Marine Gensets Market Size, Share & Industry Analysis, By Propulsion Type (Gas Power, Diesel Power, Hybrid Generation Power , Others), By Ship Type (Defense Vessel, Commercial Vessel, Offshore Vessel, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Marine gensets refer to the equipment that consists of a motor, an alternator, and other elements which provide supplementary power to various systems and accessories of a ship. The marine gensets can be selected based on the power required on board and typically run on diesel, gasoline fuel, or others. However, due to increasing pollution issues and variability of fuel prices, the usage of diesel-fueled gensets is been restricted and manufacturers and focusing on natural gas-driven marine gensets.
Based on the propulsion type, the market is segmented into gas power, diesel power, hybrid generation power, and others. The diesel propulsion system is anticipated to dominate the market segment owing to its high-density power efficiency and reliable power supply during power interruptions. Other than that, its lower maintenance, safe fuel storage, and prolonged lifespan directly impact the marine gensets market.
Based on the vessel type, the market is segmented into defense vessels, commercial vessels, offshore vessels, and others. The commercial vessel is anticipated to grow during the forecast period owing to increasing seaborne trades and development of sea transportation network coupled with rapid industrialization which has encouraged the product adoption. Other than that, the rise in demand for natural gas worldwide mainly across the region like India, China, Japan, and others has impacted the demand for commercial vessels.
One of the major drivers for the global marine gensets market is the rollout of ultra-compact gensets owing to the growing volume of the shipping industry. Further, the growing demand for power for a new age of ships has demanded the designs for efficient gensets is expected to drive market growth.
The installation cost of marine gensets is very high. Other than that, the availability of fuel during blackout hinders the global marine gensets market growth.
Key Market Driver -
The emerging demand for power in ships, boats along with design of efficient gensets drives the marine gensets
Key Market Restraint -
the initial cost of the gensets and accessibility of fuel hinders the ballast water treatment market.
Key players covered:
Some of the major companies present in the global marine gensets market are Man Diesel & Turbo SE, Caterpillar Inc., Mitsubishi Heavy Industries, Wolong Electric Group, ABB, Toshiba, ASMO, Rockwell Automation, Maxon, Mase Generators, Rolls-Royce Power Systems SE, Cummins, Kohler Co., and Sole Diesel
Regional analysis:
The marine gensets market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is expected to dominate the most significant market in terms of volume of ports and harbors & rise of ship buildings in regions like China, Japan, South Korea, and others owing to automotive industries and electronics trading; other than that, China has the seen the fastest growing investment in marine gensets which is anticipated to drive the market across the region. In North America and Europe, the growing commercial vessels and rise in ship-building activities are expected to drive the marine gensets market across the region. In the Middle East & Africa, the marine gensets market has been driven by the growing investments in commercial ships and transport ships which led to the growing demand for power in new age ships and boats, directly impacts the marine gensets market.
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Segmentation
ATTRIBUTES | DETAILS |
By Propulsion Type |
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By Ship Type |
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By Geography |
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Key Industry Developments
- On 12 Feb 2020, Cummins has expanded a new range of ignition-protected marine gensets. This model is designed to operate on diesel powered and gasoline powered boats and provides safe and reliable power supply to on-board amities.
- On 21 Feb 2021, Man Energy Solutions received an order for compliant engines from Ocean Industries for the Royal Canadian Navy Thugs. This order involves ship service diesel generators sets, technology for engines along with tier III compliances from Man Energy Solution.
- Ongoing
- 2023
- 2019-2022
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