Press release
Marine Gensets Market: Information by Vessel Type (Commercial Vessel, Defense Vessel, Offshore Vessel), Fuel (Diesel Fuel, Hybrid Fuel), Fuel, Capacity, and Region — Forecast Till 2026
Marine Gensets Market
The marine gensets market is expected to register a CAGR of 3.86% during the forecast period and attain a value of USD 6.90 billion by 2026 on account of burgeoning commercial vessels manufacturing and ship-building activities.
Intended Audience
Marine Gensets Manufacturers
Original Equipment Manufacturers (OEMs)
Potential Investors
Venture Capital Firms
Research and Development Institutes
Segmental Insights
The global marine gensets market is segmented by vessel type, fuel type, and capacity.
The commercial vessel segment is further divided into bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, and chemical carriers. The segment is expected to dominate the market due to the increasing maritime trade and high global demand for natural gas. The rising demand for retrofits of commercial vessels and long-voyage expeditions are anticipated to boost the commercial vessels segment.
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Fluctuation in oil prices and high maintenance cost are the factors inflicting the diesel-based gensets demand. The inclination toward reliable power supply is prompting the installation of various backup supply devices thereby accelerating the diesel gensets demand. Diesel gensets have diversified applications with plenty of options in configuration. Several small players employ diesel gensets for backup power in their facilities.
The more than 10,000kW capacity segment gensets are being increasingly employed across the offshore sectors and commercial vessels Moreover, these generators are manufactured by a large number of market players, due to growing penetration in the market. One of the factors working against 10,000kW marine gensets is the increasing stringency of emission regulations occurring globally.
Regional Insights
We have explored the marine gensets market through five regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific region is expected to witness substantial growth in the marine gensets market during the forecast period, owing to the flourishing shipbuilding industry in the coastal areas of China, Korea, and Japan. Moreover, government initiatives regarding gas carrier vessel in these countries are propelling the demand for natural gas; thus, increasing use of defense vessel is expected to spur deployment of these systems as a source of backup power. Besides, rising concerns pertaining to fossil fuel consumption and energy security have engendered imposition of rigorous policies on marine genset manufacturers in the region.
North America is witnessing remarkable growth in the marine gensets market due to increasing technological development to manufacture sustainable units. The strong presence of major key players such as caterpillar, wartsila, siemens, general electric, ABB Ltd, PARAMAC, among others are providing new opportunities for marine gensets market in the region.
Europe is observing steady growth on account of burgeoning power generation activities and extraction process for ships and commercial vessel manufacturers. Diesel genset is the primary source of power for building modern infrastructure in the region. Diesel gensets with more 10,000 KW capacity are extensively employed across offshore and onshore sectors in the region.
Key Players
Some notable market players are Caterpillar Inc., ABB, Cummins, MAN Energy Solutions, Kongsberg, Volvo Penta, Wärtsilä, Weichai, Kohler Co., Solé Diesel, Anglo Belgian Corporation, Ettes Power Machinery Ltd, and Scania AB.
What Details Does the Marine Gensets Market Report Cover?
Historical Inferences, Findings & Market Analysis for 2016–2018
Projections & Performance Forecast Analysis for 2019–2026
Production & Consumption Point-of-View (POV) Analysis
Analysis of Market Drivers, Restraints & Opportunities, Market Dynamics – Industry, Regulatory, Innovation, Technological & Pricing Trends
Comprehensive Competitive Landscape Mapping with Recent Developments, Market Leadership, Competency, Sustainability & Prospects
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Marine Gensets Market Segmentation
By Vessel Type
Commercial Vessel
Bulkers
Cargo Vessels
LNG Carriers
LPG Carriers
Pure car Carriers
Chemical Carriers
Defense Vessel
Missile Cruisers
Frigates
Destroyers
Police-Patrolling and Coast-Guard Vessels
Aircraft Carriers
Mine Sweepers
Mine Hunters
Offshore Vessels
By Fuel
Diesel Fuel
Gas Fuel
Hybrid Fuel
By Capacity
Less Than 1,000kW
1,001-3,000 kW
3,001-10,000kW
More Than 10,000kW
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Russia
Poland
Rest of Europe
Asia-Pacific
Japan
India
China
South Korea
Australia
Vietnam
Indonesia
Malaysia
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Middle East
Saudi Arabia
Oman
Qatar
Bahrain
UAE
Africa
Nigeria
Tanzania
South Africa
Ghana
Rest of MEA
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