Global Marine Auxiliary Engine Market Assessment, By Fuel [Diesel, Gas], By Power [Up to 350 HP, 350 to 650 HP, 650 to 1000 HP], By Application [Commercial Boats, Fishing Boats, Recreation Boats, Security Boats], By Region, Opportunities and Forecast, 2017-2031F

Marine Auxiliary Engine Market  is projected to witness a CAGR of 6.66% during the forecast period 2024-2031, growing from USD 3.21 billion in 2023 to USD 5.38 billion in 2031.

Marine Auxiliary Engine Market Overview, Size, Share, Report 2031

Global marine auxiliary engine market is projected to witness a&nbsp;CAGR of 6.66%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 3.21 billion&nbsp;in 2023 to&nbsp;USD 5.38 billion&nbsp;in 2031. The market has experienced a significant growth rate in recent years and is expected to maintain its expansion over the years to come.
The marine auxiliary engine market refers to the industry involved in the manufacturing, distribution, and servicing of auxiliary engines specifically designed for marine applications. These engines, also known as ship auxiliary engines or maritime auxiliary engines, play a crucial role in providing additional power to ships beyond the main propulsion system. Marine auxiliary engines are typically used to generate electricity for various onboard functions, such as lighting, air conditioning, refrigeration, and other electrical systems. They are employed to operate auxiliary equipment like pumps and winches.
The market encompasses a variety of auxiliary engines designed to meet the diverse needs of different types of vessels, including cargo ships, passenger ships, naval vessels, and offshore platforms. Manufacturers in the market focus on producing engines that are reliable, fuel-efficient, and compliant with stringent marine emission standards. The demand for marine auxiliary engines is influenced by factors such as the growth of the global shipping industry.
According to the United Nations Conference on Trade and Development, global commercial shipping is rising at a rate of more than 2% to 2.5% per year. Furthermore, advancements in engine technology and regulatory requirements related to emissions and environmental sustainability in the maritime sector influence market growth.
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<h2 style="text-align: justify;">Commercial Shipping Fuels Market Growth</h2>
The demand for marine auxiliary engines globally is significantly fueled by the growth in commercial shipping. The maritime industry, handling 80% of international trade, plays a pivotal role in global trade and economic growth. &nbsp;With sea transportation being a crucial method for delivering goods from distant suppliers, most commodities are transported in containers, whether less-than-container load (LCL) or full-container load (FCL). The chemical/product tanker segment in the maritime industry, particularly driven by LNG, plays a pivotal role in the fuel mix. As the maritime sector embraces LNG, comprising 5%-10% of the market by 2040, there is a substantial market potential for marine engine manufacturers. Increased investments in shipbuilding, particularly in developing countries like India and Bangladesh, and the strategic focus on environmentally friendly auxiliary engine technologies contribute to the expansion of the marine auxiliary engine market. The International Maritime Organization's rules to reduce carbon emissions and global efforts in R&amp;D for low-carbon fuels and energy-efficient components further boost the demand for marine auxiliary engines in the commercial shipping sector.
<h2 style="text-align: justify;">Rising Focus on Sustainability Driving the Demand</h2>
Another significant factor driving the demand for marine auxiliary engines globally is the increasing focus on environmental sustainability and regulatory compliance. Stringent regulations, such as those introduced by the International Maritime Organization (IMO) to reduce carbon emissions by half, are prompting the maritime industry to adopt cleaner and more efficient technologies. The development of environmentally friendly auxiliary engine technologies has become a priority, leading to a greater investment in research and development. As nations worldwide commit to reducing their carbon footprints, there is a growing emphasis on energy-efficient motor components and low-carbon fuels in the shipping sector. The drive towards compliance and sustainability acts as a catalyst for the marine auxiliary engine market, with manufacturers innovating to meet stringent environmental standards and aligning with global efforts to create a greener shipping industry.
<h2 style="text-align: justify;">Government Initiatives</h2>
Government initiatives, policies, and reforms wield significant influence over the global market for marine auxiliary engines, steering it towards sustainability and environmental responsibility. One pivotal area of regulation is the imposition of stringent emission standards by entities like the International Maritime Organization (IMO).
These standards, exemplified by MARPOL Annex VI, establish limits on pollutants like sulfur and nitrogen oxide emissions, compelling industry to adopt cleaner technologies. Governments globally are promoting the use of alternative fuels, including LNG, hydrogen, ammonia, and biodiesel, with incentives and supportive policies aimed at reducing greenhouse gas emissions.
