List of Contents

Marine Propulsion Engines Market Size, Share, and Trends 2024 to 2034

The global marine propulsion engines market size is calculated at USD 14.97 billion in 2025 and is forecasted to reach around USD 21.99 billion by 2034, accelerating at a CAGR of 4.37% from 2025 to 2034. The Asia Pacific market size surpassed USD 9.46 billion in 2024 and is expanding at a CAGR of 4.46% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.

  • Last Updated : January 2025
  • Report Code : 1262
  • Category : Machinery and Equipment

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

5.1. Market Dynamics

5.1.1. Market Drivers

5.1.2. Market Restraints

5.1.3. Market Opportunities

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining power of suppliers

5.2.2. Bargaining power of buyers

5.2.3. Threat of substitute

5.2.4. Threat of new entrants

5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis

6.1.2. Key Strategies Adopted by Players

6.1.3. Vendor Landscape

6.1.3.1. List of Suppliers

6.1.3.2. List of Buyers

Chapter 7. Global Marine Propulsion Engines Market, By Product

7.1. Marine Propulsion Engines Market, by Product Type

7.1.1. Diesel Propulsion Engine

7.1.1.1. Market Revenue and Forecast

7.1.2. Gas Turbine Propulsion

7.1.2.1. Market Revenue and Forecast

7.1.3. Wind & Solar Propulsion

7.1.3.1. Market Revenue and Forecast

7.1.4. Steam Turbine Propulsion

7.1.4.1. Market Revenue and Forecast

7.1.5. Fuel Cell Propulsion

7.1.5.1. Market Revenue and Forecast

7.1.6. Natural Gas Propulsion

7.1.6.1. Market Revenue and Forecast

7.1.7. Others

7.1.7.1. Market Revenue and Forecast  

Chapter 8. Global Marine Propulsion Engines Market, Regional Estimates and Trend Forecast

8.1. North America

8.1.1. Market Revenue and Forecast, by Product

8.1.2. U.S.

8.1.3. Rest of North America

8.1.3.1. Market Revenue and Forecast, by Product

8.2. Europe

8.2.1. Market Revenue and Forecast, by Product

8.2.2. UK

8.2.2.1. Market Revenue and Forecast, by Product

8.2.3. France

8.2.3.1. Market Revenue and Forecast, by Product

8.2.4. Rest of Europe

8.2.4.1. Market Revenue and Forecast, by Product

8.3. APAC

8.3.1. Market Revenue and Forecast, by Product

8.3.2. India

8.3.2.1. Market Revenue and Forecast, by Product

8.3.3. China

8.3.3.1. Market Revenue and Forecast, by Product

8.3.4. Japan

8.3.4.1. Market Revenue and Forecast, by Product

8.3.5. Rest of APAC

8.3.5.1. Market Revenue and Forecast, by Product

8.4. MEA

8.4.1. Market Revenue and Forecast, by Product

8.4.2. GCC

8.4.2.1. Market Revenue and Forecast, by Product

8.4.3. North Africa

8.4.3.1. Market Revenue and Forecast, by Product

8.4.4. South Africa

8.4.4.1. Market Revenue and Forecast, by Product

8.4.5. Rest of MEA

8.4.5.1. Market Revenue and Forecast, by Product

8.5. Latin America

8.5.1. Market Revenue and Forecast, by Product

8.5.2. Brazil

8.5.2.1. Market Revenue and Forecast, by Product

8.5.3. Rest of LATAM

8.5.3.1. Market Revenue and Forecast, by Product

Chapter 9. Company Profiles

9.1. BP Shipping

9.1.1. Company Overview

9.1.2. Product Offerings

9.1.3. Financial Performance

9.1.4. Recent Initiatives

9.2. Yamaha

9.2.1. Company Overview

9.2.2. Product Offerings

9.2.3. Financial Performance

9.2.4. Recent Initiatives

9.3. Aegean

9.3.1. Company Overview

9.3.2. Product Offerings

9.3.3. Financial Performance

9.3.4. Recent Initiatives

9.4. Caterpillar

9.4.1. Company Overview

9.4.2. Product Offerings

9.4.3. Financial Performance

9.4.4. Recent Initiatives

9.5. Cummins

9.5.1. Company Overview

9.5.2. Product Offerings

9.5.3. Financial Performance

9.5.4. Recent Initiatives

9.6. Chevron

9.6.1. Company Overview

9.6.2. Product Offerings

9.6.3. Financial Performance

9.6.4. Recent Initiatives

9.7. Hydraulic Marine Systems

9.7.1. Company Overview

9.7.2. Product Offerings

9.7.3. Financial Performance

9.7.4. Recent Initiatives

9.8. Exxon Mobil Corp. (XOM)

9.8.1. Company Overview

9.8.2. Product Offerings

9.8.3. Financial Performance

9.8.4. Recent Initiatives

Chapter 10. Research Methodology

10.1. Primary Research

10.2. Secondary Research

10.3. Assumptions

Chapter 11. Appendix

11.1. About Us

11.2. Glossary of Terms

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Frequently Asked Questions

The global marine propulsion engines market size was valued at USD 14.34 billion in 2024 and expected to hit around USD 21.99 billion by 2034.

The global marine propulsion engines market is growing at a compound annual growth rate (CAGR) of 4.37% from 2025 to 2034.

Marine propulsion engines market is about to register a steady growth rate during the forthcoming years because of the rise in demand for operationally dependable and financially efficient ships. Shipping industry plays a significant role in the global trade. Cross-border trade is largely dependent on the shipping industry for importing and exporting heavy goods to various countries owing to easy and affordable cost of transportation. Some of the countries lack the abundance of natural resources, in order to fulfill the requirements, they import rest of the quantity from other countries in bulk, this also triggers the trend for shipping transportation and thus drives the growth of marine propulsion engines market. The increasing import and export activities across the globe has put a grea

The Asia Pacific accounted to held the largest revenue share in the year 2023 and anticipated to maintain its dominance during the analysis timeframe.

The North America exhibits slow growth in the global marine propulsion engines market during the forecast time period because of increasing adoption of renewable energy.

Some of the key players in the global marine propulsion engines market are BP Shipping, 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, and Wartsila among others.

By product, diesel propulsion engine led the global marine propulsion engines market in the year 2023 owing to its increasing penetration as primary propulsion engine in marine industry

Marine propulsion refers to a mechanism or system that is used to generate thrust that propels large ships as well as small boats to sail across the waterways. Modern ships are generally consisting of mechanical systems that are equipped with electric motors or pump-jets as well as they use reciprocating engines as main source of power.

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