Global Statistics Representing Marine Gensets Market Scenario
A marine genset is a power unit generator that supplies electricity to ships. It offers reliable and fuel-efficient electric power generation for onboard power, emergency gensets, and diesel-electric propulsion. It can be fueled by gas, diesel, hybrid fuel, and others. It has application in offshore commercial vessels, defense vessels, and offshore vessels, among others. Nowadays, most of the marine gensets are fueled by diesel. However, the introduction of alternative fuels such as natural gas is expected to impact on the diesel segment as it provides an opportunity for the players to adopt various methods of organic and inorganic growth strategies to increase the market share.
The marine gensets market is expected to register a CAGR of 3.86% during the forecast period and attain a value of USD 6.90 billion by 2026 on account of burgeoning commercial vessels manufacturing and ship-building activities.
The global marine gensets market is segmented by vessel type, fuel type, and capacity.
The commercial vessel segment is further divided into bulkers, container ships, cargo vessels, LNG carriers, LPG carriers, pure car carriers, and chemical carriers. The segment is expected to dominate the market due to the increasing maritime trade and high global demand for natural gas. The rising demand for retrofits of commercial vessels and long-voyage expeditions are anticipated to boost the commercial vessels segment.
Fluctuation in oil prices and high maintenance cost are the factors inflicting the diesel-based gensets demand. The inclination toward reliable power supply is prompting the installation of various backup supply devices thereby accelerating the diesel gensets demand. Diesel gensets have diversified applications with plenty of options in configuration. Several small players employ diesel gensets for backup power in their facilities.
The more than 10,000kW capacity segment gensets are being increasingly employed across the offshore sectors and commercial vessels Moreover, these generators are manufactured by a large number of market players, due to growing penetration in the market. One of the factors working against 10,000kW marine gensets is the increasing stringency of emission regulations occurring globally.
We have explored the marine gensets market through five regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia-Pacific region is expected to witness substantial growth in the marine gensets market during the forecast period, owing to the flourishing shipbuilding industry in the coastal areas of China, Korea, and Japan. Moreover, government initiatives regarding gas carrier vessel in these countries are propelling the demand for natural gas; thus, increasing use of defense vessel is expected to spur deployment of these systems as a source of backup power. Besides, rising concerns pertaining to fossil fuel consumption and energy security have engendered imposition of rigorous policies on marine genset manufacturers in the region.
North America is witnessing remarkable growth in the marine gensets market due to increasing technological development to manufacture sustainable units. The strong presence of major key players such as caterpillar, wartsila, siemens, general electric, ABB Ltd, PARAMAC, among others are providing new opportunities for marine gensets market in the region.
Europe is observing steady growth on account of burgeoning power generation activities and extraction process for ships and commercial vessel manufacturers. Diesel genset is the primary source of power for building modern infrastructure in the region. Diesel gensets with more 10,000 KW capacity are extensively employed across offshore and onshore sectors in the region.
Some notable market players are Caterpillar Inc., ABB, Cummins, MAN Energy Solutions, Kongsberg, Volvo Penta, Wärtsilä, Weichai, Kohler Co., Solé Diesel, Anglo Belgian Corporation, Ettes Power Machinery Ltd, and Scania AB.
What Details Does the Marine Gensets Market Report Cover?
Marine Gensets Market Segmentation
By Vessel Type
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