How Is The Global Marine Gensets Market defined?
Marine gensets are power generation units specifically designed for use on various types of vessels, including ships, boats, and offshore platforms. These gensets provide electrical power for a wide range of applications, such as lighting, navigation equipment, communication systems, and other onboard electrical systems.
Marine Gensets Global Market Report 2024 provides data on the global marine gensets market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The marine gensets market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Marine Gensets Market Size Expected To Change, And What Are The Growth Rate Projections?
The marine gensets market has seen steady growth, expanding from $4.81 billion in 2023 to $5.03 billion in 2024 at a CAGR of 4.7%. Historical growth drivers include increased maritime trade, offshore oil and gas exploration, growth in global shipping, technological advancements in marine gensets, and demand for reliable power solutions. The market is projected to grow to $6.09 billion in 2028 at a CAGR of 4.9%. Drivers for future growth include rising demand for eco-friendly and fuel-efficient gensets, renewable energy integration in marine applications, expansion of marine tourism, and a focus on reducing carbon emissions. Trends include hybrid and electric gensets, eco-friendly technologies, renewable energy integration, compact genset designs, and advancements in digitalization.
Which Drivers Are Accelerating Growth In The Marine Gensets Market?
The strong growth of seaborne trade is expected to propel the marine genset market in the near future. Seaborne trade, which involves transporting goods across oceans and seas, is expanding due to globalization and international trade, leading to an increased demand for large-scale, efficient goods transport. Marine generators are essential for providing onboard power for navigation, communication, lighting, and refrigeration on vessels. According to a report by the United Nations Conference on Trade and Development, seaborne trade grew by 3.2% in 2021, with Asia accounting for a significant portion of global shipments. This growth in seaborne trade is therefore driving the marine genset market.
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What Are The Core Segments Of The Global Marine Gensets Market?
The marine gensets market covered in this report is segmented –
1) By Fuel: Marine Diesel Oil (MDO), Marine Gas Oil (MGO), Liquefied Natural Gas (LNG), Hybrid, Other Fuels
2) 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
3) By Ship Type: Defense Vessel, Commercial Vessel, Offshore Vessel, Other Ship Types
4) By Application: Merchant, Offshore, Cruise And Ferry
Which Emerging Trends Are Reshaping The Marine Gensets Market Size?
Companies in the marine gensets market are introducing lightweight and portable gensets to offer advanced features and versatility. For instance, in May 2023, Cummins Inc., a U.S.-based power solutions company, launched the Marine Diesel Cummins Turbo (MDCT) genset. This genset, available with low or high-kW auxiliary engines, is compact and compliant with EPA Tier 3 and EU Stage V emissions standards. It features user-friendly diagnostics through the Cummins Onan Digital Display and is designed for both commercial and recreational marine applications.
What Is The Largest Region In The Marine Gensets Market?
Asia-Pacific was the largest region in the marine gensets market in 2023. The regions covered in the marine gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
