Market Size –
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 in the historic period can be attributed to increasing maritime trade, rise in offshore oil and gas exploration activities, growth in the global shipping industry, advancements in marine genset technologies, and increasing demand for reliable 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 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.
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Scope Of Marine Gensets Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Marine Gensets Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Marine Gensets Market Report Structure
3. Marine Gensets Market Trends And Strategies
4. Marine Gensets Market – Macro Economic Scenario
5. Marine Gensets Market Size And Growth
…..
27. Marine Gensets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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