New York, United States, Aug. 13, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The global marine propulsion engine market size is projected to grow from USD 37.96 billion in 2024 to USD 46.72 billion by 2032, growing at a CAGR of 2.63% during the forecast period (2023-2032).
Burning fuel allows a marine propulsion engine to propel ships across the water. The engine comprises cylinder blocks and liners, pistons, valves, towers, casings, bearings, bedplates, crankcases, crankshafts, flywheels, generators, transformers, gearboxes, and control panels. It has generators that generate electricity for the motors and can run on heavy gasoline or diesel oil. It is now frequently utilized as a prime mover on contemporary commercial ships and offshore support vessels worldwide. Due to increased globalization and industrialization, there is a rising need for container ships to transport various goods, including consumer goods, natural gas, mineral ores, and oil. This is one of the main factors fueling the growth of the marine propulsion engine market globally.
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Dependence on Ship Port Infrastructure to Serve Intercontinental Trade Drives the Global Market
One of the traits of the modern world economy is the increase of international trade, and marine transit is the cornerstone of this growth. Maritime commerce initially had an impact on the marine propulsion engine sector. Due to expanding supply chains and opening new markets, maritime transportation has sped up global economic development. The majority of freight is moved by water. Nations rely heavily on ship port infrastructure to support their transcontinental trade, which is expected to drive the growth of the worldwide marine propulsion engine market. The current need for maritime transportation has led to global imports and exports growth. Due to the central role that globalization has played in many economies, there are more opportunities for international commerce of goods, which offers a broader range of affordable commodities.
New Technologies for Shipbuilding Creates Tremendous Opportunities
Numerous organizations collaborate to create new shipbuilding technologies, such as artificial intelligence (AI), unmanned intelligent ships, and eco-friendly technology, as the market for marine propulsion engines grows globally. For instance, China Shipbuilding Corporation and DNV in May 2020 inked a cooperative agreement to advance offshore engineering and new-generation ships. A research and development effort to create a new smart ship could be undertaken by the combined business, Dalian Shipbuilding Industry Company (DSIC) of China Shipbuilding. The researchers are developing autonomous ships and other vessels utilizing cutting-edge technology that may be used to gather data in settings where humans are not as necessary. Due to this aspect, the market for marine propulsion engines is anticipated to grow.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 2.76% during the forecast period. Most of the diesel engines utilized in the marine industry up until recently were made by domestic brands. Although Chinese officials recently raised pollution standards, the International Maritime Organization (IMO) regulations are already stringent. The China GB15097 rule, often known as C1 and C2, has limits on particulate matter (PM). MAN Energy Solutions' Chinese licensing partner CMP has received numerous additional small-bore, four-stroke orders from the Chinese interior and coastal market. The orders include MAN 21/31, 27/38, and 23/30H sorts. Japan is now hosting several important projects thanks to its good geographical location. Its marine industry is receiving and filling orders from numerous ship-operating companies worldwide. Such advancements are predicted to raise market demand during the forecast. Pan is building two FFM or 30FFM Future Multi-Mission Frigates at two nearby shipyards. It is a next-generation, multi-mission frigate for the Japan Maritime Self-Defense Force (JMSDF). A total of 22 frigates are anticipated to be acquired by force. The frigate is outfitted with a CODAG propulsion system, which consists of two MAN 12V28/33D diesel engines and one Rolls Royce MT-30 gas turbine, allowing it to move at a high speed of over 30 knots.
North America is expected to grow at a CAGR of 2.55% during the forecast period. The US market shrank due to the government's travel and trade limitations, but the US-China trade tensions worsened things. After the epidemic and trade war, the market is projected to accelerate. Due to increased CO2 emissions and the country's consequent burdensome regulations, marine engine manufacturers are predicted to be required to create engines that can comply with the US EPA New Source Performance Standards (NSPS). Additionally, increasing seaborne trade will encourage market participants to launch new products to attract more consumers. Several companies, including Caterpillar, Cummins Inc., and others, dominate the US marine propulsion engine industry. The country has one of the largest maritime technology markets in the world. Through the National Shipbuilding Strategy (NSS), the Canadian government has been supplying the Royal Canadian Navy (RCN) with the state-of-the-art, manufactured Canadian ships and equipment they require to carry out their essential functions both now and in the future.
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Key Highlights
- The global marine propulsion engine market size was valued at USD 37.96 billion in 2024. It is projected to reach USD 46.72 billion by 2032, growing at a CAGR of 2.63% during the forecast period (2023-2032).
- Based on engine type, the global marine propulsion engine market is bifurcated into diesel, gas turbine, natural engine, and other engine types. The diesel segment is the highest contributor to the market and is estimated to grow at a CAGR of 2.73% during the forecast period.
- Based on application type, the global marine propulsion engine market is bifurcated into passenger, commercial, and defense. The passenger segment is the highest contributor to the market and is estimated to grow at a CAGR of 2.8% during the forecast period.
- Based on ship type, the global marine propulsion engine market is bifurcated into container ships, tankers, bulk carriers, offshore vessels, naval ships, and passenger ships. The container ship segment is the highest contributor to the market and is estimated to grow at a CAGR of 3.01% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 2.76% during the forecast period.
Competitive Players
- Caterpillar
- Cummins Inc.
- Daihatsu Diesel Mfg Co. Ltd
- Hyundai Heavy Industries Co. Ltd
- MAN SE (Man Diesel and Turbo)
- Mitsubishi Heavy Industries Ltd
- Rolls-Royce PLC
- Scania
- Wartsila
- Yanmar Co. Ltd.
Recent Developments
- May 2022 -The New B4.5 expanded the famously reliable and fuel-efficient Cummins Marine Power Range.
- November 2022- The new Cat® 340 Hydraulic Excavator featured a more powerful engine, wider track, and 7.5-ton counterweight to increase productivity by 10% over the 2020 model year Cat 336. Its increased power and stability, combined with Next Generation electrohydraulic system efficiency, make it the best choice in the 40-tonne (45-ton) class for moving tons per hour.
Market Segmentation
- By Engine Type
-
- Diesel
- Gas Turbine
- Natural Engine
- Other Engine Types
- By Application Type
-
- Passenger
- Commercial
- Defense
- By Ship Type
-
- Container Ship
- Tanker
- Bulk Carrier
- Offshore Vessel
- Naval Ship
- Passenger Ship
- By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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