Marine Gensets Market Size – By Fuel, By Power Rating, By Application, Analysis, Share, Growth Forecast, 2025 – 2034

Marine Gensets Market Size

The global marine gensets market was valued at USD 6.6 billion in 2024 and is estimated to grow at a CAGR of 4.1% from 2025 to 2034. The expanding global population and continuous infrastructure development in emerging economies are set to drive demand for seaborne trade worldwide, enhancing the industry growth prospects. Rising imports & exports of goods and commodities including crude oil, ores, and minerals will further the accelerate industry outlook. For instance, according to the United Nations Conference on Trade & Development (UNCTAD), the shipping industry accounts for 80% of the global trade by volume and over 70% by revenue.
 

Marine gensets are engines powered by various fuel types, designed to generate electricity aboard ships and boats. They provide essential power for onboard systems, including lighting, navigation, and climate control. With applications in both commercial and recreational vessels, marine gensets are integral to modern maritime operations. Supportive government policies promoting marine tourism, along with innovative marketing and organizational strategies, have boosted demand for new passenger vessels and ships.

Marine Gensets Market Trends

The global maritime tourism sector has grown steadily in recent years, fueled by increased consumer spending on leisure and rising disposable incomes. This trend has boosted demand for recreational vessels, as more tourists opt to travel by ferries and cruise ships. Government regulations aimed at reducing maritime pollution particularly within Emission Control Areas (ECAs), have driven increased demand for low emission generating sets. To comply with these standards, industry players have introduced products equipped with advanced engines, including those featuring scrubbers and catalytic reactors, stimulating the industry potential.
 

Marine Gensets Market Analysis

The MDO fueled marine gensets industry will exceed USD 5 billion by 2034. The increased adoption of these systems is attributed to the environmental regulations formulated by various governments to overcome the intrinsic downside of the existing emission levels. These fuels are known for their reliability and efficiency in high & medium speed engines further support its widespread adoption, operators increasingly prioritize both operational efficiency and environmental responsibility in their fuel choices. The increasing global maritime trade, especially in developing countries, coupled with a positive outlook for the shipping industry, is set to boost demand for these products.
 

The 1,000 kW – 5000 kW power rated marine gensets market size will witness about 4% growth rate from 2025 to 2034. The rising demand for recreational boats along with the expanding maritime tourism industry will fuel the adoption of marine generator sets. Increasing requirements for gensets in tugboats, submarines, and yachts, especially within emerging markets will also shape the market outlook. Furthermore, with strengthening of infrastructure and rise in disposable incomes, more consumers are investing in maritime leisure activities, which in turn elevates the need for reliable onboard power solutions.
 

U.S. marine gensets market is set to reach over USD 950 million by 2034. Ongoing technological advancements, including hybrid systems and renewable energy integration, to enhance the operational performance and sustainability of marine vessels will foster the market growth. Rising demand for tugboats, yachts, and offshore vessels coupled with government incentives for green technologies, will further boost the adoption of advanced these gensets.
 

The ongoing construction of navy ships, freighters, and tugboats will contribute to a robust order book, thereby boosting demand for advanced marine equipment in Asia Pacific. Additionally, with strict environmental regulations and increasing focus on integration of innovative technologies to enhance fuel efficiency and lower environmental impact, will further create growth opportunities for the market. The rising need for cost-effective and eco-friendly power alternatives in commercial, recreational, and military marine applications is further fueling market expansion, as operators seek to meet regulatory requirements and improve operational performance.
 

Marine Gensets Market Share

The marine genset industry is highly competitive, with both established companies and new entrants vying for market share in a rapidly evolving industry. Key players are investing in technological innovations, focusing on developing high-efficiency, low-emission marine generators that provide enhanced operational flexibility and reliability. Market growth is driven by the increasing demand for sustainable and energy-efficient power solutions for vessels, coupled with tightening emissions regulations.
 

Marine Gensets Market Companies

Major players operating in the marine gensets industry are:

• ABB
• Anglo Belgian Corporation
• Caterpillar
• Cummins
• Deere & Company
• Fischer Panda
• GlobalTec Solutions
• Kirloskar
• Kohler
• MAN Energy Solutions
• Mase Generators of North America
• Mitsubishi Heavy Industries
• Nidec Industrial Solutions
• Northern Lights
• Parikh Power
• Rolls-Royce
• Scania
• Societe Internationale des Moteurs Baudouin
• Sole Diesel
• Volvo Penta
• Wärtsilä
• YANMAR
   

Marine Gensets Industry News

• In March 2024, Rolls-Royce is investing USD 60 million to boost assembly, test, and shop visit capacity in the UK and Germany. This move aims to meet rising demand for new civil large engines and enhance aftermarket support for its Trent fleet. Over 300 front-line operations roles will be added, with expansion plans in Derby and Dahlewitz. Increased engine build capacity and optimized testing capabilities are key focuses of the investment.
   
• In January 2024, ABB acquired the shipping business of DTN Europe BV and DTN Philippines Inc., expanding their marine software portfolio. This acquisition will enhance ABB's digital solutions with vessel weather routing, analytics, and reporting, connecting over 5,000 vessels. Approximately eighty-five employees from DTN will join ABB, with the deal expected to close in Q2 2024. This move supports ABB's commitment to maritime decarbonization and voyage efficiency.
   

This marine gensets market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Units) & revenue (USD Million) from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Fuel

• MDO
• MGO
• LNG
• Hybrid
• Others

Market, By Power Rating

• < 1,000 kW
• 1,000 kW - 5,000 kW
• 5,000 kW - 10,000 kW
• 10,000 kW - 20,000 kW
• > 20,000 kW

Market, By Application

• Merchant
  • Container Vessels
  • Bulk Carriers
  • RO-RO
  • Others
• Offshore
  • Drilling RIGS & Ships
  • Anchor Handling Vessels
  • Offshore Support Vessels
  • Floating Production Units
  • Platform Supply Vessels
• Cruise & Ferry
  • Cruise Vessels
  • Passenger Vessels
  • Passenger/Cargo Vessels
  • Others
• Navy
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Italy
  • Norway
  • France
  • Russia
  • Denmark
  • Netherlands
  • Belgium
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Vietnam
  • Singapore
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Iran
  • Angola
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Mexico