LNG Marine Gensets Market Size - By Technology (Spark Ignition, Compression Ignition), By Application (Merchant, Offshore, Cruise & Ferry, Navy), Power Rating & Forecast, 2024 – 2032

LNG Marine Gensets Market Size

LNG Marine Gensets Market was valued at USD 461.6 million in 2023 and is slated to register to about 4.8% CAGR between 2024 and 2032. The robust expansion in seaborne trade coupled with increasing maritime tourism will influence the business growth. Furthermore, these gensets offer a more environmentally friendly option compared to traditional marine fuels, contributing to efforts to reduce greenhouse gas emissions in the shipping industry.
 

The expanding global population, coupled with ongoing infrastructure developments in emerging economies, is expected to boost the demand for maritime trade worldwide, which in turn will positively impact 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 LNG marine gensets market has been substantially affected by the COVID-19 pandemic. The economic downturn, supply chain interruptions, and extensive lockdowns have collectively led to a decrease in industrial operations and investment. The crisis has underscored the susceptibilities of global supply chains, prompting a reassessment of sourcing approaches and an emphasis on building resilience. Consequently, these shifts in market dynamics have had a notable impact on the structure and competitiveness of the market.
 

LNG 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.
 

LNG Marine Gensets Market Analysis

The merchant marine gensets market size will witness more than 9.8% growth rate through 2032. The increasing seaborne trade, primarily across the developing economies coupled with the rapid rise in shipbuilding activities will stimulate the demand for marine commercial vessels. The demographic shifts in global urbanization along with the rising cross-border transport will accelerate the industry potential.
 

The 1,000 kW - 5,000 kW rated LNG marine gensets captured about 30% market share in 2023. The growing marine tourism is resulting in the adoption of recreational vessels which in turn will propel the deployment of these generator sets. The increasing demand for tug boats, submarines, and yachts primarily across the developing nations will further drive the product demand.
 

The spark ignition marine gensets industry size is set to surpass USD 350 million by 2032. Increasing environmental concerns and stricter emission regulations worldwide are driving the demand for cleaner and more fuel-efficient marine gensets. These engines compared to traditional diesel engines, can have lower emissions, making them attractive in regions with stringent environmental standards.
 

• The Latin America LNG marine gensets market was worth USD 47.1 million in 2023. The rising concerns for the environment in the region are proven to be a concern for the business expansion. Increasing maritime tourism along with robust expansion in seaborne trade are some of the key factors to propel the growth.
   
• The increasing shipbuilding activities across the region along with the abundant raw material supply and low wage rate across the region will drive the product demand. The ongoing technological advancements in product development & design coupled with increasing seaborne trade will foster the industry potential.
   

LNG Marine Gensets Market Share

The major companies are focusing on marketing strategies, technological advancements, brand recognition and economies of scale to meet the competition prevailing in the industry.
 

MAN Energy Solutions is a part of the larger MAN Group, and they have a significant presence in the maritime industry. Their marine gensets, which are essentially generator sets used for onboard power generation in ships, are designed to meet the specific requirements of the marine sector. These gensets are crucial for providing auxiliary power to support various onboard systems and functions, ensuring the smooth operation of vessels.
 

LNG Marine Gensets Market Companies

The key LNG marine gensets industry players include.

• Cummins, Inc.
• MAN Energy Solutions
• Kirloskar
• Rolls-Royce plc
• Wärtsilä
• ABB
• Volvo Penta
• Caterpillar
• Scania
• Mitsubishi Heavy Industries
• YANMAR
• Nidec Industrial Solutions
• Northern Lights, LLC
• Fischer Panda
• Kohler Co.
• CHINA SHIPBUILDING TRADING CO., LTD.
• Chevron
• Kawasaki Heavy Industries
   

LNG Marine Gensets Industry News

• In December 2021, Mitsubishi announced that they have secured an initial order for LNG Fuel Gas Supply Systems for high-pressure dual-fuel marine engines. The order covers six LNG-fueled car carriers. The unit includes LNG fuel tanks, supply units, and a control unit with a space-saving design, optimizing cargo space and ensuring a shorter installation period. This strategic move aligns with Mitsubishi's commitment to carbon neutrality and reducing greenhouse gas emissions in the shipping industry.
   
• In January 2021, Rolls-Royce announced that they will deliver two mtu gas engines to Sembcorp Marine for the LNG-hybrid powered tugboat. The eco-friendly tug, set to operate in Singapore from late 2021, is part of Sembcorp Marine's initiative to replace existing diesel-powered tugs with sustainable alternatives. The mtu gas engines, emitting minimal pollutants without exhaust gas aftertreatment, contribute to Rolls-Royce's Green and High-Tech program. The LNG-hybrid tug's propulsion system offers flexibility, switching between low-emission LNG engines and zero-emission battery power, aligning with environmental and operational efficiency goals.
   

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

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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 Technology

• Spark Ignition
• Compression Ignition

Market, 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