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Marine Engine Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2024

Publisher Global Market Insights
Published Mar 17, 2025
Length 277 Pages
SKU # GMI19996896

Description

The Global Marine Engine Market was valued at USD 8.89 billion in 2024 and is estimated to grow at a CAGR of 3.9%, to reach USD 13.0 billion by 2034, driven by the expansion of global seaborne trade, growth in offshore oil & gas activities, and ongoing advancements in marine engine technologies. Rising environmental concerns and stringent emission regulations, such as the IMO 2020 sulfur cap and MARPOL Annex VI, are pushing the industry toward adopting cleaner, more fuel-efficient engines. Innovations like hybrid propulsion systems, digital engine management, and LNG-powered engines are becoming critical to meeting regulatory standards and operational efficiency requirements.

Technological trends such as the integration of IoT, AI-based predictive maintenance, and real-time engine performance monitoring are further enhancing reliability, and operational safety, and reducing downtime for vessels. These innovations allow ship operators to proactively address potential failures, optimize fuel consumption, and streamline maintenance schedules, ultimately lowering operating costs. Increased investments in automation and smart shipbuilding are also positively impacting the marine engine industry, promoting the demand for more sophisticated, adaptive, and digitally connected power systems that can meet the evolving needs of modern shipping.

The marine engine market is primarily segmented by fuel type, with the Marine Diesel Oil (MDO) segment generated USD 5.25 billion in 2024. MDO remains the preferred choice due to its consistent ignition properties, widespread global availability, and compliance with current emission standards, particularly the IMO 2020 regulations. It is extensively used in commercial vessels, offshore supply ships, and ferries where reliability and cost-efficiency are paramount.

In terms of application, the commercial segment generated USD 4 billion in 2024, maintaining its dominance as container ships, oil tankers, bulk carriers, and cargo vessels continue to drive strong demand for high-performance marine engines. Growing globalization, rising demand for international trade, and the need for faster and more efficient maritime transport encourage fleet operators to invest in more advanced propulsion solutions. Additionally, the trend toward larger vessels with greater carrying capacities fosters the adoption of next-generation engines that offer superior power output, lower fuel consumption, and reduced environmental impact.

Asia Pacific Marine Engine Market generated USD 5.12 billion in 2024 fueled by strong shipbuilding activities, particularly in China, South Korea, and Japan, along with robust seaborne trade growth across Southeast Asian economies. The government's push for greener shipping technologies, coupled with increasing investments in maritime infrastructure and LNG bunkering facilities, supports long-term market expansion. Meanwhile, Europe and North America are also witnessing notable growth driven by retrofitting initiatives, naval modernization programs, and stringent emission control regulations.

Key players in the marine engine market, including Caterpillar, Wartsila, AB Volvo, MAN Energy Solutions, and Rolls-Royce plc, are investing heavily in research and development to launch more efficient, low-emission engines. Strategic collaborations, mergers, and acquisitions enhance technological capabilities and global reach are central to maintaining a competitive edge in this evolving industry landscape.

