The marine gensets market has experienced steady growth, with its size increasing from $4.81 billion in 2023 to $5.03 billion in 2024, at a compound annual growth rate (CAGR) of 4.7%. This historical growth is attributed to rising maritime trade, increased offshore oil and gas exploration, expansion in the global shipping industry, advancements in marine genset technologies, and growing demand for reliable and efficient power solutions in marine applications. Looking ahead, the market is expected to grow to $6.09 billion by 2028, with a CAGR of 4.9%. This forecasted growth is driven by the rising demand for eco-friendly and fuel-efficient gensets, growth in renewable energy integration in marine applications, expansion of marine tourism and leisure activities, technological advancements in hybrid and electric marine gensets, and a heightened focus on reducing carbon emissions in the marine industry. Major trends include increasing adoption of hybrid and electric marine gensets, emphasis on eco-friendly technologies, integration of renewable energy sources, demand for compact and lightweight designs, and advancements in digitalization and smart genset technologies.
Global Marine Gensets Market Key Driver
The robust expansion in seaborne trade is expected to drive the growth of the marine genset market. Seaborne trade, involving the transportation of goods and commodities across oceans and seas via commercial ships, is increasing due to globalization and international trade, which require efficient, large-scale transportation solutions. Marine generators are vital for providing reliable onboard electrical power for navigation, communication, lighting, refrigeration, and other essential systems on ships and vessels. For instance, the United Nations Conference on Trade and Development reported a 3.2% growth in international maritime trade in 2021, with shipments totaling 11.0 billion tons. The marine genset market, valued at $2.5 billion in 2023, is expected to grow to $3 billion in 2024 and reach $5 billion by 2028, driven by the expansion of seaborne trade.
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Global Marine Gensets Market Segments
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
By Geography:The regions covered in the marine gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the marine gensets market in 2023.
Major Marine Gensets Industry Players
Caterpillar Inc., Volvo Group, Mitsubishi Heavy Industries, ABB Ltd., Cummins Inc., Scania AB, Yanmar Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, Kohler Co., Rolls-Royce Power System AG, Man Diesel & Turbo SE, Kongsberg, Deutz AG, Daihatsu Diesel MFG. Co Ltd., Valley Power Systems Inc., Anglo Belgian Corporation NV, GlobalTec Solutions, Northern Lights LLC, Fischer Panda, Solé Diesel, Ettes Power Machinery, Parikh Power
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Marine Gensets Market Overview
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 2023 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.
