Marine Propulsion Systems Market Analysis | 2024-2030

Market Insights

The marine propulsion systems market was estimated at USD 16.3 billion in 2023 and is likely to grow at a CAGR of 4.45% during 2024-2030 to reach USD 22.18 billion in 2030.

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Market Dynamics

Introduction

Marine propulsion systems are mechanisms or devices used to generate thrust and move ships, boats, or other vessels through water. These systems play a critical role in the operation of marine vehicles, providing the necessary power to navigate and perform various maritime tasks, from commercial shipping to military operations.

Market Drivers

The major factors such as increasing environmental awareness among individuals accompanied by regulatory pressure for adopting sustainable systems, ongoing enhancements in technology along with the developed design of the engine to minimize operational costs, and growing international trade with the increasing shipbuilding activities, are expected to have a positive impact on the industry landscape and fuel the growth of the marine propulsion systems market during the forecast period.

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Key Players

The following are the key players in the marine propulsion systems market:

• Anglo Belgian Corporation
• Caterpillar
• Cummins, Inc.
• Hyundai Heavy Industries Co., Ltd.
• IHI Corporation Ltd.
• Kawasaki Heavy Industries
• MAN Energy Solutions
• Rolls-Royce
• STX Engine
• Wärtsilä

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Natural gas segment is estimated to witness a CAGR of >2% during the forecast period"

Based on the product type, the market is segmented as diesel, wind & solar, gas turbine, fuel cell, steam turbine, natural gas, and others. The natural gas segment is estimated to witness a CAGR of >2% during the forecast period. Factors such as increasing environmental awareness to obtain sustainability accompanied by an increase in retrofitting of existing vessels with the motive of installing green engines, and decreased emission of carbon along with competitive pricing of commercially viable regions are expected to have a positive impact on installing products in the market during the forecast period.

By Power Type

"The 1,001-5,000 HP segment is estimated to remain the dominant power type in the market over the forecast period"

Based on the power type, the market is segmented as <1,000 HP, 1,001-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, and >20,000 HP. The 1,001-5,000 HP segment is estimated to remain the dominant power type in the market over the forecast period. The growth of the segment is attributed to the increase in demand from containerships, cruise ships, and other offshore service vehicles. Factors such as ongoing investments in the marine industry estimated to be diverted in the direction of bringing international trade back on track, after realizing the impact of COVID-19 impact, and an increase in installation in the defense vessels accompanied by various countries looking forward to strengthening their maritime security are expected to boost the growth of the market during the forecast period.

By Technology Type

"Low-speed technology is estimated to account for the largest share of the market during the forecast period"

The market is segmented as low speed, medium speed, and high speed based on the technology type. The low-speed technology is estimated to account for the largest share of the market during the forecast period, owing to the high thermal efficiency and wide application base.

By Propulsion Type

Based on the propulsion type, the market is segmented as 2-stroke and 4-stroke. These engines can be utilized in various vessels of deep-sea ships including bulk carriers, tankers, container and cargo ships, owing to the output as steady propulsion. These units accompanied by two-stroke diesel engines are the major movers of merchant ships as the two-stroke cycle maximizes the power-to-weight ratio at the minimum engine size, thus, complementing the size of the marine propulsion systems market during the forecast period.

By Application Type

"Recreational application type is estimated to register a constant growth rate"

Based on the application type, the market is segmented as commercial, container vessels, tankers, offshore, and recreational. Recreational application type is estimated to register a constant growth rate, which is attributed to the increase in standard of living and upsurge in the purchasing power of individuals. Further, growing marine tourism accompanied by the increase in demand for passenger & recreational vessels is expected to boost the growth of the market during the forecast period.

Regional Analysis

"Asia-Pacific has been observed as the most lucrative region of the market"

In terms of regions, Asia-Pacific has been observed as the most lucrative region of the market. The region’s growth is attributed to the growing shipbuilding activities particularly in China, Japan, and South Korea, accompanied by the increasing number of joint ventures with internationally established brands. In addition, the major factor currently fueling the regional market’s value is the trading of crude oil from the Middle East to Asia-Pacific. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional marine propulsion systems market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The marine propulsion systems market is segmented into the following categories:

By Product Type 

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

By Power Type 

• <1,000 HP
• 1,001-5,000 HP
• 5,001-10,000 HP
• 10,001-20,000 HP
• >20,000 HP

By Technology Type 

• Low Speed
• Medium Speed
• High Speed

By Propulsion Type 

• 2-Stroke
• 4-Stroke

By Application Type 

• Commercial
• Container Vessels
• Tankers
• Offshore
• Recreational

By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.