Marine Gensets Market - By Fuel (MDO, MGO, LNG, Hybrid), 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) By Application (Merchant, Offshore, Cruise & Ferry, Navy) & Forecast, 2024 – 2032

Marine Gensets Market Size

Marine Gensets Market size valued at USD 6.3 billion in 2023 and is anticipated to record more than 9.2% CAGR from 2024 to 2032.

The worldwide maritime tourism sector has witnessed steady expansion in recent years due to increased consumer spending on leisure activities and higher disposable income. This upward trend has generated the need for recreational vessels as a growing number of tourists travel via ferries and cruise ships. Favorable government policies to promote marine tourism as well as innovative marketing & organizational strategies have further augmented the demand for new passenger vessels and ships, opening new growth prospects for marine gensets companies.

Increasing stringency of emission norms may act as a barrier to marine gensets market growth. With the rising pollution concerns, governments have established norms for reducing carbon emissions. Climate change concerns and carbon footprint reduction have become a priority for businesses in the marine sector. The use of carbon-polluting fuels to power these gensets could hamper the carbon emission goals of shipping firms, impacting product acceptance.

Marine Gensets Market Analysis

Marine gensets market share from the MDO fuel segment accounted for USD 4 billion in 2022, stimulated by the widespread use of these systems in high- and medium-speed marine engines with sulfur concentrations between 0.3% and 2.0% m/m. With its lower pricing, reduced pollution output, improved thermal, and oxidative stability, diesel oil has significantly risen in use in the marine industry.

Marine gensets market share from the 1,000 kW – 5000 kW power rating segment is expected to surpass USD 3 billion by 2032. Recreational boats are gaining high demand owing to the expanding maritime tourism sector, which will encourage the installation of these marine generator sets. The need for gensets will be further fueled by the rising demand for tugboats, submarines, and yachts, particularly in emerging countries.

Marine gensets market share from the merchant application segment will exceed USD 4 billion by 2032. The need for marine commercial boats will be boosted by the expansion of seaborne trade, particularly between developing nations, and the high growth of shipbuilding activity. The potential of the sector will increase due to demographic changes in global urbanization and growth in cross-border transportation. The surge in seaborne transportation will also rise on account of increasing imports and exports across the globe.

Asia Pacific marine gensets market size will cross USD 5 billion by 2032, owing to an upbeat outlook for the shipping sector as well as expanding seaborne trade. Product development will be further fueled by the gradual move toward the adoption of sustainable systems with a goal of reducing airborne emissions. The construction of navy ships, freighters, and tugboats will result in a solid order book, which will increase demand for cutting-edge equipment. In 2022, China started expanding its massive shipyard, Jiangnan shipyard, as it is important for the Chinese Navy. The yard will build cruisers, aircraft carriers, submarines, and destroyers.

Marine Gensets Market Share

The major players operating in the marine gensets market include :

• Cummins,Inc
• MAN Energy Solutions
• Kirloskar
• Société Internationale des Moteurs Baudouin
• Rolls-Royce plc
•  Weichai Holding Group Co,Ltd
• Wärtsilä
• ABB
• Deere & Company
• Volvo Penta
• Caterpillar
• Scania
• Nidec Industrial Solutions
• Solé Diesel
• Mitsubishi Heavy Industries
• GlobalTec Solutions
• YANMAR
• Mase Generators of North America LLC
• Northern Lights,LLC
• Parikh Power
• Fischer Panda
• Anglo Belgian Corporation nv
• BHOJANI GENERATORS
•  Kohler Co.
   

These companies are focusing on marketing strategies, technological advancements, brand recognition, and economies of scale to meet the competition prevailing in the industry. In September 2022, ABB Marine & Ports and MAN Energy Solutions signed a partnership agreement to work together and develop dual-fuel electric power production systems. ABB's Dynamic AC (DAC) power distribution and control system and MAN's new 49/60DF four-stroke engine will be the foundation of the dual-fuel, electric power system+ (DFE+) propulsion system idea that the two businesses will develop in accordance with a Memorandum of Understanding (MOU).
 

This marine gensets market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032 for the following segments:

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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
  • Tankers
  • 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 country:

• 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