Marine Engine Market is expected to exceed the market valuation of more than US$ 18 billion in 2027 and is expected to grow at a CAGR of 3.8% during the forecast period 2021-2027

Ever growing

international trade, Adoption of smart maritime engine for safety purpose and Growth in the overall marine tourism are the major factor driving the growth of the market.  

In 2020, the

International Maritime Organization (IMO) has set a limit for the sulfur

content of marine fuels. Consequently, demand for high sulfur fuel oil (HSFO) is

expected to decline dramatically in 2020, whereas demand for marine gas oil (MGO) is projected to increase to

1.98 million barrels per day for the FY2020 and is expected to dominant fuel

demand in the marine sector throughput the forecast period. In 2019, the global commercial shipping fleet grew by 4.1%, representing the highest growth

rate since 2014, however low growth witnessed during the period 2004-2012. UNCTAD projects the volume of

international maritime trade to decline by 4.1% in 2020. Global volume trade expanded by 0.5% in 2019, down from 2.8%

in 2018, and reached 11.08 billion tons in 2019. 

The Covid-19 pandemic have resulted in a drop of 8.5% in global transport fuel

consumption in 2020, compared to 2019 value, owing to the restrictions imposed

on people’s movements and disruption in trade logistics around the globe. With the ongoing

economic downturn, shut down of production facilities, and lockdowns,

the demand for commercial vessels is witnessing a decline in demand. In addition, the cancelation of cruise ships and the

slowdown in international trade investments in commercial vessels is also

expected to affect the demand for marine engines.  

Based on power range the global marine engine market is bifurcated into

>1000 HP, 1001-5000 HP, 5001-10000 HP, 10001-20000 HP and Above 20000 HP.

Current, engine with power range between 5001-10000 HP dominates the market 

Based on Type, the market is bifurcated into

Two-stroke and Four-stroke marine engine. In 2020, two-stock engine

segment dominated the market. At the beginning of 2020, the total world fleet amounted to

98,140 commercial ships of 100 gross tons and above, equivalent to a capacity

of 2.06 billion 

Based on Engine, the market is bifurcated into Propulsion Engine and

Auxiliary Engine. Current, Propulsion engine segment dominated the market   

Based on Vessel type, the market is segmented into

Commercial Vessel, Offshore Support Vessel, Others. In 2020, commercial vessel

segment dominated the market and is expected to maintain its dominance throughout the forecast period  

Based on Fuel, the report segments the market

into Heavy Fuel oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, Other. Current, heavy

fuel oil segment dominated the market and is expected to maintain its dominance

throughout the analyzed period. 

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For a better

understanding of the market adoption, report provide detailed analysis for

major region and countries including North America (US, Canada, Rest of North

America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific

(China, Japan, India, South Korea, Rest of APAC),

and Rest of World. In 2020, Asia-Pacific dominated the market. Currently,

Asia-Pacific dominated the market. Asia Pacific with countries such as China, Japan, South

Korea, India, Australia among others is expected to dominate the marine engines

market during the forecast period. China, Japan, and South Korea are considered

as considered as the major manufacturing hubs for marine engines, providing ample growth

opportunity for the manufacturer. Some of the major companies profiled in the report includes Cummins, Hyundai Heavy Industries, Caterpillar, MAN SE, Mitsubishi Heavy Industries, Volvo Penta, Rolls-Royce, Wartsila, GE Transportation, Deutz AG. 

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Global Marine Engines Market Segmentation 

Market Insight, by Power Range               

>1000 hp                

1001-5000 hp           

5001-10000 hp        

10001-20000 hp             

Above 20000 hp 

Market Insight, by Type                  

Two-stroke     

Four-stroke 

Market Insight, by Engine         

Propulsion Engine 

Auxiliary Engine 

Market Insight, by Vessel         

Commercial Vessel            

Offshore Support Vessel           

Others 

Market Insight, by Fuels           

Heavy Fuel oil               

Intermediate Fuel Oil                  

Marine Diesel Oil            

Marine Gas Oil               

Other 

Market Insight, by Region         

North America Marine Engines Market 

United States 

Canada 

Rest of North America              

Europe Marine Engines Market 

Germany 

United Kingdom 

France  

Spain    

Rest of Europe                 

Asia-Pacific Marine Engines Market 

China 

Japan 

India 

South Korea  

Rest of Asia-Pacific            

Rest of World Marine Engines Market 

Top Company Profiles           

Cummins        

Hyundai Heavy Industries              

Caterpillar                

MAN SE              

Mitsubishi Heavy Industries     

Volvo Penta              

Rolls-Royce               

Wartsila         

GE Transportation         

Deutz AG 

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