Marine Gensets Market
Marine Gensets Market - Global Industry Assessment & Forecast
- By Fuel Diesel fuel, Gas fuel, Hybrid fuel
- By Vessel type Commercial vessel, Defense vessel, Offshore vessels
- By Rating Less than 1000kW, 1001-3000 kW, 3001-10000kW, Over 10000kW
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 4.46 Billion|
|Revenue 2028:||USD 5.76 Billion|
|Revenue CAGR (2022 - 2028):||3.7%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Marine Gensets Market: By Vessel Type, Fuel, Rating, and Region
Global Marine Gensets market is valued at USD 4.46 Billion in 2021 and is projected to attain a value of USD 5.76 Billion by 2028 at a CAGR of 3.7% during the forecast period, 2022–2028.The initial focus on the vessel propulsion engine system has led to the growing use of auxiliary engines in many different vessel processes, which in turn is fueling the demand for gensets. Growth of this industry is also being driven by new, more stringent environmental regulations from organizations such as IMO and MARPOL which mandate the use of auxiliary engines that are cleaner burning and have lower emissions. In addition, increasing globalization of world trade has led to a rise in the amount of cargo transported via waterway transport, resulting in a higher demand for vessels equipped with gensets.
Marine Gensets Market Size, 2021 To 2028 (USD Billion)
High Prices of Fuel and Stringent Regulation of Emission TT Drive Growth of Marine Gensets Market
High price of conventionally sourced fuels such as diesel, along with increasing awareness about environmental issues surrounding the usage of fossil fuel-based energy sources is likely to boost demand for these services. As a result, many countries seek alternative and efficient sources of energy generation that can help them reduce their dependence on conventional fuel-based utilities. Marine Gensets can help ship owners meet this objective by reducing their electricity bills. Alternative fuel research activities are gaining pace in the world, which is likely to drive growth of this market. For instance, according to International Energy Agency (IEA), global energy consumption from alternative fuels will increase by 80% between 2010 and 2040. This figure includes biofuels use, hybrid electric vehicles, plug-in electric vehicles, hydrogen cell technologies, etc.
The trend of reducing hazardous emissions is expected to continue over the next five years; therefore; end users may become more cautious about harmful emissions released during the operation of marine generators. Consequently, manufacturers will innovate sustainable technologies such as ecofriendly diesel engines to reduce environmental impacts.
Global Marine Gensets market is segment by Fuel (Diesel fuel, Gas fuel, & Hybrid fuel), Vessel type (Commercial vessel, Defense vessel, & Offshore vessels), Rating (less than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & more than 10,000kW) & Region. Based on region, the Marine Gensets market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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By Vessel Type, Commercial Vessel to Dominate Marine Gensets Market
The market for marine generators is witnessing a high adoption in fishing vessels and shipping vessels. The need to provide power for onboard equipment such as winches, cranes, compressors are driving the demand. The overall market growth is primarily driven by factors such as increasing fleet size of commercial vessels and replacement of diesel generator sets to comply with international environmental regulations. The overall market is driven by the increasing need to power onboard equipment such as winches, cranes and compressor and stringent emission rules and regulations. The fishing industry has always been a very capital-intensive industry and any type of input rise in operational cost is highly resisted. Marine generator setsare adopted due to its lower fuel consumption and reduced carbon dioxide emission offered by the technology which helps fisherfolk meet their business targets as well as environmental concerns.
Asia Pacific to Lead Global Marine Gensets Market
Emerging economies in Asia Pacific have high economic growth potential due to growing demand for manufactured goods. Countries such as China and India have an increasing number of shipyards that manufacture vessels used on inland waterways or sea routes. These countries usually do not have access to conventional power generators that work on diesel-based engines because docked ships exposed to damage due to factors such as winter weather conditions. Countries, such as China and India, are focusing on developing their shipbuilding industry to meet rising demands for new vessels from local countries and also cater to the export market. Therefore, companies focus on manufacturing cost-effective Marine Gensets that can provide adequate power required by these ships. Furthermore, growing number of offshore projects in these countries, such as oil and gas exploration activities, will also boost demand for Marine Gensets over the next few years.
Wärtsilä (Finland), MAN Diesel & Turbo SE (Germany), Mitsubishi Heavy Industries (Japan) Caterpillar, Inc. (U.S.), and Rolls-Royce Power Systems AG (Germany) are some of the key players in the global Marine Gensets market.
The Marine Gensets is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
By Region (Revenue: USD Million, 2016 - 2028)
Frequently Asked Question
The global Marine Gensets valued at USD 4.46 Billion in 2020 and is expected to reach USD 5.76 Billion in 2028 growing at a CAGR of 3.7%.
The prominent players in the market are Wärtsilä (Finland), MAN Diesel & Turbo SE (Germany), Mitsubishi Heavy Industries (Japan) Caterpillar, Inc. (U.S.), and Rolls-Royce Power Systems AG (Germany)..
The market is project to grow at a CAGR of 3.7% between 2021 and 2028.
The driving factors of the Marine Gensets include
- High Prices of Fuel and Stringent Regulation of Emission TT
Asia Pacific was the leading regional segment of the Marine Gensets in 2020.