Marine Gensets Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Marine Gensets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Gensets Global Market Report 2024, 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 growth in the forecast period can be attributed to 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, increasing focus on reducing carbon emissions in the marine industry. Major trends in the forecast period include increasing adoption of hybrid and electric marine gensets, rising emphasis on eco-friendly and fuel-efficient technologies, integration of renewable energy sources with marine gensets, growing demand for compact and lightweight genset designs, advancements in digitalization and smart genset technologies.

The robust expansion in seaborne trade is expected to propel the growth of the marine genset market going forward. Seaborne trade refers to the transportation of goods and commodities across the world’s oceans and seas using commercial ships. Seaborne trade is rising due to increasing globalization and international trade, which drive the demand for efficient, large-scale transportation of goods across continents. Marine generators are required for seaborne trade to provide reliable onboard electrical power for navigation, communication, lighting, refrigeration, and other essential systems aboard ships and vessels. For instance, in December 2022, according to a report published by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, international maritime trade saw 3.2% growth in 2021, with shipments totaling 11.0 billion tons. Asia maintained its position as the primary hub for sea cargo, handling approximately 4.6 billion tons and accounting for 42% of global port throughput. Therefore, the robust expansion in seaborne trade is driving the growth of the marine genset market.

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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

Major companies operating in the marine gensets market are developing innovative products, such as lightweight gensets, to better serve customers with advanced features. Lightweight gensets refer to generators that are designed to be portable and easy to transport. For instance, in May 2023, Cummins Inc., a US-based power solutions company, launched the Marine Diesel Cummins Turbo (MDCT) genset. This unique genset is versatile, offering options for either the low or high-kW Cummins B4.5 auxiliary engine, with power ratings from 40 kWe to 110 kWe. It’s compact, available in both 50 Hz and 60 Hz configurations, and equipped with the Cummins Onan Digital Display for user-friendly diagnostics. The MDCT genset is suitable for both commercial and recreational marine applications and complies with EPA Tier 3 and EU Stage V emissions regulations.

The marine gensets market report table of contents includes:

1. Executive Summary
2. Marine Gensets Market Characteristics
3. Marine Gensets Market Trends And Strategies
4. Marine Gensets Market – Macro Economic Scenario
5. Global Marine Gensets Market Size and Growth
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32. Global Marine Gensets Market Competitive Benchmarking
33. Global Marine Gensets Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Gensets Market
35. Marine Gensets Market Future Outlook and Potential Analysis
36. Appendix