Hybrid Marine Gensets Market Size - 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), By Type (Diesel-Electric, Gas-Electric), By Application (Merchant, Offshore, Cruise & Ferry, Navy) & Forecast, 2023 – 2032

Hybrid Marine Gensets Market Size

Hybrid Marine Gensets Market was valued at USD 142.6 million in 2022 and is anticipated to grow at a CAGR of over 9.9% between 2023 and 2032. The increasing concern toward the emissions along with implementation of stringent government regulations will favor the industry scenario. For instance, the Clean Shipping Act of 2022 was presented to the U.S. House of Representatives in July 2022, which aimed to establish carbon intensity regulations for the fuel used by marine vessels.
 

The growing population index along with ongoing infrastructural developments across emerging economies will  increase the demand for seaborne trade across the world, which in turn will fuel the business outlook. The increase in the export & import of merchandise & commodities including crude oil, ores, and minerals will further stimulate the industry growth.
 

COVID– 19 Impact

The COVID- 19 has significantly impacted market for hybrid marine gensets, the economic slowdown resulted in supply chain disruptions, and widespread lockdowns all contributed to a decline in industrial activity and investment. The pandemic highlighted the vulnerabilities of global supply chains, leading to a reevaluation of sourcing strategies and a focus on resilience. These changes in market dynamics have affected the market's structure and competitiveness.
 

Hybrid Marine Gensets Market Trends

The marine tourism industry is witnessing significant growth owing to the improved standards of living, rising disposable incomes, greater leisure time and better-informed public. The increasing number of tourists travelling on cruises and ferries will further propel the demand for recreational vessels. The favorable government policies to develop marine tourism along with strategic marketing & organizational techniques will propel the industry landscape.
 

A hybrid marine genset is a power generation system designed for use in marine vessels, such as ships and boats. It combines conventional diesel or gas generators with energy storage and often renewable energy sources to provide power for various onboard electrical systems, propulsion, and auxiliary functions. The goal of a hybrid marine genset is to improve fuel efficiency, reduce emissions, and enhance the overall environmental and economic sustainability of marine operations.
 

Hybrid Marine Gensets Market Analysis

Based on power rating, the market is segmented as < 1,000 kW, 1,000 kW - 5,000 kW, 5,000 kW - 10,000 kW, 10,000 kW - 20,000 kW and > 20,000 kW. The 5,000 kW - 10,000 kW hybrid marine gensets market size will witness growth rate of over 10.2% through 2032. These gensets are being deployed across commercial & recreational vessels owing to the growing seaborne trade & economic growth, improved living standards, and rising energy consumption. These gensets find applications majorly across vessels including yachts, commercial & passenger vessels, and cruise ships, escalating the industry growth.
 

Based on type, the market is segmented as diesel-electric, gas-electric and others. The diesel-electric marine gensets market captured around 70% of the revenue share in 2022. The units are being adopted to improve fuel efficiency and reduce emissions, driving the business outlook. They enable the use of batteries and electric propulsion during low-load operations, including maneuvering in ports, which is more efficient and environmentally friendly than running diesel engines at idle.
 

Based on application, the market is segmented as merchant, offshore, cruise & ferry, navy and others. The offshore application is set to surpass USD 10 million by 2032. The growing deep-water exploration activities along with the rising demand for drilling platforms, anchor handling, and platform supply vessels will drive the business growth.  The robust growth in Exploration & Production (E&P) activities along with the availability of huge unexploited deep-water hydrocarbon reserves will further favor the industry scenario.
 

• The Europe hybrid marine gensets industry was valued at USD 13 million in 2022. The rising concerns for the environment are proven to be influential for the market. Furthermore, the efficiency and sustainability of marine operations by these gensets is one of key factors to accelerating the industry growth.
   
• The increasing demand for comfort & luxury, reliable gensets, expansion of the seaborne transport industry, and economic stability are the key parameters stimulating the industry landscape. The surging interregional trade practices & seaborne trade coupled with the flourishing shipbuilding sector will further fuel the business landscape.
   

Hybrid Marine Gensets Market Share

The top companies place emphasis on marketing strategies, technological advancements, brand establishment, and the attainment of economies of scale to effectively compete in the industry. The key market players include:

• Wärtsilä
• Caterpillar
• Cummins, Inc.
• MAN Energy Solutions
• MITSUBISHI TURBOCHARGER AND ENGINE 
• Rolls-Royce
• ABB
• YANMAR
• Volvo Penta
• Scania 
• Nidec Industrial Solutions
• Fischer Panda
• Northern Lights, Inc.
• Anglo Belgian Corporation nv
• Société Internationale des Moteurs Baudouin
• Zenoro 
• ZF Friedrichshafen AG
• Siemens Energy
• BAE Systems
• Steyr Motors

MAN Energy Solutions is known for its expertise in providing propulsion and power solutions for the maritime sector, including diesel and dual-fuel engines, as well as hybrid and electric propulsion systems. They have been actively involved in developing and promoting environmentally friendly solutions for the maritime industry, given the increasing focus on reducing emissions and improving the sustainability of shipping operations. 
 

Hybrid Marine Gensets Industry News

• In March 2023, Rolls-Royce's Power has been awarded a contract to provide four naval generator sets for the USS Congress, FFG-63, which is the second vessel in Navy's Constellation Class Guided-Missile Frigate program across the U.S. These generator sets utilize the MTU 20V 4000 M53B engine and collectively deliver a total output of 12 MW, serving both onboard power requirements and propulsion. This initiative signifies a significant commitment to enhancing U.S. manufacturing capabilities, encompassing the establishment of around 20 new job opportunities, and it plays a crucial role in meeting the advanced technological demands of the naval sector and forthcoming projects.
   
• In March 2022, Cummins announced the launch the B4.5 marine generator set and propulsion engine, expanding its hybrid-compatible lineup beyond the QSB6.7 and QSL9. The B4.5 is available for commercial and recreational propulsion applications, meeting IMO II, ST V, and ECD 2 regulations without aftertreatment. It offers a power range of 102 to 250 horsepower (76 to 186 kW) and is available separately or as part of a hybrid package. Cummins anticipates mid-to-late 2022 production release for this fuel-efficient and lightweight engine. The B4.5 is designed to provide reliability and fuel economy.
   

This hybrid 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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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

By Type

• Diesel-Electric
• Gas-Electric
• Others

By Application

• Merchant
• Offshore
• Cruise & Ferry
• 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