Rockville, March 21, 2023 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global marine gensets market is valued at US$ 5.3 billion in 2023 and is predicted to expand at a CAGR of 4.5% from 2023 to 2033.
A marine genset is a portable gadget that generates mechanical energy, which is transformed into electrical current inside the generators. Diesel and gasoline are some of the fuel sources for marine generators.
The daily continual use of electricity is driving the need for supplemental power generation gensets. High-efficiency engines called marine gensets are used to supply energy to ships. Moreover, they supply ships with fuel-efficient electric power. Due to their advantages such as a 15% reduction in fuel consumption and reduced noise emissions, marine gensets are deployed in large quantities to support the growth of maritime trade.
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Marine gensets are widely used in commercial vessels, defense vessels, and offshore support vessels. It can be difficult to supply enough electricity to all of the ship's machinery and systems. Ships require a significant amount of energy to meet all of their needs, both while travelling at sea and operating at ports. Marine gensets provide the extra electricity that is required. These extremely portable, contemporary gensets don't take up much space inside the ship, and are thus highly demanded.
Key Takeaways from Market Study
- The global marine gensets market is projected to reach US$ 8.2 billion by 2033.
- The market in China is predicted to increase at a CAGR of 6% during the forecast period.
- Use of marine gensets in commercial vessels is expected to rise at a CAGR of 5% through 2033.
- Sales of marine gensets in Germany are predicted to evolve at a CAGR of 3.5%.
“Rising marine recreational activities and technological advancements in systems are expected to boost the sales of marine gensets over the coming years,” says a Fact.MR analyst.
Key Segments of Marine Gensets Industry Research
- By Vessel Type :
- Commercial Vessels
- Defense Vessels
- Offshore Support Vessels
- By Propulsion :
- Gas Power
- Diesel Power
- Hybrid Generation Power
- By Power Rating :
- Below 1MW
- 1 to 5MW
- 5 to 10MW
- Above 10MW
- By Application :
- Electricity Supply
- Diesel Generators
- By End User :
- Commercial
- Marine
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Recent Market Developments
- Frame Group BV, MAN Energy Solutions, and LOHC Technologies signed a collaboration deal in July 2019 to collaborate on the design and construction of big hydrogen storage solutions. Based on the LOHC (Liquid Organic Hydrogen Carrier) technology, these storage devices will be used.
- The Wartsila Group announced in June 2019 that the business had begun work on the Smart Technology Hub project. The chosen location received approval from the Vaasa municipal council and the Technology Hub is expected to cost about 130 million euros in total.
Competitive Landscape
According to Fact.MR, a market research and competitive intelligence provider, key players in the marine gensets market are developing marine gensets with advanced designs.
Modern all-electric ships (AES), which provide electrical energy for both engine and service loads through a single electrical platform known as the integrated power system (IPS), are expected to use high-power density engines and motors, which is further expected to generate several opportunities in the marine gensets market.
Key Companies Profiled
- ABB Ltd.
- Caterpillar, Inc.
- Cummins, Inc.
- Deere & Company
- Generac Power Systems, Inc.
- Daihatsu Diesel Mfg. Co., Ltd.
- Fischer Panda GmbH
- Gamesa Electric
- GE`s Power Conversion
- EthosEnergy
- Genesal Energy
- Anglo Belgian Corp. NV
- Guangdong Honny Power-Tech Co., Ltd.
- COELMO spa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global marine gensets market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on vessel type (commercial vessels, defense vessels, offshore support vessels), propulsion (gas power, diesel power, hybrid generation power), power rating (below 1MW, 1 to 5MW, 5 to 10MW, above 10MW), application (electricity supply, diesel generators), and end user (commercial, marine), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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