Marine Gensets Market Growth Accelerates: Strategic Forecast Predicts $6.37 Billion by 2029

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Will the Marine Gensets Industry Market Size Be by 2025?
The market size for marine gensets has witnessed robust growth in the past few years. The market is set to expand from $5.03 billion in 2024 to $5.29 billion in 2025, recording a compound annual growth rate (CAGR) of 5.1%. The historical growth rate can be credited to the surge in maritime commerce, escalation in offshore oil and gas exploration activities, expansion in the global shipping industry, innovation in marine genset technologies, as well as the rising demand for dependable and efficient power solutions for maritime uses.

What's the Long-Term Growth Forecast for the Marine Gensets Market Size Through 2029?
Predictions indicate a consistent growth for the marine gensets market size in the forthcoming years, reaching a value of $6.37 billion by 2029 with a compound annual growth rate (CAGR) of 4.7%. This growth during the projection period can be ascribed to factors such as increased need for eco-friendly and fuel-efficient gensets, the expansion of renewable energy integration in marine applications, the boom in marine tourism and leisure activities, advancements in hybrid and electric marine gensets technology, and an escalated focus on lowering carbon emissions in the marine industry. Some prevalent trends expected in the forecast period are an increased uptake of hybrid and electric marine gensets, heightened focus on eco-friendly and fuel-efficient technologies, integration of renewable energy in marine gensets, a rising demand for compact and lightweight genset designs, as well as progress in digitalisation and smart genset technologies.

View the full report here:
https://www.thebusinessresearchcompany.com/report/marine-gensets-global-market-report

What Are the Key Growth Drivers Fueling the Marine Gensets Market Expansion?
The marine genset market is anticipated to grow considerably with the surge in seaborne trade. Seaborne trade involves the movement of commodities and goods across global seas and oceans using ships for commercial purposes. Due to the rise in globalization and international commerce, this form of trade is seeing substantial growth. This, in turn, necessitates the requirement for efficient transportation of goods on a large scale across various continents. For facilitating seaborne trade, marine generators are crucial as they offer dependable electrical power on board for crucial systems like navigation, refrigeration, lighting, communication, and others on vessels and ships. For example, as mentioned in a report from the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, in July 2023, the Maritime trade volume decreased by 0.4 percent in 2022. However, UNCTAD predicts a 2.4 percent surge in 2023. Hence, the marine genset market is expanding due to significant growth in seaborne trade.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17193&type=smp

What Are the Key Trends Driving Marine Gensets Market Growth?
Leading names in the marine gensets market are distinguishing themselves by introducing innovative products such as portable, lightweight generators. This kind of gensets are designed for easy transportation. An example of such innovation was provided by Cummins Inc., a key United States-based power solution provider, in May 2023, when the company launched the Marine Diesel Cummins Turbo (MDCT) genset. The MDCT genset, with its versatility, can accommodate either low or high-kW Cummins B4.5 auxiliary engine, delivering power outputs ranging from 40 kWe to 110 kWe. The compact product, available with 50 Hz and 60 Hz configurations, is remarkable for its user-friendly Cummins Onan Digital Display which facilitates convenient diagnostics. Suitable for commercial as well as recreational marine applications, the MDCT adheres to EPA Tier 3 and EU Stage V emissions rules.

How Is the Marine Gensets Market Segmented?
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: 20,000 kW
3) By Ship Type: Defense Vessel, Commercial Vessel, Offshore Vessel, Other Ship Types
4) By Application: Merchant, Offshore, Cruise And Ferry

Subsegments:
1) By Marine Diesel Oil (MDO): Low-Sulfur Marine Diesel Oil (LSMDO), High-Sulfur Marine Diesel Oil (HSMDO)
2) By Marine Gas Oil (MGO): Low-Sulfur Marine Gas Oil (LSMGO), High-Sulfur Marine Gas Oil (HSMGO)
3) By Liquefied Natural Gas (LNG): Compressed LNG, Liquefied LNG
4) By Hybrid: Battery and Fuel Hybrid Gensets, Wind-Solar Hybrid Gensets
5) By Other Fuels: Heavy Fuel Oil (HFO), Biofuels

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=17193&type=smp

Which Companies Are Leading the Charge in Marine Gensets Market Innovation?
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, Fischer Panda, Solé Diesel, Ettes Power Machinery, Parikh Power

Which Regions Are Leading the Global Marine Gensets Market in Revenue?
Asia-Pacific was the largest region in the marine gensets market in 2024. The regions covered in the marine gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17193

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas: +1 310-496-7795 or
Email:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.