Research and development funding from governments further catalyze the evolution of environmentally friendly auxiliary engine technologies, fostering innovation and efficiency. The maritime industry is incentivized through various means, such as tax breaks or subsidies, to adopt green technologies that enhance fuel efficiency and reduce emissions. International collaboration and agreements, like the Paris Agreement, foster a unified global approach to maritime sustainability. Port access restrictions, renewable energy integration policies, and regulations specific to the maritime sector collectively contribute to shaping a market that aligns with both economic growth and ecological well-being.
Future Market Scenario (2024 &ndash; 2031F)
<ul style="text-align: justify;">
<li>The market is witnessing a surge in the adoption of environmentally friendly technologies. The emphasis on reducing emissions and complying with stringent environmental regulations is driving the integration of alternative fuels such as LNG, hydrogen, ammonia, and biodiesel.</li>
<li>Stringent emission standards imposed by organizations like the International Maritime Organization (IMO) are steering the market. Compliance with regulations, such as MARPOL Annex VI, is pushing the industry towards innovative solutions that minimize pollutants and enhance overall sustainability.</li>
<li>There is a growing focus on improving the energy efficiency of marine auxiliary engines. The development of engines with higher power density, reduced fuel consumption, and lower maintenance requirements is a trend that is likely to continue in the forecast period.</li>
</ul>
Report Scope
&ldquo;Marine Auxiliary Engine Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global marine auxiliary engine market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 6.66% between 2024 and 2031
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Revenue Forecast in 2031
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USD 5.38 billion
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Units
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Revenue in USD billion
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Segments Covered
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Fuel, Power, Application
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Wabtec Corporation, Rolls-Royce Pic, Yanmar Holdings Co., Man Energy Solutions, Cummins Inc., Caterpillar Inc., Deere &amp; Company, Hyundai Heavy Industries Co., Mitsubishi Chemical Corporation, Kirloskar Oil Engines Ltd., Deutz AG, AGCO Power Inc., Volvo Penta (AB Volvo (publ)), W&auml;rtsil&auml; Corporation
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In this report,&nbsp;global marine auxiliary engine market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Fuel
<ul>
<li>Diesel</li>
<li>Gas</li>
</ul>
</li>
<li>By Power
<ul>
<li>Up to 350 HP</li>
<li>350 to 650 HP</li>
<li>650 to 1000 HP</li>
</ul>
</li>
<li>By Application
<ul>
<li>Commercial Boats</li>
<li>Fishing Boats</li>
<li>Recreation Boats</li>
<li>Security Boats</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies in the marine auxiliary engines market are strategically launching versatile engines capable of serving multiple applications. The approach enhances market competitiveness by addressing diverse customer demands across sectors such as workboats, tugs, governmental vessels, fishing boats, and ferry services. The cost-efficient production of standardized engines enables economies of scale and competitive pricing. Flexibility in integration across various vessels, adaptability to evolving regulatory standards, and operational efficiency contribute to the engines' appeal. The global strategy caters to diverse regional market dynamics, providing a competitive edge and future-proofing technology. Ultimately, the focus on multi-application engines strengthens customer relationships by offering solutions aligned with the varied needs of the maritime industry.
In 2023, Perkins, has introduced two new auxiliary engines, the Perkins E44 and E70B, designed for use in inland waterways, tugs, governmental, fishing, and ferry services. The E44 is an electronic 4.4-liter, 4-cylinder engine, while the E70B is an evolved version, offering a wide range of power ratings and configurable solutions to meet diverse auxiliary power needs in the maritime sector. With a focus on durability and high engine uptime, these electronic engines feature a 500-hour service interval and low maintenance attributes, including a self-priming fuel system and automatic valve lash adjustment. Perkins emphasizes customer needs, ensuring competitive engine and spare parts pricing, compact design, easy installation, and global support through their dedicated distributor network.
Key Players Operating in Global Marine Auxiliary Engine Market are:
<ul style="text-align: justify;">
<li>Wabtec Corporation</li>
<li>Rolls-Royce Plc</li>
<li>Yanmar Holdings Co.</li>
<li>Man Energy Solutions</li>
<li>Cummins Inc.</li>
<li>Caterpillar Inc.</li>
<li>Deere &amp; Company</li>
<li>Hyundai Heavy Industries Co.</li>
<li>Mitsubishi Chemical Corporation</li>
<li>Kirloskar Oil Engines Ltd.</li>
<li>Deutz AG</li>
<li>AGCO Power Inc.</li>
<li>Volvo Penta (AB Volvo (publ))</li>
<li>W&auml;rtsil&auml; Corporation</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Marine Auxiliary Engine Market Assessment, Opportunities and Forecast, 2017-2031F

Global marine auxiliary engine market is expected to grow due to the expansion of commercial shipping, increasing global maritime trade, growth of maritime industry, etc.

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