How Big Is the Marine Propulsion Engine Market | Size, Growth & Insights 2031

Q: What is the size of the marine propulsion engine market?

The market was valued at USD 11.7 billion in 2024 and is projected to reach USD 17.4 billion by 2031, growing at a CAGR of 5.20%.

Q: What are marine propulsion engines used for?

They are used to generate thrust for ships and vessels using energy from diesel, LNG, electric, or nuclear power systems.

Q: What trends are shaping the marine propulsion engine market?

Key trends include hybrid and electric propulsion, fuel efficiency optimization, and compliance with IMO emission regulations.

Q: Who are the major players in the marine propulsion engine market?

Leading companies include Wärtsilä, MAN Energy Solutions, Caterpillar, Rolls-Royce, Mitsubishi Heavy Industries, and Cummins.

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6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

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Code: MTA7058

Publication Date: Aug 2025

How Big Is the Marine Propulsion Engine Market?

According to 6Wresearch internal database and industry insights, the Global Marine Propulsion Engine Market was valued at USD 11.7 Billion in 2024 and is expected to reach USD 17.4 Billion by 2031, growing at a compound annual growth rate of 5.20% during the forecast period (2025-2031).

There is growth in the market from the expanding shipbuilding industry, sea trade, and the development of better energy-efficient and eco-friendly propulsion systems. Marine propulsion engines are systems that convert energy into thrust to move a ship. There are diesel, gas turbine, nuclear, and electric propulsion engines.

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Growth Factors of the Marine Propulsion Engine Market

Increase in global seaborne trade and merchant vessel production
Transition toward hybrid and electric marine engines
Stringent emission norms by IMO driving cleaner engine adoption
Naval modernization programs by maritime defense agencies
Expanding cruise tourism and offshore energy exploration
High demand for LNG-powered propulsion systems in cargo vessels

Marine Propulsion Engine Market Trends

Since LNG and electric propulsion systems are being increasingly accepted by the market, the market is entering a technological shift. Shipbuilders are starting to use energy recovery systems, smart fuel tracking systems, and digital engine control systems. Many vessel owners are adopting a new wave of technologies to save on fuel costs and ensure compliance with environmental guidelines.

In addition, many owners and shipyards are retrofitting older vessels with dual-fuel engines and variable speed drive (VSD) propulsion systems to meet new performance standards.

Emerging Developments in the Marine Propulsion Engine Market

There are many manufacturers who have development plans which will include hydrogen fuel cell propulsion and ammonia powered engines as part of helping reach zero-carbon shipping by the year 2050. There has also been a greater level of collaboration across shipyards and engine OEMs (original equipment manufacturers) for co developing small footprint modular engines to power either uncrewed vessels or uncrewed underwater vehicles (UUVs), akin to what defence contractors are applying to underwater marine propulsion systems.

Moreover, digital twin technology is being assessed in the engine maintenance system with parallel capabilities such as real time monitoring, predictive servicing, or AI used to give the optimum performance for owners or fleet/operating companies. New electric portable pod drives are also being presented to the market in the leisure boat sector and in the fishing craft (commercial) sector.