What Has Been the Progress and Growth of the Marine Gensets Market in Recent Years?
The marine gensets market has seen considerable growth due to a variety of factors.
• The marine gensets market has shown strong growth in recent years. It will grow from $5.03 billion in 2024 to $5.29 billion in 2025, reflecting a CAGR of 5.1%.
This growth is driven by increased maritime trade, offshore oil and gas exploration, advancements in marine genset technologies, and growing demand for efficient marine power solutions.
What Can Be Expected from the Marine Gensets Market Size?
The marine gensets market is expected to maintain its strong growth trajectory in upcoming years.
• The marine gensets market will grow to $6.37 billion by 2029, at a CAGR of 4.7%.
Growth is attributed to the demand for fuel-efficient and eco-friendly gensets, renewable energy integration, marine tourism growth, and technological advancements in hybrid and electric gensets. Trends include hybrid marine gensets, renewable energy integration, and compact, smart technologies.
What Are the Critical Driver Fuelling The Marine Gensets Market's Growth?
The robust expansion of seaborne trade is projected to drive growth in the marine genset market. The rise in international trade requires reliable onboard electrical systems for ships, which marine generators provide. Despite a small contraction in maritime trade in 2022, the UNCTAD predicts a 2.4% growth in 2023, fostering demand for marine gensets.
How Is The Marine Gensets Market segmented?
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
Subsegments:
1) By Marine Diesel Oil (MDO): Low-Sulfur Marine Diesel Oil (LSMDO), High-Sulfur Marine Diesel Oil (HSMDO)
2) By Marine Gas Oil (MGO): Low-Sulfur Marine Gas Oil (LSMGO), High-Sulfur Marine Gas Oil (HSMGO)
3) By Liquefied Natural Gas (LNG): Compressed LNG, Liquefied LNG
4) By Hybrid: Battery and Fuel Hybrid Gensets, Wind-Solar Hybrid Gensets
5) By Other Fuels: Heavy Fuel Oil (HFO), Biofuels
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What Trends Are Reshaping The Future Of The Marine Gensets Market?
Leading firms in the marine gensets sector, such as Cummins Inc., are introducing novel items like lightweight gensets, equipped with advanced attributes to cater to customers' needs efficiently. These lightweight gensets are designed to be easily transportable. For example, in May 2023, Cummins Inc., a leading company known for its power solutions in the U.S, unveiled the Marine Diesel Cummins Turbo (MDCT) genset. This innovative genset offers flexibility and can be coupled with either the low or high-kW Cummins B4.5 auxiliary engine with potential ratings varying from 40 kWe to 110 kWe. The MDCT genset is compact and comes in either 50 Hz or 60 Hz setup, along with the user-friendly Cummins Onan Digital Display for diagnostics. This genset is apt for both commercial and leisure marine uses and adheres to EPA Tier 3 and EU Stage V emission norms.
Who Are the Key Players In The Marine Gensets Market?
Major companies operating in the marine gensets market are:
• 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
What Is The Most Dominant Region In The Marine Gensets Market?
Asia-Pacific was the largest region in the marine gensets market in 2024. The regions covered in the marine gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
