Marine Propulsion and Auxiliary Power Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Fuel Type, By Application, By Power Rating, By Vessel Type, By Region, By Competition, 2020-2030F

Description

The Global Marine Propulsion and Auxiliary Power Market, valued at USD 10.11 Billion in 2024, is projected to experience a CAGR of 13.04% to reach USD 21.09 Billion by 2030. The Global Marine Propulsion and Auxiliary Power Market encompasses the design, manufacturing, and distribution of systems and technologies essential for propelling marine vessels and generating onboard power. This market's expansion is fundamentally driven by several key factors, including the consistent growth in international maritime trade necessitating larger and more efficient fleets, and increasingly stringent environmental regulations, such as those introduced by the International Maritime Organization, which mandate reductions in greenhouse gas emissions.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 10.11 Billion
Market Size 2030	USD 21.09 Billion
CAGR 2025-2030	13.04%
Fastest Growing Segment	Liquefied Natural Gas
Largest Market	Europe

Key Market Drivers

Stringent maritime emission regulations fundamentally influence the Global Marine Propulsion and Auxiliary Power Market by compelling fleet operators to adopt advanced technologies and cleaner operational practices. International Maritime Organization mandates, such as the Energy Efficiency Existing Ship Index and the Carbon Intensity Indicator, necessitate significant upgrades or replacements of propulsion and auxiliary systems to ensure compliance and avoid penalties. This regulatory pressure directly stimulates demand for exhaust gas cleaning systems, energy recovery solutions, and more efficient engine designs.

Key Market Challenges

The substantial initial investment required for advanced propulsion systems, particularly those utilizing alternative fuels, represents a significant impediment to the growth of the Global Marine Propulsion and Auxiliary Power Market. Shipowners face considerable upfront capital expenditure when considering these innovative technologies, which often carry a higher procurement cost compared to conventional systems. This financial hurdle often deters broader adoption, as businesses prioritize immediate economic viability and return on investment.

Key Market Trends

Hybrid and electric propulsion system integration represents a significant trend in marine power architecture, combining traditional engines with energy storage like batteries for enhanced fuel efficiency, reduced emissions, and improved operational flexibility. The American Bureau of Shipping (ABS), an industrial association, actively classifies vessels with lithium-ion battery installations, exemplified by several SEACOR Marine platform support vessels receiving ABS-classed hybrid battery-power upgrades. Reflecting market demand, Wartsila secured an order in September 2023 for an integrated hybrid propulsion solution for three new cargo vessels, with deliveries slated for December 2025 and 2026. This underscores the market's embrace of comprehensive hybrid solutions to meet evolving environmental and performance criteria.

Key Market Players

ABB Ltd
Caterpillar Inc.
Cummins Inc.
MAN Energy Solutions
Mitsubishi Heavy Industries Ltd.
Rolls-Royce plc
Siemens AG
Wartsila Corporation
Yanmar Holdings Co., Ltd
Hyundai Heavy Industries Co., Ltd.

Report Scope:

In this report, the Global Marine Propulsion and Auxiliary Power Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Marine Propulsion and Auxiliary Power Market, By FuelType:

Diesel
Liquefied Natural Gas (LNG)
Liquefied Petroleum Gas (LPG)
Natural Gas
Battery
Ammonia
Hydrogen
Others

Marine Propulsion and Auxiliary Power Market, By Application:

Propulsion
Auxiliary

Marine Propulsion and Auxiliary Power Market, By Power Rating:

<1,000 kW
1,000-2,000 kW
2,001-3,000 kW
3,001-4,000 kW
4,001-5,000 kW

Marine Propulsion and Auxiliary Power Market, By Vessel Type:

Tankers/Carriers
Barges/Cargo Vessels
Defense Vessels
Cruise Ships
Others

Marine Propulsion and Auxiliary Power Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Marine Propulsion and Auxiliary Power Market.

Available Customizations:

Global Marine Propulsion and Auxiliary Power Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Marine Propulsion and Auxiliary Power Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By FuelType (Diesel, Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), Natural Gas, Battery, Ammonia, Hydrogen, Others)
- 5.2.2. By Application (Propulsion, Auxiliary)
- 5.2.3. By Power Rating (<1,000 kW, 1,000-2,000 kW, 2,001-3,000 kW, 3,001-4,000 kW, 4,001-5,000 kW)
- 5.2.4. By Vessel Type (Tankers/Carriers, Barges/Cargo Vessels, Defense Vessels, Cruise Ships, Others)
- 5.2.5. By Region
- 5.2.6. By Company (2024)
5.3. Market Map

6. North America Marine Propulsion and Auxiliary Power Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By FuelType
- 6.2.2. By Application
- 6.2.3. By Power Rating
- 6.2.4. By Vessel Type
- 6.2.5. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Marine Propulsion and Auxiliary Power Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By FuelType
    - 6.3.1.2.2. By Application
    - 6.3.1.2.3. By Power Rating
    - 6.3.1.2.4. By Vessel Type
- 6.3.2. Canada Marine Propulsion and Auxiliary Power Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By FuelType
    - 6.3.2.2.2. By Application
    - 6.3.2.2.3. By Power Rating
    - 6.3.2.2.4. By Vessel Type
- 6.3.3. Mexico Marine Propulsion and Auxiliary Power Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By FuelType
    - 6.3.3.2.2. By Application
    - 6.3.3.2.3. By Power Rating
    - 6.3.3.2.4. By Vessel Type

