The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s report for 2023, the global marine engines market is projected to rise from $9.48 billion (2022) to $10.13 billion (2023), with a 6.9% CAGR. By 2027, it’s forecasted to reach $12.17 billion, growing at a 4.7% CAGR.

Asia-Pacific was the largest region in the marine engines market share in 2022.

Marine Engines Market Driver
The marine engine market will be driven by the growth in international marine freight transport. This mode of transport is cost-effective and practical for global shipments, with about 90% of products transported via water transport in 2021. Over the past two decades, container ship sizes have doubled, with the largest vessels able to carry 24,000 containers. Consequently, the rising international marine freight transport will boost marine engine demand.

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Key Marine Engines Market Segments
The global marine engines market is segmented –
1) By Engine Type: Diesel Engine, Gas Turbine, Natural Engine, Other Engine Types
2) By Ship Type: Oil Tankers, Bulk Carriers, General Cargo Ships, Container Ship
3) By Fuel Type: Heavy Fuel Oil, Intermediate Fuel Oil, Marine Diesel Oil, Marine Gas Oil, LNG, Other Fuel Types
4) By Stroke: Four Stroke, Two Stroke
5) By 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

Marine Engines Market Prominent Players
Major players in the marine engines market are Cummins Inc., Caterpillar, Mitsubishi Heavy Industries Ltd., Volvo Penta, Yanmar Holdings Co Ltd., Wärtsilä , Hyundai Heavy Industries Co Ltd., Daihatsu Diesel Mfg Co Ltd., MAN Energy Solutions, Volkswagen Group, WinGD, Siemens Energy, Wabtec, Isotta Fraschini Motori, CNPC Jichai Power Company Limited , Bergen Engines, Rolls-Royce Holdings, and Bergen Engines.

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Prominent Marine Engines Market Trend
Cloud-based engine monitoring is a prominent trend in the marine engines market. It involves assessing and managing cloud-based IT infrastructure operations. Efforts to enhance engine capacities have spurred the development of advanced systems. For example, in April 2021, Cummins Inc. launched PrevenTech® Marine, a remote monitoring solution for marine vessels. It utilizes connectivity, big data, IoT, and advanced analytics to monitor Cummins-powered assets, improving uptime and service while reducing maintenance costs.

The Marine Engines Global Market Report 2023  provides comprehensive insights on the marine engines market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Small Marine Engines Global Market Report 2023
Marine Hybrid Propulsion Global Market Report 2023
Marine Lubricants Global Market Report 2023

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