2025年中国船用发动机研究报告：碳中和背景下的船用发动机产业观察

Investment Rating - The report does not explicitly state an investment rating for the marine engine industry, but it highlights significant growth potential in the environmental engine market and increasing market concentration among leading manufacturers [3][16]. Core Insights - The marine engine market is experiencing intensified competition due to the environmental transformation and the trend towards larger engines, which is leading to increased market share concentration among top companies. The CR5 of the global low-speed engine market increased from 84% in 2011 to over 89% in 2023, while China's CR3 rose from 44% to over 87% in the same period [3]. - The environmental engine market is projected to grow rapidly from approximately 21.3 billion yuan in 2024 to 123.3 billion yuan by 2035, while the traditional engine market is expected to enter a rapid decline phase after 2030. The International Maritime Organization (IMO) and the European Union have set clear greenhouse gas reduction targets for the shipping industry, necessitating the adoption of low-carbon and zero-carbon fuel vessels [3][18]. - The dual-fuel technology is identified as a core system for eco-friendly vessels, with its value increasing by approximately 20-30% compared to traditional diesel engines. The average unit value of engines is expected to rise as the penetration rate of eco-friendly vessels increases, further expanding industry demand [3][18]. Market Overview - The marine engine market is categorized into low-speed, medium-speed, and high-speed engines, with low-speed engines accounting for over 90% of the propulsion power for ocean-going vessels such as container ships and bulk carriers [5][7]. - The marine engine industry chain consists of upstream key components and material suppliers, midstream core design and manufacturing, and downstream shipbuilding and operation, characterized by high technical barriers and market concentration [8][11]. Market Size - The environmental engine market is expected to grow from approximately 21.3 billion yuan in 2024 to 123.3 billion yuan by 2035, while the traditional engine market will decline significantly after 2030 [16][18]. - The global marine engine aftermarket is projected to reach 98.5 billion yuan in 2024, with steady growth expected to 119.1 billion yuan by 2030, driven by maintenance and spare parts [19][21].