MARINE PROPULSION ENGINE MARKET ANALYSIS

Key Developments

• In October 2022, Volvo Penta, a leading global manufacturer of engines for marine and industrial applications, announced a partnership with CMB.TECH, a cleantech company specializing in hydrogen solutions. This collaboration aims to develop dual-fuel hydrogen-powered solutions for both marine and terrestrial applications, focusing on pilot projects and small-scale industrialization to enhance access to technologies that reduce greenhouse gas emissions.
• In September 2022, MAN Energy Solutions SE, a leading provider of large-bore engines and marine solutions, unveiled its new MAN 49/60 engine family at the SMM Trade Fair in Hamburg, Germany. This four-stroke dual-fuel engine is designed to operate on LNG, diesel, heavy fuel oil, biofuels, and synthetic natural gas. The company emphasizes that this engine represents a crucial step towards achieving cleaner maritime transportation.
• In September 2022, Wärtsilä Corporation, a global leader in smart technologies and lifecycle solutions for the marine and energy markets, launched its first ammonia-fueled marine engine, the Wärtsilä 25. This medium-speed, four-stroke engine is based on Wärtsilä's modular platform technology and offers vessel owners and operators increased fuel efficiency and significantly reduced greenhouse gas emissions.
• In May 2021, Hindustan Aeronautics Limited (HAL), a state-owned aerospace and defense company in India, and Rolls-Royce, a British multinational engineering company known for its power systems, signed a Memorandum of Understanding (MoU) to enhance support for the installation, packaging, marketing, and services of Rolls-Royce's MT30 marine engines in India. This collaboration marks the first time both companies will work together in the marine applications sector.

*Definition: The Global Marine Propulsion Engine Market consists of companies that manufacture engines that are primarily used to power marine vessels including ships, boats, and other watercrafts. The engines are used to generate thrust to propel vessels on water. Key products in this market include diesel engines, gasoline engines, natural gas engines, electric motors and hybrid electric engines used in commercial vessels, naval vessels, recreational boats and other applications involving transportation or operation of machinery on water. The engines are designed to operate under harsh marine conditions and environments.