Marine Gensets Market

Marine Gensets Market Study by Commercial Vessels, Defense Vessels, and Offshore Support Vessels in Gas Power, Diesel Power, and Hybrid Generation Power from 2023 to 2033

Analysis of Marine Gensets Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Marine Gensets Market Outlook (2023 to 2033)

The global marine gensets market is valued at US$ 5.3 billion in 2023. Worldwide sales of marine gensets are expected to increase at a CAGR of 4.5% and reach a market valuation of US$ 8.2 billion by the end of 2033.

A generator set, which relates to a generator and engine combination, is referred to as a genset. The concept of a genset vessel is an engine that powers the generator, which supplies the power necessary to run other equipment. The generator, also known as an alternator, and the engine, make up a genset.

Gensets are used in several industries to provide energy and backup electricity. When shore or vessel power is unavailable, gensets are also utilized to keep chilled goods cool during road transportation. The location and operations of a business determine the requirement for the genset. In reality, gensets have several use cases that are not limited to a particular business but rather span a variety of fields with related goals.

Marine gensets provide power to various systems of ships. Marine gensets are widely deployed on commercial vessels, defense vessels, and offshore support vessels. The use of marine gensets in commercial vessels is expected to increase at a CAGR of 5% from 2023 to 2033.

As seaborne trade between emerging nations grows, marine generator sets are being used more widely in commercial vessels. The growth of long-haul international travel along with the quick industrialization of emerging economies is expected to increase sales of marine gensets. Also, a higher-than-average demand for vessel upgrades is expected to hasten the marine generator implementation. Global urbanization, ongoing demographic changes, and increasing cross-border travel all are contributing to sales growth.

Demand for recreational marine gensets used in recreational boats including cruise ships, ferries, and yachts is anticipated to grow in the coming ten years, due to rising disposable income and improved standards of living among end users. Increasing spending on leisure activities, comfort, and luxury as well as increased spending on cruise tips is expected to increase demand for ship generators.

  • Demand for marine gensets for use in defense vessels is expected to evolve at a CAGR of 4% over the next 10 years. Rapid advancements in the defense sector worldwide are driving the demand for advanced marine generators.

Report Attributes


Market Size (2023E)

US$ 5.3 Billion

Forecasted Market Value (2033F)

US$ 8.2 Billion

Global Market Growth Rate (2023 to 2033)

4.5% CAGR

China Market Growth Rate (2023 to 2033)


Japan Market Growth Rate (2023 to 2033)


Germany Market Growth Rate (2023 to 2033)

3.5% CAGR

Canada Market Growth Rate (2023 to 2033)

2.5% CAGR

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

Which Factors are Driving High Demand for Marine Gensets across the World?

“Increasing Investments for Genset Development”

Liquefied natural gas (LNG) marine genset demand is increasing at a rapid pace. This can be due to the ongoing boom in the production and exploitation of unconventional gas sources as well as tighter pollution laws. Manufacturers are heavily investing in developing complex technologies required for the production of vessels for the LNG supply industry. High safety requirements have allowed for the safe shipping of LNG by sea.

LNG carriers have to deliver very valued freight on schedule, which means they demand operational flexibility. Low emissions are necessary for worldwide navigation across waterways with sensitive ecosystems, and the propulsion system's operational safety is of utmost importance. Increasing R&D endeavours for engine improvements together with growing concerns about the health and environmental implications of marine sulphur emissions are expected to increase demand for hybrid marine gensets.

High efficiency, reduced noise range, and operational capabilities are a few of the main elements boosting marine genset demand. Also, the increasing propensity of ship-owners to use eco-friendly fuels is predicted to increase genets penetration throughout the industry.

“Ever-growing Global Marine Trade”

International trade and the global economy are supported by maritime transportation. The market for marine gensets is anticipated to expand during the forecast period due to increasing seaborne trade around the world.

  • Over 80% of the world's trade is carried by sea, and ports all over the world are in charge of controlling more than 70% of the trade's value, according to Maritime Publications.

Growth in marine trade is expected to be greatly influenced by rapid globalization and the brisk economic development of Asian nations such as China and South Korea, which subsequently is boosting portable marine generator sales.

“Rising Trend of Marine Recreational Activities”

Yacht charters are frequently used for leisure, business, and vacation-related activities. A convenient and simple method to enjoy a lengthy yacht holiday with friends and family is through a yacht hire.

Yacht charter businesses provide clients with yachts, the best itineraries based on their demands, a team and captain, as well as online or on-call support throughout the charter. Yacht owners also use marine gensets to avoid any outbreak of power.