7. Europe Marine Propulsion and Auxiliary Power Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By FuelType
- 7.2.2. By Application
- 7.2.3. By Power Rating
- 7.2.4. By Vessel Type
- 7.2.5. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Marine Propulsion and Auxiliary Power Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By FuelType
    - 7.3.1.2.2. By Application
    - 7.3.1.2.3. By Power Rating
    - 7.3.1.2.4. By Vessel Type
- 7.3.2. France Marine Propulsion and Auxiliary Power Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By FuelType
    - 7.3.2.2.2. By Application
    - 7.3.2.2.3. By Power Rating
    - 7.3.2.2.4. By Vessel Type
- 7.3.3. United Kingdom Marine Propulsion and Auxiliary Power Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By FuelType
    - 7.3.3.2.2. By Application
    - 7.3.3.2.3. By Power Rating
    - 7.3.3.2.4. By Vessel Type
- 7.3.4. Italy Marine Propulsion and Auxiliary Power Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By FuelType
    - 7.3.4.2.2. By Application
    - 7.3.4.2.3. By Power Rating
    - 7.3.4.2.4. By Vessel Type
- 7.3.5. Spain Marine Propulsion and Auxiliary Power Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By FuelType
    - 7.3.5.2.2. By Application
    - 7.3.5.2.3. By Power Rating
    - 7.3.5.2.4. By Vessel Type

8. Asia Pacific Marine Propulsion and Auxiliary Power Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By FuelType
- 8.2.2. By Application
- 8.2.3. By Power Rating
- 8.2.4. By Vessel Type
- 8.2.5. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Marine Propulsion and Auxiliary Power Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By FuelType
    - 8.3.1.2.2. By Application
    - 8.3.1.2.3. By Power Rating
    - 8.3.1.2.4. By Vessel Type
- 8.3.2. India Marine Propulsion and Auxiliary Power Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By FuelType
    - 8.3.2.2.2. By Application
    - 8.3.2.2.3. By Power Rating
    - 8.3.2.2.4. By Vessel Type
- 8.3.3. Japan Marine Propulsion and Auxiliary Power Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By FuelType
    - 8.3.3.2.2. By Application
    - 8.3.3.2.3. By Power Rating
    - 8.3.3.2.4. By Vessel Type
- 8.3.4. South Korea Marine Propulsion and Auxiliary Power Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By FuelType
    - 8.3.4.2.2. By Application
    - 8.3.4.2.3. By Power Rating
    - 8.3.4.2.4. By Vessel Type
- 8.3.5. Australia Marine Propulsion and Auxiliary Power Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By FuelType
    - 8.3.5.2.2. By Application
    - 8.3.5.2.3. By Power Rating
    - 8.3.5.2.4. By Vessel Type

9. Middle East & Africa Marine Propulsion and Auxiliary Power Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By FuelType
- 9.2.2. By Application
- 9.2.3. By Power Rating
- 9.2.4. By Vessel Type
- 9.2.5. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Marine Propulsion and Auxiliary Power Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By FuelType
    - 9.3.1.2.2. By Application
    - 9.3.1.2.3. By Power Rating
    - 9.3.1.2.4. By Vessel Type
- 9.3.2. UAE Marine Propulsion and Auxiliary Power Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By FuelType
    - 9.3.2.2.2. By Application
    - 9.3.2.2.3. By Power Rating
    - 9.3.2.2.4. By Vessel Type
- 9.3.3. South Africa Marine Propulsion and Auxiliary Power Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By FuelType
    - 9.3.3.2.2. By Application
    - 9.3.3.2.3. By Power Rating
    - 9.3.3.2.4. By Vessel Type

10. South America Marine Propulsion and Auxiliary Power Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By FuelType
- 10.2.2. By Application
- 10.2.3. By Power Rating
- 10.2.4. By Vessel Type
- 10.2.5. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Marine Propulsion and Auxiliary Power Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By FuelType
    - 10.3.1.2.2. By Application
    - 10.3.1.2.3. By Power Rating
    - 10.3.1.2.4. By Vessel Type
- 10.3.2. Colombia Marine Propulsion and Auxiliary Power Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By FuelType
    - 10.3.2.2.2. By Application
    - 10.3.2.2.3. By Power Rating
    - 10.3.2.2.4. By Vessel Type
- 10.3.3. Argentina Marine Propulsion and Auxiliary Power Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By FuelType
    - 10.3.3.2.2. By Application
    - 10.3.3.2.3. By Power Rating
    - 10.3.3.2.4. By Vessel Type

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Marine Propulsion and Auxiliary Power Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. ABB Ltd
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. Caterpillar Inc.
15.3. Cummins Inc.
15.4. MAN Energy Solutions
15.5. Mitsubishi Heavy Industries Ltd.
15.6. Rolls-Royce plc
15.7. Siemens AG
15.8. Wartsila Corporation
15.9. Yanmar Holdings Co., Ltd
15.10. Hyundai Heavy Industries Co., Ltd.