The marine engines market is expected to grow from an estimated USD 11.7 billion in 2022 to USD 13.3 billion by 2027, at a CAGR of 2.6% during the forecast period. The growth in international marine freight transport, aging fleet, and adoption of smart engines for performance and safety are the main drivers for the marine engines market. The rise of e-commerce and online trade, and rising demand for dual-fuel and hybrid engines are expected to offer lucrative opportunities for the marine engines market during the forecast period.
A few major players that have a wide regional presence dominate the marine engines market. The leading players in the marine engines market include Caterpillar (US), Volkswagen Group (MAN Energy Solutions (Germany), Volvo Penta (Sweden), Hyundai Heavy Industries Co., Ltd. (Japan), and Rolls-Royce Holdings (UK). Major strategies adopted by these players include sales contracts, product launches, contracts, partnerships, agreements, and acquisitions to increase their market shares and expand their geographic presence. Sales contracts and agreements were the most commonly adopted strategies from January 2019 to February 2022.
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Caterpillar is a leading provider of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company primarily operates through five product segments: Resource Industries, Construction Industries, Energy & Transportation, Financial Products, and All Other Segments. The Energy & Transportation segment supports customers in oil & gas, power generation, marine, rail and industrial applications, including CAT machines. The company has various types of marine engines such as commercial propulsion engines, auxiliary engines, and high-performance propulsion and maneuvering solutions. These engines can be used in cruises, dredges, ferries, general cargo, and inland waterway vessels. The company offers maximum value with engines, which offer higher power with lower emissions. Caterpillar has manufacturing facilities of its Energy & Transportation segment located in Brazil, China, the US, Australia, Germany, India, Italy, Mexico, Sweden, and the UK. The company has established numerous manufacturing facilities and subsidiaries in the Americas, EMEA, and Asia Pacific. It also has 45 dealers located in the US and 116 dealers located outside the US, serving 192 countries. For instance, in March 2021, Caterpillar launched a new version of C32B engine (2433 mhp). The new model has 20% increase in power output, updated cooling system, and new sequential air system that delivers faster response and better performance than the earlier version, which was of 2025 mhp.
Rolls-Royce Holdings is a key provider of integrated power and propulsion systems. The company operates through five segments, namely, Civil Aerospace, Power Systems, Defense, ITP Aero, and Non-core Business. The company offers marine engines under its Power Systems and Defense business segment. The Power Systems segment provides high- and medium-speed reciprocating engines, distributed energy solutions, complete propulsion and drive systems, and fuel injection systems. It caters to the marine, land defense, mining, construction, agriculture, naval, rail, oil & gas, and power generation sectors. Under the mtu product and solution brand, Rolls-Royce’s power systems segment provides world-class power solutions and complete life-cycle support. . The core brands in this segment are mtu, L’Orange, and mtu Onsite Energy. The Defense segment offers aero engines for military transport and patrol aircraft and helicopter applications. It has a large naval presence and is the technical authority for the Royal Navys submarine fleets nuclear power plant through life support. Rolls-Royce has 31 research and technology centers across the globe. It conducts operations in 50 countries and sales networks in over 120 countries. For instance, in May 2021, Rolls Royce Holdings signed a contract with the UK Ministry of Defense (MOD) to provide support with MT30 and WR-21 marine engines to power two major Royal Navy programs.
Marine Engines Market by Engine (Propulsion Engine, Auxiliary Engine), Type (Two Stroke, Four Stroke), Power Range (Up to 1,000 hp, 1,001-5,000 hp, 5,001-10,000 hp, 10,001-20,000 hp, Above 20,000 hp), Fuel, Vessel and Region - Global Forecast to 2027
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