The business of yacht charter is expanding favourably as a result of the rising demand for luxury marine travel and individualized services among tourists. In the coming years, demand for marine generators is expected to develop as a result of the expanding tourism sector, the rising spending power of some individuals and rapidly changing preferences for recreational and leisure activities are supporting sales growth.

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How Can Market Growth Be Affected to Some Extent?

“High Costs Associated with Production & Development”

Rapid developments and advancements in the designs of marine gensets are increasing their costs. Heavy investments are required in the R&D activities of marine gensets.

The use of advanced marine gensets in recreational applications may not be affordable for some small traders. Thus, high product and investment costs may impede sales growth.

Marine Gensets Market Summary and Forecast by Fact.MR

Country-wise Analysis

Why is the United States Exhibiting High Growth in Marine Genset Sales?

“Rapid Developments in Naval Defense Sector”

The United States marine gensets market is expanding rapidly due to the rising shipbuilding and marine defense sectors.

  • According to the Department of Defense (United States), 42 new ships were included in the United States Navy's FY2021-FY2025 five-year shipbuilding plan, which is 13 fewer than the 55 ships in the FY2020 (FY2020-FY2024) five-year plan.
  • According to the United States Naval Institute, a destroyer of the Arleigh Burke-class, roughly five LCS, a John-Lewis class oiler, and an attack submarine of the Los Angeles class, were delivered to the United States Navy in 2021.
  • According to Huntington Ingalls Industries in Nov 2021, the United States Navy granted Huntington Ingalls Industries a contract modification of US$ 113.6 million for long-lead-time components and advanced purchasing for the amphibious assault ship LHA 9.

Thus, the rapidly developing naval defense sector of the United States is driving the growth of the marine gensets market in the country.

How is Demand for Marine Gensets Progressing in European Countries?

“Rapidly Developing Yacht Charter Business in Germany”

The world's best locations for marine culture are considered to be in Europe. Yacht charters have a very strong cultural tradition in northern Europe. Motor yachts, luxury boats, and crewed yachts are available in several European nations, including Germany, England, Sweden, Scotland, Ireland, Denmark, and Norway.

Together with expedition/explorer yachts, several super yachts are also available for rent. The best time to charter a boat in Europe is during the summer. Rising recreational activities such as fishing and boating in Germany are boosting the yacht business, which further is expected to increase sales of marine gensets. The Germany market is predicted to evolve at a CAGR of 3.5% from 2023 to 2033.

Which Factors are Augmenting Sales of Marine Gensets in Japan?

“High-quality Production of Marine Engines”

Japan has some of the finest manufacturers of marine engines. Marine diesel generators developed in Japan are considered stable and cost-effective machines based on long-term marine engine experience.

  • In a Japanese plant, Mitsubishi Marine Engines are assembled using a strict quality control system. The best-matched Mitsubishi turbochargers are installed in the engines. These engines meet the standards of international marine classification bodies and various emission regulations.

The Japan market is likely to progress at a CAGR of 3% from 2023 to 2033. Thus, the presence of key marine genset manufacturers is boosting market growth in the country.

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Category-wise Analysis

Why are Diesel Power Marine Gensets Widely Used?

“Capacity of Diesel Gensets to Generate More Energy”

Based on propulsion, marine gensets are segmented into gas power, diesel power, and hybrid generation power. Diesel-run marine segments are expected to be more widely used than others.

A primary mover and an alternator working in tandem produce the electricity needed for shipboard use. On board, an alternating power generator is utilized for this purpose. Diesel is the fuel used to run the engine in diesel-powered marine gensets.

Diesel is more expensive than gas, but because of its higher energy density, it can produce more energy from a given amount of fuel. Also, diesel is less flammable than other fuels, making it safer to handle and store than gasoline. Thus, diesel-fueled gensets are used the most.

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.

  • The C175N6B and C200N6B, two new natural gas generators from Cummins Inc., were introduced in February 2023. These additions share a platform with the C125N6 and C150N6 natural gas generators, which are widely used in a variety of industrial applications.

Know thy Competitors

Competitive landscape highlights only certain players
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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

- FAQs -

What is the value of the marine gensets market in 2023?

The global marine gensets market is valued at US$ 5.3 billion in 2023.

At what growth rate is the marine gensets market expected to evolve?

Sales of marine gensets are forecasted to increase at a CAGR of 4.5% from 2023 to 2033.

What is the estimated market value of marine gensets by 2033?

Worldwide demand for marine gensets is projected to reach US$ 8.2 billion by 2033.

Who are the leading marine genset manufacturers?

ABB Ltd., Caterpillar, Inc., Cummins, Inc., and Deere & Company are some of the leading companies in this space.

Marine Gensets Market

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