Table of Contents

277 Pages
Chapter 1 Research Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Market estimates & forecast parameters
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Exclusive Summary
2.1 Industry snapshot
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Fuel trends
2.1.4 Power trends
2.1.5 Technology trends
2.1.6 Propulsion trends
2.1.7 Application trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.2.1 IMO
3.2.1.1 MARPOL
3.2.1.2 NOx Emissions Standards
3.2.1.3 SOx Emission Standards
3.2.1.4 Greenhouse Gas Emissions
3.2.2 North America
3.2.2.1 U.S.
3.2.2.1.1 Code of Federal Regulations Part 1407
3.2.2.1.2 Consumer Product Safety Commission
3.2.2.1.3 Diesel Generator EPA Standards
3.2.2.1.4 Natural Gas Generator EPA Standards
3.2.2.1.5 1999 Marine Engine Rule
3.2.2.1.7 2003 Category 3 Engine Rule
3.2.2.1.8 2008 Category ½ Engine Rule
3.2.2.1.9 Environment Control Areas
3.2.2.2 National Emission Standards for Hazardous Air Pollutants for Reciprocating Internal Combustion Engines
3.2.2.2.1 California
3.2.2.3 Canada
3.2.2.3.1 Canadian Off-Road Compression-Ignition Engine Emission Regulations
3.2.2.3.2 Marine Machinery Regulations
3.2.3 Europe
3.2.3.1 EU Ecodesign Regulation (EU) 2019/1781 & the amending Regulation (EU) 2021/341
3.2.3.2 Directive 2004/26/EC
3.2.3.3 Directive 1999/32/EC
3.2.3.4 Stage V
3.2.3.4.1 Regulation (EU) 2016/1628
3.2.3.4.2 Machine Directive 2006/42/EC
3.2.3.4.3 Commission Regulation (EU) 2016/631
3.2.3.4.4 ROHS 2 directive (2011/65/UE Regulation)
3.2.4 Asia Pacific
3.2.4.1 Australia
3.2.4.2 India
3.2.4.3 China
3.2.4.3.1 China, I/II Standards
3.2.4.3.2 Domestic Emission Control Areas
3.2.4.4 Japan
3.2.5 Middle East & Africa
3.2.5.1 South Africa
3.2.6 Latin America
3.2.6.1 Brazil
3.2.6.2 Mexico
3.2.6.2.1 NOM-003-SCFI-2014: Electrical Products & Safety Requirements
3.2.6.2.2 UL 674 standard for safety
3.3 Comprehensive details of shipyard
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Expansion in seaborne trade
3.4.1.2 Increasing maritime tourism
3.4.1.3 Ongoing technological advancement in marine engines
3.4.2 Industry pitfalls & challenges
3.4.2.1 Stringent government regulations against emissions
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
Chapter 4 Competitive Landscape, 2025
4.1 Introduction
4.2 Strategy dashboard
4.2.1 AB Volvo
4.2.1.1 Business expansion
4.2.1.2 Acquisition
4.2.2 Anglo Belgian Corporation
4.2.2.1 Collaboration
4.2.2.2 Supply
4.2.2.3 Partnership
4.2.3 Caterpillar
4.2.3.1 Memorandum of Understanding (MoU)
4.2.3.2 Partnership
4.2.3.3 Agreement
4.2.3.4 Program launch
4.2.3.5 Investment
4.2.3.6 Collaboration
4.2.3.7 Business expansion
4.2.4 Cummins
4.2.4.1 Business expansion
4.2.4.2 Partnership
4.2.5 Daihatsu Diesel Corporation Co., Ltd
4.2.5.1 Acquisition
4.2.6 Deere & Company
4.2.6.1 Business expansion
4.2.7 HD Hyundai Heavy Industries
4.2.7.1 Memorandum of Understanding (MoU)
4.2.8 MAN Energy Solutions
4.2.8.1 Order
4.2.8.2 Partnership
4.2.8.3 Contract
4.2.9 Rolls-Royce plc
4.2.9.1 Partnership
4.2.9.2 Agreement
4.2.10 Scania
4.2.10.1 Product development
4.2.11 STX Heavy Industries
4.2.11.1 Acquisition
4.2.11.2 Partnership
4.2.12 Wartsila
4.2.12.1 Installation/supply
4.2.13 YANMAR HOLDINGS CO., LTD
4.2.13.1 Partnership
4.3 Innovation & sustainability landscape
4.3.1 AB Volvo
4.3.2 Anglo Belgian Corporation
4.3.3 Cummins
4.3.4 Caterpillar
4.3.5 Deere & Company
4.3.6 HD Hyundai Heavy Industries
4.3.7 MAN Energy Solutions
4.3.8 Mitsubishi Heavy Industries
4.3.9 Rolls-Royce plc
4.3.10 Scania
4.3.11 Wartsila
4.3.12 YANMAR HOLDINGS CO., LTD
Chapter 5 Market, By Fuel
5.1 Key trends
5.2 MDO
5.3 MGO
5.4 LNG
5.5 Hybrid
5.6 Others
Chapter 6 Market, By Power
6.1 Key trends
6.2 Below 1,000 HP
6.3 1,001 - 5,000 HP
6.4 5,001 - 10,000 HP
6.5 10,001 - 20,000 HP
6.6 Above 20,000 HP
Chapter 7 Market, By Technology
7.1 Key trends
7.2 Low speed
