Marine Propulsion Engines Market Revenue to Attain USD 21.13 Bn by 2033

28 Mar 2025

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Table of Content

1. Marine Propulsion Engines Market Revenue and Trends 2025 to 2033 2. Market Overview  3. Report Highlights  4. Market Trends 5. Regional Insights  6. Marine Propulsion Engines Market Coverage     7. Market News  8. Marine Propulsion Engines Market Key Players 9. Market Segmentation

Marine Propulsion Engines Market Revenue and Trends 2025 to 2033

The global marine propulsion engines market revenue was valued at USD 14.97 billion in 2025 and is expected to attain around USD 21.13 billion by 2033, growing at a CAGR of 4.37% during forecast period. The surge in import and export activities globally is the key factor driving the growth of the market over the forecast period.

Market Overview 

Marine propulsion engines are a mechanism that burns fuel to generate thrust, which drives ships to travel across the water. Ships contain more than one propulsion engine, based on their size. In past times of marine propulsion, steam turbines were generally utilized; in recent times, due to innovations in technology, diesel or substitute gas turbines and fuel engines the marine propulsion engines market has a greater adoption rate.

Report Highlights 

• By product, the diesel propulsion engine segment dominated the marine propulsion engines market in 2024. The dominance of the segment can be attributed to the increasing technological innovations and growing preference for eco-friendly propulsion systems. However, the wind and solar propulsion segment will witness considerable growth due to its sustainability and growing environmental awareness.

Market Trends

Emerging Technologies for Shipbuilding

Many businesses are constantly collaborating to develop innovative shipbuilding technologies, such as unmanned intelligent ships and artificial intelligence. The developers are also using advanced technology to build autonomous vessels and ships that can be used to gather data in remote environments.

High Dependence on Ship Port

The surge in international trade is the main property of the modern economy, and maritime transit is the basis of all this growth. The market was apparently affected by maritime trade. World imports and exports have risen due to the ongoing demand for maritime transport.

Increasing Focus on Environmental Sustainability

The market is experiencing a substantial shift towards environmental sustainability, fuelled by strict emission regulations deployed by governments across the globe. To fulfill these demands, producers are developing new engines capable of using alternative fuels like hydrogen, biofuels, and LNG, which provide a considerable decrease in greenhouse gas emissions.

Increasing Demand for More Efficient Vessels

Innovations in ship construction and design are enabling the creation of efficient vessels, further improving the marine propulsion engines market. These vessels possess large cargo capabilities, decreasing the frequency of trips and overall cost of transportation. Improved designs also contribute to optimized performance and better fuel efficiency.

Regional Insights 

Asia Pacific region dominated the marine propulsion engines market in 2024. The dominance of the region can be attributed to the surge in diesel production in the region during the last few years due to its many benefits like widely accepted and reliable primary propulsion engine among shipping industry. Moreover, this engine can also be used as an auxiliary propulsion engine due to its numerous technological advancements and usage.

North America is expected to grow at a significant growth in the marine propulsion engines market over the forecast period. The growth of the region can be credited to the strict emission implemented by the government of the region to control the increasing rate of pollution. In North American, the U.S. led the market owing to the many market players of marine propulsion engines such as Cummins Inc and Caterpillar are introducing new technologies in marine propulsion systems.

Marine Propulsion Engines Market Coverage    

Market News 

• In July 2023, Hyundai HD Heavy Industries announced the development of a mid-sized engine for ammonia-powered ships using its technology and know-how by the end of next year. The company will develop, produce, and deliver such engines in cooperation with MAN Energy Solutions from Germany and Winterthur Gas & Diesel, also known as WinGD, from China.
• In July 2023, Cummins Inc. introduced Marine Overhaul Service Solutions in Singapore, Malaysia, Philippines, and Indonesia, from Papua New Guinea, Australia, New Zealand, and the Pacific Islands. This service solution aims to improve their fleet performance and maintain a competitive edge in this thriving maritime landscape. 
• In October 2024, Anglo Belgian Corporation introduced the Evolve 8EL23 engine in Hamburg, setting a new standard for fuel flexibility and sustainability. This 8-cylinder, medium-speed engine accommodates a wide range of fuels, including eco-friendly and zero-emission options, and completes the Evolve inline engine series alongside the 4EL23 and 6EL23 models. 

Marine Propulsion Engines Market Key Players

• Yamaha
• Aegean
• Caterpillar
• Cummins
• Chevron
• Hydraulic Marine Systems
• Exxon Mobil Corp. (XOM)
• Hydrosta BV
• Ingeteam
• Idemitsu
• MAN Diesel & Turbo
• Lukoil
• Masson Marine
• Petronas
• Mercury Marine
• Shell
• Total
• Sinopec
• SCANA
• Rolls Royce
• Volvo Penta
• Siemens
• Wartsila

Market Segmentation

By Product Outlook

• Diesel Propulsion Engine
• Gas Turbine Propulsion
• Wind & Solar Propulsion
• Steam Turbine Propulsion
• Fuel Cell Propulsion
• Natural Gas Propulsion
• Others

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