The expansion of international trade is one of the characteristics of the modern world economy, and maritime transit is the foundation of this growth. The market for marine propulsion engines is initially influenced by maritime trade. Global economic progress has been accelerated by maritime transport thanks to expanded supply chains and the introduction of new markets. Around 90% of all freight is transported by sea. In order to facilitate their transcontinental trade, nations rely substantially on ship port infrastructure, which is anticipated to fuel the expansion of the global marine propulsion engine market.Global imports and exports have increased as a result of the recent increase in demand for maritime transport. With globalization at the core of many economies, chances of international trade of goods are increasing and providing a superior selection of accessible products at different prices. For instance, the EU accounts for nearly 15% of global goods trade, and up to 2020, import tonnage increased continuously by 5%.
The global Marine Propulsion Engine Market was valued at US$ 35.13 Bn in 2021 and is forecast to reach a value of US$ 46.82 Bn by 2030 at a CAGR of 3.3% between 2021 and 2030.
Leading Companies in the Marine Propulsion Engine Industry:
1. Caterpillar Inc
Caterpillar Inc was founded in 1925 and its headquters in Irving, Texas, United States. The company operates in 50 countries. Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines,
2. Cummins Inc
Cummins Inc Company founded in 1919, and it’s located Columbus, Indiana, United States .The Company operates in 50 Countries.
3 Daihatsu Diesel Mfg. Co. Ltd was launch in 1907 and it’s headquarter located in Japan.it operate over 20 country.
4. Hyundai Heavy Industries Co. Ltd,
Hyundai Heavy Industries Co. Ltd,was launch in 1972 and it’s headquarter Ulsan, South Korea.it operate over 51 country. In 2023 Hyundai Heavy Industries has become the world's first company whose cumulative production of two-stroke marine engines exceeds 200 m bhp..
5. MAN SE (Man Diesel & Turbo),
Nikon Corporation is founded in2010, with its headquarters in Augsburg, Bavaria, Germany. With businesses in over 20 countries.
6 Mitsubishi heavy Industries Ltd
Mitsubishi heavy Industries Ltd Was launch in 1884. And its headquarter Tokyo japan. it operate over 15 country.
7. Rolls-Royce PLC, Scania
Rolls-Royce PLC, Scania was launch in 1904 and its headquarter LONDON, England.. it operate over 150 country.
Definition- The system or technique used to generate push to propel a ship or boat over water is known as marine propulsion. The majority of modern ships are powered by mechanical systems that consist of an electric motor or engine rotating a propeller or, less frequently, in pump-jets, an impeller. Some smaller boats still use paddles and sails for propulsion.