7.3 Medium speed
7.4 High speed
Chapter 8 Market, By Propulsion
8.1 Key trends
8.2 2 stroke
8.3 4 stroke
Chapter 9 Market, By Application
9.1 Key trends
9.2 Commercial
9.3 Offshore
9.4 Recreational
9.5 Navy
9.6 Others
Chapter 10 Market, By Region
10.1 Key trends
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East & Africa
10.6 Latin America
Chapter 11 Company Profiles
11.1 AB Volvo
11.1.1 Company overview
11.1.2 Market/Business overview
11.1.3 Financial data
11.1.4 Product landscape
11.1.5 Strategic outlook
11.1.6 SWOT analysis
11.2 Anglo Belgian Corporation
11.2.1 Company overview
11.2.2 Market/Business overview
11.2.3 Financial data
11.2.4 Product landscape
11.2.5 Strategic outlook
11.2.6 SWOT analysis
11.3 Caterpillar
11.3.1 Company overview
11.3.2 Market/Business overview
11.3.3 Financial data
11.3.4 Product landscape
11.3.5 Strategic outlook
11.3.6 SWOT analysis
11.4 Cummins, Inc.
11.4.1 Company overview
11.4.2 Market/Business overview
11.4.3 Financial data
11.4.4 Product landscape
11.4.5 Strategic outlook
11.4.6 SWOT analysis
11.5 Daihatsu Diesel Mfg. Co., Ltd.
11.5.1 Company overview
11.5.2 Market/Business overview
11.5.3 Financial data
11.5.4 Product landscape
11.5.5 Strategic outlook
11.5.6 SWOT analysis
11.6 Deere & Company
11.6.1 Company overview
11.6.2 Market/Business overview
11.6.3 Financial data
11.6.4 Product landscape
11.6.5 Strategic outlook
11.6.6 SWOT analysis
11.7 DEUTZ AG
11.7.1 Company overview
11.7.2 Market/Business overview
11.7.3 Financial data
11.7.4 Product landscape
11.7.5 SWOT analysis
11.8 Helical Technology
11.8.1 Company overview
11.8.2 Market/Business overview
11.8.3 Financial data
11.8.4 Product landscape
11.8.5 SWOT analysis
11.9 HYUNDAI HEAVY INDUSTRIES CO., LTD.
11.9.1 Company overview
11.9.2 Market/Business overview
11.9.3 Financial data
11.9.4 Product landscape
11.9.5 Strategic outlook
11.9.6 SWOT analysis
11.10 IHI Corporation
11.10.1 Company overview
11.10.2 Market/Business overview
11.10.3 Financial data
11.10.4 Product landscape
11.10.5 SWOT analysis
11.11 Kawasaki Heavy Industries Ltd.
11.11.1 Company overview
11.11.2 Market/Business overview
11.11.3 Financial data
11.11.4 Product landscape
11.11.5 SWOT analysis
11.12 MAN Energy Solutions
11.12.1 Company overview
11.12.2 Market/Business overview
11.12.3 Financial data
11.12.4 Product landscape
11.12.5 Strategic outlook
11.12.6 SWOT analysis
11.13 MITSUBISHI HEAVY INDUSTRIES, LTD.
11.13.1 Company overview
11.13.2 Market/Business overview
11.13.3 Financial data
11.13.4 Product landscape
11.13.5 Strategic outlook
11.13.6 SWOT analysis
11.14 Rolls-Royce plc
11.14.1 Company overview
11.14.2 Market/Business overview
11.14.3 Financial data
11.14.4 Product landscape
11.14.5 Strategic outlook
11.14.6 SWOT analysis
11.15 Scania
11.15.1 Company overview
11.15.2 Market/Business overview
11.15.3 Financial data
11.15.4 Product landscape
11.15.5 Strategic outlook
11.15.6 SWOT analysis
11.16 Siemens Energy
11.16.1 Company overview
11.16.2 Market/Business overview
11.16.3 Financial data
11.16.4 Product landscape
11.16.5 SWOT analysis
11.17 STX HEAVY INDUSTRIES CO., LTD
11.17.1 Company overview
11.17.2 Market/Business overview
11.17.3 Financial data
11.17.4 Product landscape
11.17.5 Strategic outlook
11.17.6 SWOT analysis
11.18 Wärtsilä
11.18.1 Company overview
11.18.2 Market/Business overview
11.18.3 Financial data
11.18.4 Product landscape
11.18.5 Strategic outlook
11.18.6 SWOT analysis
11.19 Yanmar HOLDINGS CO., LTD.
11.19.1 Company overview
11.19.2 Market/Business overview
11.19.3 Financial data
11.19.4 Product landscape
11.19.5 Strategic outlook
11.19.6 SWOT analysis
11.20 Yuchai International Imp & Exp (Beijing) Co., Ltd.
11.20.1 Company overview
11.20.2 Market/Business overview
11.20.3 Financial data
11.20.4 Product landscape
11.20.5 SWOT analysis
11.21 Research Practices

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