Product Code: 21501
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:
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:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
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
- 5.2. 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
- 6.2. 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
- 6.3.1.2. 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
- 6.3.2.2. 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
- 6.3.3.2. 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
- 7.2. 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
- 7.3.1.2. 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
- 7.3.2.2. 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
- 7.3.3.2. 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
- 7.3.4.2. 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
- 7.3.5.2. 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
- 8.2. 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
- 8.3.1.2. 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
- 8.3.2.2. 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
- 8.3.3.2. 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
- 8.3.4.2. 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
- 8.3.5.2. 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
- 9.2. 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
- 9.3.1.2. 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
- 9.3.2.2. 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
- 9.3.3.2. 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
- 10.2. 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
- 10.3.1.2. 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
- 10.3.2.2. 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
- 10.3.3.2. 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.
16. Strategic Recommendations
17. About Us & Disclaimer