The marine gensets market size has grown steadily in recent years. It will grow from $4.81 billion in 2023 to $5.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historic period can be attributed to several factors, including the expansion of maritime trade, increased activities in offshore oil and gas exploration, growth within the global shipping industry, advancements in marine genset technologies, and rising demand for dependable and efficient power solutions in marine applications.
The marine gensets market size is expected to see steady growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to several key factors. These include rising demand for eco-friendly and fuel-efficient gensets in response to environmental concerns, the increasing integration of renewable energy sources in marine applications, the expanding marine tourism and leisure sectors, technological advancements in hybrid and electric marine gensets, and a growing emphasis on reducing carbon emissions within the marine industry. Major trends expected in the forecast period include the widespread adoption of hybrid and electric marine gensets, a heightened focus on eco-friendly and fuel-efficient technologies, the integration of renewable energy sources into marine genset systems, increasing demand for compact and lightweight genset designs, and advancements in digitalization and smart genset technologies. These trends are poised to drive innovation and transformation within the marine genset market.
The marine genset market is poised for growth, driven by the robust expansion in seaborne trade. Seaborne trade involves transporting goods and commodities across oceans and seas via commercial ships. This sector is expanding due to globalization and increasing international trade, which necessitate efficient transportation of goods on a large scale across continents. Marine generators play a crucial role in supporting seaborne trade by providing reliable onboard electrical power for essential ship systems such as navigation, communication, lighting, and refrigeration. For instance, in 2021, international maritime trade grew by 3.2%, totaling 11 billion tons, as reported by the United Nations Conference on Trade and Development (UNCTAD). Asia remained a key hub, handling 42% of global port throughput with 4.6 billion tons of cargo. This growth underscores the driving force behind the marine genset market.
Key players in the marine genset market are innovating with products such as lightweight gensets to meet customer demands for advanced features. Lightweight gensets are designed for portability and ease of transport, catering to various marine applications. For example, Cummins Inc., a US-based power solutions company, introduced the Marine Diesel Cummins Turbo (MDCT) genset in May 2023. This genset is versatile, offering power options ranging from 40 kWe to 110 kWe with the Cummins B4.5 auxiliary engine, suitable for both commercial and recreational marine uses. It features a compact design, compliance with EPA Tier 3 and EU Stage V emissions regulations, and user-friendly diagnostics through the Cummins Onan Digital Display.
In November 2022, Fischer Panda GmbH, a Germany-based manufacturer of diesel generators, acquired Fischer Panda Generators LLC, enhancing its capability to serve US customers and strengthen its position in the North American market. Fischer Panda Generators LLC, based in the US, specializes in manufacturing marine gensets.
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, Mase Generators of North America LLC, Fischer Panda, Solé Diesel, Ettes Power Machinery, Parikh Power.
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.
The countries covered in the marine gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Marine gensets are power generation units specifically engineered for use on a variety of vessels, including ships, boats, and offshore platforms. These gensets supply electrical power for essential onboard applications such as lighting, navigation equipment, communication systems, and other electrical systems.
The primary fuels used in marine gensets include marine diesel oil (MDO), marine gas oil (MGO), liquefied natural gas (LNG), hybrid systems, and other fuel types. Marine diesel oil (MDO) is a fuel oil blend used in ships, comprising a mix of heavy fuel oil and marine gas oil. Gensets are available in various power ratings categorized as < 1,000 kW, 1,000 kW-5,000 kW, 5,000 kW-10,000 kW, 10,000 kW-20,000 kW, and >20,000 kW. They are utilized across different types of vessels including defense vessels, commercial vessels, offshore vessels, and others, serving applications in merchant shipping, offshore operations, as well as cruise and ferry industries.
The marine gensets market research report is one of a series of new reports that provides marine gensets market statistics, including marine gensets industry global market size, regional shares, competitors with a marine gensets market share, detailed marine gensets market segments, market trends and opportunities, and any further data you may need to thrive in the marine gensets industry. This marine gensets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine gensets market consists of sales of portable marine gensets, auxiliary marine gensets, and customized marine gensets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The marine gensets market size is expected to see steady growth in the next few years. It will grow to $6.09 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to several key factors. These include rising demand for eco-friendly and fuel-efficient gensets in response to environmental concerns, the increasing integration of renewable energy sources in marine applications, the expanding marine tourism and leisure sectors, technological advancements in hybrid and electric marine gensets, and a growing emphasis on reducing carbon emissions within the marine industry. Major trends expected in the forecast period include the widespread adoption of hybrid and electric marine gensets, a heightened focus on eco-friendly and fuel-efficient technologies, the integration of renewable energy sources into marine genset systems, increasing demand for compact and lightweight genset designs, and advancements in digitalization and smart genset technologies. These trends are poised to drive innovation and transformation within the marine genset market.
