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Marine Propulsion Engine Market Share

Report ID: GMI791
Published Date: Nov 2024
Report Format: PDF

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Marine Propulsion Engine Market Share

Marine Propulsion Engine Company Market Share Analysis, 2024

The competition in the marine propulsion engine industry is intense fueled by the growing demand for energy-efficient solutions, stricter environmental regulations, and technological innovations. Leading companies are focusing on advancing engine efficiency, reducing emissions and incorporating smart controls to meet the needs of maritime clients looking to lower operational costs and comply with regulatory standards. Additionally, companies are forming strategic alliances and expanding their service networks to strengthen market presence and offer comprehensive solutions intensifying the competition between established global players and new market entrants.

Marine Propulsion Engine Market Companies

Major players operating in the marine propulsion engine industry are:

AB Volvo Penta
Anglo Belgian Corporation
Caterpillar
Cummins
Deere & Company
Deutz AG
HD Hyundai Heavy Industries Engine & Machinery
Ingeteam
Isuzu Motors Engine
Masson Marine
Mitsubishi Heavy Industries
Nanni Industries
Perkins Engines Company Limited
Rolls-Royce
Scania
Steyr Motors Betriebs
Vetus
Wartsila
Yamaha Motor Co.
Yanmar Marine International

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The global market for marine propulsion engine was reached USD 20.5 billion in 2024 and is estimated to grow at a 3.1% CAGR from 2025 to 2034, driven by the demand for fuel-efficient engines and LNG-powered systems.

The diesel marine propulsion engine market is expected to exceed USD 15 billion by 2034, due to the robust expansion of commercial shipping and the rising demand for fuel-efficient engines.

The natural gas marine propulsion engine market is projected to witness a CAGR of over 3% through 2034, fueled by rising investments in natural gas infrastructure and the growth of the short-sea shipping industry.

The U.S. marine propulsion engine market is set to surpass USD 2.5 billion by 2034, led by the shift towards alternative fuels for decarbonization efforts and the growing demand for autonomous vessels integrated with AI and machine learning.

The industry features key players such as AB Volvo Penta, Anglo Belgian Corporation, Caterpillar, Cummins, Deere & Company, Deutz AG, HD Hyundai Heavy Industries Engine & Machinery, Ingeteam, Isuzu Motors Engine, Masson Marine, Mitsubishi Heavy Industries, Nanni Industries, Perkins Engines Company Limited, Rolls-Royce, Scania, Steyr Motors Betriebs, Vetus, Wärtsilä, Yamaha Motor Co., and Yanmar Marine International.