Marine Genset Market Trends, Analysis and Forecasts 2024

Marine generator sets are utilized in several types of vessels such as offshore support vessels, commercial vessels, other vessel types and defense vessels. A marine generator set helps in keeping the current flowing throughout the electrical equipment on the ship or boat. For electricity generation, a generator is an electro mechanical device which converts motive power to electrical power for using it in an external circuit. Some of the key sources of mechanical energy are gas turbines, steam turbines, internal combustion engines, water turbines and hand cranks. The reverse alteration of electrical energy to mechanical energy is achieved by using an electric motor and these motors and generators have several similar characteristics. Most of the motors are mechanically driven to generate electricity and regularly make manual generators.

The growth of the global marine gensets market is anticipated to be chiefly driven by increasing number of commercial vessels coupled with rapid increase in ship building activity. The advanced ship buildings are generally dominated by container ships and bulk carriers especially in Japan and China along with South Korea dominating in gas carrier and container ships. Moreover, rising demand for high value pleasure vessels is one of the major factors contributing to the growth of the global marine gensets market. In addition, the European marine gensets market has also witnessed an emerging demand especially for hybrid generators. However, intense competition from low cost suppliers might pose a serious threat to the growth of the global marine gensets market.

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Furthermore, one of the key factors hampering the growth of the market is the increasing number of stringent regulations by several governmental and non governmental organizations on the emissions of marine gensets occurring globally. Asia-Pacific is anticipated to dominate the global marine gensets market mainly due to increase in ship building activities especially in South Korea, China and Japan. The aforementioned countries are heavily investing in ship building projects and the key market players are intensifying their manufacturing facilities in these countries through new licensees and manufacturing units and plants. Moreover, factors such as increase in the production of gas carrier, container ships and marine freight across the globe, increase in high value pleasure vessels, increasing demand for hybrid fuel powered marine gensets, intensifying competition from low cost vendors, and increase in the shipping of green cells are some other key factors affecting the growth of the global marine gensets market.

The global marine gensets market can be segmented on the basis of fuel, capacity, vessel type and geography. On the basis of fuel, the global marine gensets market can be segmented into diesel, gas and hybrid. On the basis of capacity, the global marine gensets market can be segmented into Up to 1,000kW, 1,001-3,000kW, 3,001-10,000kW and above 10,000kW. On the basis of vessel type, the global marine gensets market can be segmented into commercial vessels, offshore vessels, defense vessels and other vessels. On the basis of geography, the global marine gensets market can be segmented into North America, Europe, Asia-Pacific and Middle East & Africa and Latin America.

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Some of the key players in the global marine gensets market include Wärtsilä, MAN Diesel & Turbo SE, Mitsubishi Heavy Industries, Caterpillar, Inc., Daihatsu Diesel Mfg. Co., Ltd., Rolls-Royce Power Systems AG, Dresser Rand, Deutz Ag, Valley Power Systems, Inc. and Kohler Co. among others.