Additionally, the increasing uptake of these products in merchant and container vessels will augment the business landscape. The robust expansion of ECA zones coupled with a flourishing shipbuilding industry will escalate the business outlook.
 

The high-speed marine propulsion systems market size will witness a growth rate of over 2.5% through 2032. The growing desire for luxury and comfort is driving an uptick in expenditure on cruise ships, which in turn will offer significant prospects for industry expansion. The integration of cutting-edge marine propulsion units featuring emission control systems and scrubbers will notably contribute to broadening the operational scope of these vessels.
 

The Germany marine propulsion systems market is set to surpass USD 900 million by 2032. The heightened focus on enhancing diesel-engine capacity to drive next-generation and advanced tank performance will fuel business expansion. The vital parameters including the utilization of affordable high-quality fuels, enhanced durability, increased load capacity, and consistent torque distribution, will drive advancements in the industry landscape.
 

Europe Marine Propulsion Systems Market Share

SCHOTTEL is one of the leading manufacturers of propulsion & steering systems for ships and offshore applications. The company offers a diverse range of propulsion systems tailored to meet the specific needs of different vessel types and applications. It started with the development of the Rudderpropeller, a groundbreaking invention that combined propulsion and steering functions in a single unit.
 

Europe Marine Propulsion Systems Market Companies

The key industry players include:

• AB Volvo Penta
• ABB
• Anglo Belgian Corporation
• Caterpillar
• Cummins
• DAIHATSU DIESEL MFG.CO.
• DEUTZ AG
• HHI Engine & Machinery
• IHI Power Systems Co.
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Mitsubishi Heavy Industries
• Rolls-Royce
• Scania
• SCHOTTEL Group
• STX ENGINE
• Wartsila
• Yamaha Motor Co.
• YANMAR HOLDINGS CO.
• ZF Friedrichshafen AG
   

Europe Marine Propulsion Systems Industry News

• In February 2022, Wärtsilä has entered into a partnership with Solstad Offshore to spearhead fleet decarbonization efforts, targeting a 50% reduction in CO2 emissions by 2030 across their vessel fleet. The collaboration aims to pinpoint, assess, and deploy solutions that will boost fuel efficiency and significantly cut down greenhouse gas (GHG) emissions from offshore vessels. Each vessel will undergo a thorough evaluation to identify appropriate measures, explore operational improvements, and assess options for extending their operational lifespan.
   
• In January 2022, SCHOTTEL Group has been awarded a contract to provide main and auxiliary propulsion systems for Fratelli Cosulich's inaugural liquefied natural gas (LNG) bunker ship. This vessel, boasting a capacity of 8,000 cubic meters, is set to cater to clients in the Mediterranean area. Additionally, the 113-meter-long and 20-meter-wide ship will be equipped with two SCHOTTEL TransverseThrusters type STT 1 CP to optimize maneuverability within port zones.
   

The Europe marine propulsion systems 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
• Hybrid
• Others

Market, By Power

• < 1,000 HP
• 1,000 - 5,000 HP
• 5,000 - 10,000 HP
• 10,000 - 20,000 HP
• > 20,000 HP

Market, By Technology

• Low Speed
• Medium Speed
• High Speed

Market, By Propulsion

• 2-Stroke
• 4-Stroke

Market, By Application

• Merchant 
  • Container Vessels
  • Tankers
  • Bulk Carriers
  • Roll On/Roll Off 
  • Others 
• Offshore 
  • Drilling RIGS & Ships
  • Anchor Handling Vessels
  • Offshore Support Vessels
  • Floating Production Units
  • Platform Supply Vessels 
• Cruise & Ferry 
  • Cruise Vessels
  • Passenger Vessels
  • Passenger/Cargo Vessels
  • Others 
• Nav
• Others

The above information has been provided for the following countries:

• Germany
• UK
• Italy
• Norway
• France
• Russia
• Denmark
• Netherlands
• Belgium