How big is the Marine Propulsion Engine Market?

The Marine Propulsion Engine Market size is expected to reach USD 37.96 billion in 2024 and grow at a CAGR of 2.63% to reach USD 43.23 billion by 2029. Read More

What is the current Marine Propulsion Engine Market size?

In 2024, the Marine Propulsion Engine Market size is expected to reach USD 37.96 billion. Read More

Who are the key players in Marine Propulsion Engine Market?

Caterpillar Marine (MaK), Hyundai Heavy Industries Ltd. , Yanmar Co. Ltd. , MAN Energy Solutions SE and Wartsila Corporation are the major companies operating in the Marine Propulsion Engine Market. Read More

Which is the fastest growing region in Marine Propulsion Engine Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Marine Propulsion Engine Market?

In 2024, the Asia-Pacific accounts for the largest market share in Marine Propulsion Engine Market. Read More

What years does this Marine Propulsion Engine Market cover, and what was the market size in 2023?

In 2023, the Marine Propulsion Engine Market size was estimated at USD 36.99 billion. The report covers the Marine Propulsion Engine Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Propulsion Engine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Marine Propulsion Engine Market Share

Statistics for the 2023 & 2024 Marine Propulsion Engine market share, created by Mordor Intelligence™ Industry Reports. Marine Propulsion Engine share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Marine Propulsion Engine Industry

The marine propulsion engine market is moderately consolidated due to the presence of key players like MAN Energy Solutions SE, Wartsila Corporation, Hyundai Heavy Industries Co. Ltd, Yanmar Co. Ltd, and MaK, a subsidiary of Caterpillar Marine. 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 joint ventures and new product launches.

In October 2022, Volvo Penta and CMB.TECH announced a tie-up for developing dual-fuel hydrogen-powered solutions aimed at both marine and terrestrial applications. The collaboration will focus on piloting projects of small-scale industrialization and ensuring access to greenhouse gas emission reduction technology.
In September 2022, MAN Energy Solutions SE and Makita Corporation signed a three-year-long deal to provide MAN PrimeServ services on SCR-HP systems used in MAN two-stroke marine engines made by Makita under license.
In December 2021, Caterpillar Marine launched the new 2025 mhp Cat C32B engine.