As cited by the research report titled ‘Global Marine Engines Market Size By Fuel (MDO, MGO, LNG, Hybrid), By Power (< 1,000 HP, 1,000-5,000 HP, 5,001-10,000 HP, 10,001-20,000 HP, > 20,000 HP), By Technology (Low Speed, Medium Speed, High Speed), By Propulsion (2-Stroke, 4-Stroke), By Application (Commercial [Container Vessels, Tankers, Bulk Carriers, Roll On/Roll Off], Offshore [AHTS, PSV, MPSV], Recreational [Cruise Ships, Ferries, Yachts], Navy), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with MarketStudyReport, global marine engines market is projected to expand significantly over 2020-2026.
 

Widespread use of marine vessels across several verticals such as commercial, naval, and recreational sectors is majorly driving global marine engines market growth.
 

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For the record, marine engines on ships are installed in various vessels, including tankers, offshore ships, naval vessels, passenger ships, special purpose ships, container ships, and bulk carriers to ensure efficient propulsion across ports.
 

Based on fuel type, hybrid engines segment is anticipated to witness considerable growth, garnering 4% market share by 2026, owing to shifting preference of manufacturers from fossil fuels towards hybrid marine power along with evolving regulatory norms addressing environmental health.
 

Considering power range, 5,001-10,000 HP segment is poised to amass USD 1.5 billion valuation over the estimated timeline. Speaking of technology, the medium speed engine segment was valued at USD 2 billion in 2019 and is expected to showcase lucrative growth over the assessment period as these engines are more compact, space-saving, and have low component weight with more cargo space.
 

Moving on to application range, offshore applications segment is predicted to expand at 4% CAGR through 2026, owing to increasing demand for tankers, bunkers, and bulk carriers in oil and gas exploration activities.
 

Considering the regional frame of reference, global marine engines market spans across Europe, Asia Pacific, Latin America, North America, and Middle East & Africa. Experts cite that Europe is likely to garner 18% market share by 2026, owing to increasing product demand across recreational as well as commercial sectors along with growing efforts by local firms for innovation in marine engines and related technology.
 

Prominent players influencing the industry dynamics are Scania AB, Shanghai Diesel Engine Co. Ltd., MAN Energy Solutions SE, Deere & Company, IHI Corporation, Deutz AG, Rolls-Royce Motor Cars Ltd., Daihatsu Diesel Manufacturing Co. Ltd., Cummins Inc., Caterpillar Inc., Brunswick Corporation, Anglo Belgian Corporation, Hyundai Heavy Industries Co. Ltd., Yamaha Motor Co. Ltd., Yanmar Holdings Co. Ltd., Guangxi Yuchai Machinery Group Co. Ltd., Weichai Power Co. Ltd., Wärtsilä Oyj Abp, Volvo Penta, and STX Engine Co. Ltd.