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Marine Propulsion Engine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • ID: 4622383
  • Report
  • June 2022
  • Region: Global
  • 140 Pages
  • Mordor Intelligence


  • Caterpillar
  • Cummins Inc.
  • Rolls-Royce PLC
  • Scania
  • Wartsila
  • Yanmar Co. Ltd
The marine propulsion engine market was valued at USD 35.13 billion in 2021, and it is anticipated to reach USD 40.91 billion in 2027, while registering a CAGR of 2.63% during the Forecasts period (2022-2027).

The COVID-19 outbreak has hindered the growth of the marine propulsion engine market with continuous lockdowns and the subsequent economic slowdown across the world. The most significant near-term impact on marine engines will be felt through supply chains. However, post-pandemic, as restrictions begin to ease, the market is expected to gain momentum during the Forecasts period.

The marine propulsion engine market is driven by the need for faster, cleaner, and fuel-efficient engines. The International Maritime Organization (IMO) has drafted a new rule where the sulfur content in marine fuel will be reduced to 0.5% from 3.5%. This new regulation is expected to cut off emissions from ships by 77%. This has caused the ship operators to lower sulfur content fuels, such as marine gas oil, and it has also driven the demand for the electrification of marine vessels.

The Asia-Pacific region is anticipated to observe rapid growth over the tenure of assessment due to augmented international trade and export from the region. Both India and China have come up as major hubs of business in the region, with an increased pace of activities in the marine manufacturing sector.

Key Market Trends

Diesel Engine Expected to Dominate the Market during the Forecasts Period

Currently, some 100,000 seagoing merchant ships sail our seas and oceans, with an installed power ranging from roughly 1 to 100 megawatts (MW) per ship. With very few exceptions, all these ships are propelled by diesel engines, most of these with a direct drive system, some with diesel-electric propulsion or hybrid system. The major players in the market are planning and launching the latest products to attract more customers and gain market share. For instance,
  • In August 2021, Yanmar Marine International commenced installations of its new high horsepower 6LF diesel engines, with outstanding results reported from the first project completed in Europe. In the milestone installation, certified Yanmar dealer Motonáutica Balear in Mallorca repowered Magnum 40 motorboat Adriana with two Yanmar 6LF530 models and upgraded the electronics and controls.
  • In June 2019, marine technology company Winterthur Gas & Diesel (WinGD) introduced three new low-speed, two-stroke engines capable of operating on low emission fuels. The three new engines, X40DF, X82D, and X82DF, will provide a wider variety of compliant choices to ship owners.
  • In January 2019, Rolls-Royce signed a contract to deliver ship design and an extensive range of equipment to a 70-meter-long stern trawler to be built for Engenes fiskeriselskap AS, based in Troms county, northern Norway. The equipment to be delivered from Rolls-Royce includes a hybrid propulsion system consisting of the successful and efficient B33:45 diesel engine, Promas integrated propeller system, and HSG drive system to ensure optimum propulsion efficiency in all operational conditions.
But the power output and efficiency of diesel engines are far to be matched with any other fuel type currently. Still, the entrance of marine engines and development and improvement in other engines may hinder the growth of diesel engines in the future.

Asia-Pacific Region Anticipated to grow at a Significant Level during the Forecasts Period

Asia-Pacific accounts for a major portion of the marine propulsion engine market, and it is anticipated to maintain its dominance throughout the Forecasts period. This is primarily because key nations like China, India, Japan, and South Korea have become manufacturing powerhouses as they are heavily dependent on external trade.

