Global Marine Gensets Market to Reach $6.2 Billion by 2024

A marine generator set or marine genset is utilized for providing power to seaborne marine vessels, in the event of power being unavailable or when the main engines are shut off. Marine gensets are widely used in offshore vessels, merchant vessels, pleasure vessels, navy cruise vessels and ferries for providing power supply. Compared to industrial or residential generator, a marine generator is designed in a way so as to withstand the corrosion and moisture issues that are common in marine-based environments. Amid the COVID-19 crisis, the global market for Marine Gensets is projected to reach US$6.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 3.4% over the analysis period. Europe represents the largest regional market for Marine Gensets, accounting for an estimated 23.0% share of the global total. The market is projected to reach US$1.4 Billion by the close of the analysis period. Latin America is forecast to emerge as the fastest growing regional market with a CAGR of 5.1% over the analysis period.

Rapid rise in seaborne trade, due to strengthening interregional trade practices, and trends in manufacture of commercial vessels and shipbuilding activity, and rise in high value commercial vessels are spurring growth in the global marine gensets market. Also with consumption of natural gas rising in developing economies, the demand for gas carrier vessels (LPG and LNG) is providing significant growth opportunities for the marine gensets market. The demand for marine gensets will also gather momentum led by growing focus on retrofits of existing vessels. Driven by technological advances in engines focused on improving environmental performance and reducing noise generation, the market for marine gensets is poised for growth. The marine gensets market will also witness high demand for hybrid marine gensets, due to rising concerns over environmental and health impact of marine sulfur emissions. Asia-Pacific leads the global marine gensets market. The high level of ship building activity in countries such as South Korea, Japan, and China is especially presenting a favorable outlook for marine gensets market. The rising demand for natural gas in several emerging economies such as China and India is fueling need for gas carrier vessels, spurring growth in marine gensets market. In the US, the strong growth in shale exploration and production activity and the growing emphasis on sustainable vessels manufacture is favoring growth in the marine gensets market.

By type of fuel, the market for diesel fuel is forecast to account for a major share of the market over the analysis period. Despite the shift towards cleaner fuels, diesel fuel-powered marine gensets continue to find high demand due to advantages offered in terms of low maintenance costs, safer fuel storage and longer engine lifespan. As propulsion methods changed, cruise ships became bigger users of electricity and increasingly adopted diesel generators that provide high voltage power for vital functions like propulsion as well as amenities like air conditioning.