The marine genset market is poised for growth, driven by the robust expansion in seaborne trade. Seaborne trade involves transporting goods and commodities across oceans and seas via commercial ships. This sector is expanding due to globalization and increasing international trade, which necessitate efficient transportation of goods on a large scale across continents. Marine generators play a crucial role in supporting seaborne trade by providing reliable onboard electrical power for essential ship systems such as navigation, communication, lighting, and refrigeration. For instance, in 2021, international maritime trade grew by 3.2%, totaling 11 billion tons, as reported by the United Nations Conference on Trade and Development (UNCTAD). Asia remained a key hub, handling 42% of global port throughput with 4.6 billion tons of cargo. This growth underscores the driving force behind the marine genset market.
Key players in the marine genset market are innovating with products such as lightweight gensets to meet customer demands for advanced features. Lightweight gensets are designed for portability and ease of transport, catering to various marine applications. For example, Cummins Inc., a US-based power solutions company, introduced the Marine Diesel Cummins Turbo (MDCT) genset in May 2023. This genset is versatile, offering power options ranging from 40 kWe to 110 kWe with the Cummins B4.5 auxiliary engine, suitable for both commercial and recreational marine uses. It features a compact design, compliance with EPA Tier 3 and EU Stage V emissions regulations, and user-friendly diagnostics through the Cummins Onan Digital Display.
In November 2022, Fischer Panda GmbH, a Germany-based manufacturer of diesel generators, acquired Fischer Panda Generators LLC, enhancing its capability to serve US customers and strengthen its position in the North American market. Fischer Panda Generators LLC, based in the US, specializes in manufacturing marine gensets.
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, Mase Generators of North America LLC, Fischer Panda, Solé Diesel, Ettes Power Machinery, Parikh Power.
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.
The countries covered in the marine gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Marine gensets are power generation units specifically engineered for use on a variety of vessels, including ships, boats, and offshore platforms. These gensets supply electrical power for essential onboard applications such as lighting, navigation equipment, communication systems, and other electrical systems.
The primary fuels used in marine gensets include marine diesel oil (MDO), marine gas oil (MGO), liquefied natural gas (LNG), hybrid systems, and other fuel types. Marine diesel oil (MDO) is a fuel oil blend used in ships, comprising a mix of heavy fuel oil and marine gas oil. Gensets are available in various power ratings categorized as < 1,000 kW, 1,000 kW-5,000 kW, 5,000 kW-10,000 kW, 10,000 kW-20,000 kW, and >20,000 kW. They are utilized across different types of vessels including defense vessels, commercial vessels, offshore vessels, and others, serving applications in merchant shipping, offshore operations, as well as cruise and ferry industries.
The marine gensets market research report is one of a series of new reports that provides marine gensets market statistics, including marine gensets industry global market size, regional shares, competitors with a marine gensets market share, detailed marine gensets market segments, market trends and opportunities, and any further data you may need to thrive in the marine gensets industry. This marine gensets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine gensets market consists of sales of portable marine gensets, auxiliary marine gensets, and customized marine gensets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Marine Gensets Market Characteristics3. Marine Gensets Market Trends and Strategies32. Global Marine Gensets Market Competitive Benchmarking33. Global Marine Gensets Market Competitive Dashboard34. Key Mergers and Acquisitions in the Marine Gensets Market
4. Marine Gensets Market - Macro Economic Scenario
5. Global Marine Gensets Market Size and Growth
6. Marine Gensets Market Segmentation
7. Marine Gensets Market Regional and Country Analysis
8. Asia-Pacific Marine Gensets Market
9. China Marine Gensets Market
10. India Marine Gensets Market
11. Japan Marine Gensets Market
12. Australia Marine Gensets Market
13. Indonesia Marine Gensets Market
14. South Korea Marine Gensets Market
15. Western Europe Marine Gensets Market
16. UK Marine Gensets Market
17. Germany Marine Gensets Market
18. France Marine Gensets Market
19. Italy Marine Gensets Market
20. Spain Marine Gensets Market
21. Eastern Europe Marine Gensets Market
22. Russia Marine Gensets Market
23. North America Marine Gensets Market
24. USA Marine Gensets Market
25. Canada Marine Gensets Market
26. South America Marine Gensets Market
27. Brazil Marine Gensets Market
28. Middle East Marine Gensets Market
29. Africa Marine Gensets Market
30. Marine Gensets Market Competitive Landscape and Company Profiles
31. Marine Gensets Market Other Major and Innovative Companies
35. Marine Gensets Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Marine Gensets Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on marine gensets market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for marine gensets ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The marine gensets market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Fuel: Marine Diesel Oil (MDO); Marine Gas Oil (MGO); Liquefied Natural Gas (LNG); Hybrid; Other Fuels2) 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
Key Companies Mentioned: Caterpillar Inc.; Volvo Group; Mitsubishi Heavy Industries; ABB Ltd.; Cummins Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | September 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 5.03 Billion |
| Forecasted Market Value ( USD | $ 6.09 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