Previously, most diesel engines in the marine segment were manufactured locally by domestic Chinese brands. However, in recent years, the Chinese authorities have tightened emission requirements, even stricter than the International Maritime Organization (IMO) regulations. The China GB15097 regulation, which is commonly known as C1 and C2, includes limits for particulate matter (PM).
  • In September 2020, MAN Energy Solutions announced that its Chinese license partner CMP was awarded a series of new small-bore, four-stroke orders in the Chinese inland-and-coastal segment. The orders consist of MAN 21/31, 27/38, and 23/30H types. Also, the company has won another order to provide engines and generators for a 15,000-dwt shuttle tanker, which includes a 6S35ME-B9.5 IMO Tier II main engine.
The major share of the Asia-Pacific marine propulsion engine market is with the Indian, Chinese, and Japanese players. Still, over the past few years, local companies have been launching new products to gain some share of the local market. For instance,
  • In May 2021, Hindustan Aeronautics Limited (HAL) and Rolls-Royce signed an MoU to support installation, packaging, marketing, and services for Rolls-Royce MT30 marine engines in India. Under the umbrella of this MoU, for the first time, both Rolls Royce and HAL will be working together in the area of marine applications.
Owing to such developments in the region, the market is expected to witness optimistic growth over the Forecasts period.

Competitive Landscape

The marine propulsion engine market is moderately consolidated due to the presence of key players like MAN Diesel & Turbo, Wartsila, Hyundai Heavy Industries Co. Ltd, Daihatsu Diesel Mfg. Co. Ltd, and Caterpillar. These companies continuously focus on innovating products to provide environmentally sustainable, flexible, economically sound, and efficient customer solutions. The companies are trying to expand their brand values in the market through acquisitions and mergers. For instance,
  • In September 2021, Cummins Inc. was expanding its offering to the oil and gas market with the addition of dual-fuel capabilities to its QSK50 Tier 4 product. This EPA Tier 4 offering demonstrates a reduction in diesel exhaust emissions and overall greenhouse gas (GHG) emissions over its EPA Tier 2 predecessor.
  • In October 2021, MAN signed a Memorandum of Understanding (MoU) with Mitsui E&S Machinery Co. Ltd (MES-M) and Mitsui O.S.K. Lines (MOL) regarding the low-speed, ammonia-fueled main engine that MAN Energy Solutions is currently developing. The MoU provides for purchasing contract for an ammonia-burning engine in 2023.
  • In August 2020, Caterpillar Marine launched the Cat® C32B high-performance 2000 HP marine engine. This 2025 MHP engine has a rated speed of 2300 rpm with improved power density, updated electronics, and an enhanced unit injector fuel system.
Some of the Key players in the market include Hyundai Heavy Industries Co. Ltd (KSOE), Caterpillar (MAK), MAN SE (Man Diesel & Turbo), Wartsila, and Yanmar Co. Ltd.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.
Note: Product cover images may vary from those shown


  • Caterpillar
  • Cummins Inc.
  • Rolls-Royce PLC
  • Scania
  • Wartsila
  • Yanmar Co. Ltd

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 Engine Type
5.1.1 Diesel
5.1.2 Gas Turbine
5.1.3 Natural Engine
5.1.4 Other Engine Types
5.2 Application Type
5.2.1 Passenger
5.2.2 Commercial
5.2.3 Defense
5.3 Ship Type
5.3.1 Container Ship
5.3.2 Tanker
5.3.3 Bulk Carrier
5.3.4 Offshore Vessel
5.3.5 Naval Ship
5.3.6 Passenger Ship
5.4 Geography
5.4.1 North America United States Canada Rest of North America
5.4.2 Europe Germany United Kingdom France Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India South Korea Rest of Asia-Pacific
5.4.4 Rest of the World Brazil Other Countries
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Caterpillar
6.2.2 Cummins Inc.
6.2.3 Daihatsu Diesel Mfg Co. Ltd
6.2.4 Hyundai Heavy Industries Co. Ltd
6.2.5 MAN SE (Man Diesel & Turbo)
6.2.6 Mitsubishi Heavy Industries Ltd
6.2.7 Rolls-Royce PLC
6.2.8 Scania
6.2.9 Wartsila
6.2.10 Yanmar Co. Ltd
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • CaterpillarCummins Inc.
    Daihatsu Diesel Mfg Co. Ltd
    Hyundai Heavy Industries Co. Ltd
    MAN SE (Man Diesel & Turbo)
    Mitsubishi Heavy Industries Ltd
    Rolls-Royce PLC
    Yanmar Co. Ltd
Note: Product cover images may vary from those shown