DUBLIN--(BUSINESS WIRE)--The "Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The marine engines market is projected to reach USD 13.3 billion by 2027 from an estimated USD 11.7 billion in 2022, at a CAGR of 2.6% during the forecast period.

The global marine engines market is driven by the growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.

The propulsion engine segment, by engine, is expected to be the largest market from 2022 to 2027

The by engine segment is categorized into propulsion engine, and auxiliary engine. The propulsion engine segment held the largest share of the marine engines market. Propulsion engines are the main engines of ships, providing thrust and power to move and sail the oceans. Marine propulsion engines are a very important asset of ships as they are the prime mover of the ship. Propulsion engines are further divided into gas turbines, diesel engines, steam turbines, and dual-fuel engines. The demand for propulsion engines across various engine types is high and expected to increase further as the demand for new build ships increases. This may drive the growth of the propulsion engine segment of the marine engines market.

The above 20,000 HP segment, by power range, is expected to be the largest market from 2022 to 2027

The above 20,000 HP segment held the largest market share of the marine engines market in 2021. The above 20,000 HP marine engines have applications mainly for very large vessels, which include large bulk carriers, cargo vessels, containerships, defense vessels, LPG carriers, LNG carriers, and others, wherein, they are used as the main propulsion engine for the vessel. The revival of maritime trade and the requirement for more and more vessels are expected to drive the growth of the above 20,000 HP segment during the forecast period.

Asia Pacific: The largest region in the marine engines market

Asia Pacific is expected to dominate the global marine engines market between 2022-2027. The growth of the regional market is driven by its robust shipbuilding industry, supported by governments through tax rebates and tax incentive packages, sustained economic growth, and the development of efficient marine engine technologies. The demand for marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts in the region. Asia Pacific is expected to see a further growth in the manufacturing sector due to lower capital and labor costs. The growth in manufacturing industry is also expected to lead to an upward trend in the marine engines market as maritime import-export trade increases.

Market Dynamics

Drivers

• Growth in International Marine Freight Transport
• Aging Fleet
• Adoption of Smart Engines for Performance and Safety

Restraints

• Stringent Environmental Regulations for Decarbonizing Shipping
• Soaring Freight Rates and Fees
• Dependence on Heavy Liquid Fuels

Opportunities

• Rise of E-Commerce and Online Trade
• Rising Demand for Dual-Fuel and Hybrid Engines

Challenges

• Structural Factors Increasing Maritime Transport Costs
• Volatile Oil & Gas Prices

Companies Mentioned

• Bergen Engines
• Caterpillar
• CNPC Jichai Power Company Limited
• Cummins
• Daihatsu Diesel Mfg. Co. Ltd.
• Deutz Ag
• Doosan Infracore
• Fairbanks Morse
• Hyundai Heavy Industries Co. Ltd.
• IHI Power Systems
• Isotta Fraschini Motori
• Mahindra Powerol
• Mitsubishi Heavy Industries, Ltd.
• Rolls-Royce Holdings
• Siemens Energy
• Volkswagen Group (Man Energy Solutions)
• Volvo Penta
• Wabtec (Ge Transportation)
• Wingd
• Wartsila
• Yanmar

For more information about this report visit https://www.researchandmarkets.com/r/y23ve5

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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