Marine Gensets Market Size & Growth Analysis to 2030

The global marine gensets market size is anticipated to register a significant CAGR of around 4% during the forecast period 2021 to 2027. The increasing demand for commercial vessels and the growing ship-building manufacturing are some major factors to drive the market growth. Furthermore, the increasing investment in the ship-building industry and the growth in seaborne trade around the world are further expected to boost the market growth over the forecast period. Moreover, the growing consumption of natural gas globally is expected to increase the demand for gas carrier vessels, which is expected to fuel the market growth.

Market Drivers:

Growth in the Shipbuilding Industry: The shipbuilding industry plays a significant role in driving the demand for marine gensets. As shipyards continue to construct new vessels, such as cargo ships, tankers, cruise ships, and offshore support vessels, the need for reliable power generation systems on board becomes crucial. Marine gensets provide auxiliary power for various onboard applications, including lighting, ventilation, navigation systems, and essential machinery.

Increasing Maritime Trade and Shipping Activities: Maritime trade and shipping activities have witnessed consistent growth due to globalization and international trade. The shipping industry relies on marine gensets to provide power for propulsion and auxiliary purposes during sea voyages. As the volume of goods transported by ships continues to rise, the demand for marine gensets also increases to meet the power requirements of the expanding fleet.

Stringent Environmental Regulations: Environmental regulations imposed by international bodies and governments are driving the adoption of cleaner and more efficient power solutions in the maritime industry. Marine gensets that comply with emission standards, such as those set by the International Maritime Organization (IMO) and local authorities, are in high demand. The need to reduce emissions and meet environmental regulations contributes to the growth of marine gensets that incorporate advanced technologies for emission control and fuel efficiency.

Expansion of Offshore Exploration and Production: The offshore oil and gas industry requires reliable power solutions for offshore exploration and production platforms. Marine gensets are used to provide power for drilling operations, platform facilities, and living quarters on offshore installations. As offshore exploration and production activities increase, driven by global energy demand, the demand for marine gensets for offshore applications also grows.

Growth in the Leisure and Recreational Boating Sector: The leisure and recreational boating sector, including yachts, luxury boats, and cruise ships, is experiencing significant growth. These vessels require marine gensets to provide power for onboard amenities, such as air conditioning, lighting, entertainment systems, and galley equipment. The increasing popularity of leisure boating and luxury cruises contributes to the demand for marine gensets in this segment.

Adoption of Hybrid and Electric Propulsion Systems: The maritime industry is gradually transitioning towards more sustainable and efficient propulsion systems. Hybrid and electric propulsion systems, which incorporate marine gensets as power sources for charging batteries or providing backup power, are gaining traction. The adoption of hybrid and electric propulsion systems in ships and vessels drives the demand for marine gensets that support these eco-friendly propulsion technologies.

Focus on Fuel Efficiency and Operational Cost Reduction: Fuel efficiency and operational cost reduction are significant concerns for shipowners and operators. Marine gensets with advanced engine technologies and control systems offer improved fuel efficiency, resulting in cost savings over the operational life of the vessel. The focus on fuel efficiency and operational cost reduction drives the demand for marine gensets that offer optimal fuel consumption rates and maintenance intervals.

Technological Advancements: Ongoing technological advancements in marine gensets contribute to market growth. Manufacturers are continuously developing gensets with higher power output, improved fuel efficiency, reduced emissions, and enhanced reliability. The integration of digital technologies, such as advanced control systems and remote monitoring capabilities, further enhances the performance and operational efficiency of marine gensets.

Market Snapshot:

Market Insights:

The global marine gensets market is bifurcated into fuel, vessel type, power rating, and geography. On the basis of fuel, the market is further segmented into diesel, gas, and hybrid fuel. The diesel segment dominated the global market in 202 and estimated to grow at the same trends over the forecast period. The benefits associated with the diesel marine gensets such as low maintenance, longer life span, and safe fuel storage are some major factors to drive the segment growth. However, the increasing environmental concern is expected to increase the demand for hybrid marine gensets over the forecast period.

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The marine gensets comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The marine gensets market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Fuel:

• Spray-tray Type Deaeration
• Spray Type Deaeration
• Vacuum Type Deaeration

By Vessel Type:

• Commercial Vessel
• Defense Vessel
• Offshore Vessels
• Others

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 Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the marine gensets market report comprises dedicated sections centering on the regional market revenue and trends. The marine gensets market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The marine gensets market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Marine gensets market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the major market players operating in the global marine gensets market are Caterpillar, ABB Ltd., MAN Energy Solutions, Cummins, and Kongsberg. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Caterpillar
• ABB Ltd.
• MAN Energy Solutions
• Cummins
• Kongsberg
• Volvo Penta
• Wärtsila
• Weicha
• Kohler
• Sole Diesel
• Anglo Belgian

Key Questions Answered by Marine Gensets Market Report

• Global marine gensets market forecasts from 2021-2027
• Regional marine gensets market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Marine gensets submarket forecasts from 2021-2027 cover the market by fuel, by vessel type, by power rating, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to marine gensets market
• Analysis of the key factors driving and restraining the growth of the global, regional and country-level marine gensets markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the marine gensets market