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Marine Propulsion Engine Market Trends

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

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Marine Propulsion Engine Market Trends

The marine propulsion engine industry is experiencing robust growth driven by expanding maritime trade, infrastructure growth, and increased investments from both public & private players. The growth in the offshore wind energy sector coupled with rising demand for renewable power generation is elevating the adoption of marine propulsion engine. The expanding naval sector in tandem with growing demand for high-speed vessels will further escalate the product penetration. The flourishing maritime tourism industry together with the development of luxury yachts, cruise ships, and expedition vessels will contribute to the industry growth.

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.