Marine Engines Global Market Report 2026

Marine engines are heat engines that convert heat energy into mechanical energy by burning fuel to propel ships. They are installed or intended for installation on marine vessels. Marine engines are classified as either propulsion marine engines, which propel or steer ships through the sea, or auxiliary marine engines, which do not provide propulsion.

In marine engines, the main types include diesel engines, gas turbines, natural engines, and others. Gas turbines convert natural gas or liquid fuels into mechanical energy and are used in ships such as oil tankers, bulk carriers, cargo ships, and container ships. Fuel types for marine engines include heavy fuel oil, intermediate fuel oil, marine diesel oil, marine gas oil, LNG, and others. Marine engines are categorized as four-stroke and two-stroke, with power ranging from up to 1,000 HP to above 20,000 HP.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are impacting the marine engines market by increasing the cost of imported engine blocks, turbochargers, fuel injection systems, crankshafts, and electronic control modules. Shipowners and shipyards in North America and Europe are most affected due to reliance on imported high-power engines, while Asia-Pacific manufacturers face pricing pressure on exports. These tariffs are raising vessel construction and retrofit costs. However, they are also driving localization of engine manufacturing, regional component sourcing, and innovation in hybrid and low-emission marine engine technologies.

The marine engines market research report is one of a series of new reports from The Business Research Company that provides marine engines market statistics, including marine engines industry global market size, regional shares, competitors with a marine engines market share, detailed marine engines market segments, market trends and opportunities, and any further data you may need to thrive in the marine engines industry. This marine engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine engines market size has grown strongly in recent years. It will grow from $10.82 billion in 2025 to $11.43 billion in 2026 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to global shipping growth, demand for large vessels, diesel engine dominance, maritime trade expansion, shipbuilding investments.

The marine engines market size is expected to see strong growth in the next few years. It will grow to $14.17 billion in 2030 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to decarbonization regulations, adoption of alternative fuels, smart engine monitoring, demand for high-power engines, marine efficiency standards. Major trends in the forecast period include shift toward dual-fuel engines, demand for fuel-efficient propulsion, growth of lng-powered vessels, expansion of fleet modernization, adoption of emission control technologies.

The growth of international marine freight transport is expected to drive the marine engine market in the coming years. Marine freight transport involves using ships or cargo vessels to move goods between locations, offering a more cost-effective and feasible option compared to rail or air transport for international shipments. For example, in October 2024, the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based permanent intergovernmental body of the UN, reported that global maritime trade grew by 2.4% to 12.3 billion tons in 2023, rebounding from a contraction in 2022. The sector is projected to grow by 2% in 2024 and at an average annual rate of 2.4% through 2029. Therefore, the rise in international marine freight transport is expected to increase demand for marine engines.

Leading companies in the marine engines market are focusing on the development of marine engines equipped with high-pressure fuel injection systems to enhance fuel efficiency, reduce emissions, and boost overall performance. High-pressure fuel injection systems are advanced technologies used in internal combustion engines, including marine engines, to inject fuel into the combustion chamber at very high pressures. For example, in September 2024, Scania AB, a Sweden-based company, introduced the DI13 marine engine, which features a high-pressure fuel injection system designed to improve fuel efficiency and lower emissions, thereby meeting stringent environmental regulations. These engines deliver an output range from 220 to 1,150 horsepower (162 to 846 kW), making them suitable for a variety of marine applications, such as fishing vessels, patrol boats, and cargo ships. Additionally, these units enable precise monitoring and adjustments, ensuring optimal performance across different operational conditions.

In February 2024, Hanwha Group, a South Korea-based conglomerate, acquired HSD Engine Co., Ltd. for an undisclosed amount. This acquisition enables Hanwha Group to offer comprehensive shipbuilding solutions by integrating HSD Engine's low-speed marine propulsion engines, including eco-friendly and dual-fuel technologies, thereby strengthening its capabilities in large-scale ship propulsion systems and sustainable maritime solutions. HSD Engine Co., Ltd., based in South Korea, specializes in designing and manufacturing large, low-speed marine engines for container ships.

Major companies operating in the marine engines market are Honda Motor Co Ltd., Caterpillar Marine Power Systems, Volvo Penta AB, Suzuki Motor Corporation, Hyundai Heavy Industries Co Ltd., Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Ltd., Kubota Corporation, Scania AB, Rolls-Royce plc, Yanmar Holdings Co Ltd., MTU Friedrichshafen GmbH, Wartsila Oyj Abp, MAN Energy Solutions SE, Mercury Marine, Perkins Engines Company Limited, DEUTZ AG, Detroit Diesel Corporation, Lister Petter Ltd., Nanni Diesel S.r.l., Beta Marine OY, Tohatsu Corporation, Weichai Power Co Ltd.

Asia-Pacific was the largest region in the marine engines market share in 2025. The regions covered in the marine engines market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The marine engines market consists of sales of outboard marine engines, inboard marine engines, sterndrive marine engines, and jet drive marine engines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Marine Engines Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses marine engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for marine engines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The marine engines market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Engine Type: Diesel Engine; Gas Turbine
• 2) By Ship Type: Oil Tankers; Bulk Carriers; General Cargo Ships; Container Ship
• 3) By Fuel Type: Heavy Fuel Oil; Intermediate Fuel Oil; Marine Diesel Oil; Marine Gas Oil; LNG; Other Fuel Types
• 4) By Stroke: Four Stroke; Two Stroke
• 5) By 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
• Subsegments:
• 1) By Diesel Engine: Medium-Speed Diesel Engines; High-Speed Diesel Engines
• 2) By Gas Turbine: Aero-Derivative Gas Turbines; Industrial Gas Turbines
• Companies Mentioned: Honda Motor Co Ltd.; Caterpillar Marine Power Systems; Volvo Penta AB; Suzuki Motor Corporation; Hyundai Heavy Industries Co Ltd.; Mitsubishi Heavy Industries Ltd.; Cummins Inc.; Isuzu Motors Ltd.; Kubota Corporation; Scania AB; Rolls-Royce plc; Yanmar Holdings Co Ltd.; MTU Friedrichshafen GmbH; Wartsila Oyj Abp; MAN Energy Solutions SE; Mercury Marine; Perkins Engines Company Limited; DEUTZ AG; Detroit Diesel Corporation; Lister Petter Ltd.; Nanni Diesel S.r.l.; Beta Marine OY; Tohatsu Corporation; Weichai Power Co Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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