Marine Gensets Market Report 2025

This Marine Gensets market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The marine gensets market size has grown strongly in recent years. It will grow from $5.03 billion in 2024 to $5.29 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing maritime trade, rise in offshore oil and gas exploration activities, growth in the global shipping industry, advancements in marine genset technologies, and increasing demand for reliable and efficient power solutions in marine applications.

The marine gensets market size is expected to see steady growth in the next few years. It will grow to $6.37 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to rising demand for eco-friendly and fuel-efficient gensets, growth in renewable energy integration in marine applications, expansion of marine tourism and leisure activities, technological advancements in hybrid and electric marine gensets, increasing focus on reducing carbon emissions in the marine industry. Major trends in the forecast period include increasing adoption of hybrid and electric marine gensets, rising emphasis on eco-friendly and fuel-efficient technologies, integration of renewable energy sources with marine gensets, growing demand for compact and lightweight genset designs, advancements in digitalization and smart genset technologies.

The strong growth in seaborne trade is expected to drive the expansion of the marine genset market in the future. Seaborne trade refers to the movement of goods and commodities across global oceans and seas using commercial ships. This trade is growing due to rising globalization and international trade, which increase the demand for efficient, large-scale transportation of goods across continents. Marine generators are essential for seaborne trade, providing reliable onboard electrical power for navigation, communication, lighting, refrigeration, and other vital systems on ships and vessels. For example, in July 2023, a report by the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental body, noted that maritime trade volume shrank by 0.4 percent in 2022, but UNCTAD predicts a 2.4 percent growth in 2023. As a result, the continued growth of seaborne trade is fueling the demand for marine gensets.

Key players in the marine genset market are innovating with products such as lightweight gensets to meet customer demands for advanced features. Lightweight gensets are designed for portability and ease of transport, catering to various marine applications. For example, Cummins Inc., a US-based power solutions company, introduced the Marine Diesel Cummins Turbo (MDCT) genset in May 2023. This genset is versatile, offering power options ranging from 40 kWe to 110 kWe with the Cummins B4.5 auxiliary engine, suitable for both commercial and recreational marine uses. It features a compact design, compliance with EPA Tier 3 and EU Stage V emissions regulations, and user-friendly diagnostics through the Cummins Onan Digital Display.

In November 2022, Fischer Panda GmbH, a Germany-based manufacturer of diesel generators, acquired Fischer Panda Generators LLC, enhancing its capability to serve US customers and strengthen its position in the North American market. Fischer Panda Generators LLC, based in the US, specializes in manufacturing marine gensets.

Major companies operating in the marine gensets market are Caterpillar Inc., Volvo Group, Mitsubishi Heavy Industries, ABB Ltd., Cummins Inc., Scania AB, Yanmar Co. Ltd., Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, Kohler Co., Rolls-Royce Power System AG, Man Diesel & Turbo SE, Kongsberg, Deutz AG, Daihatsu Diesel MFG. Co., Ltd., Valley Power Systems, Inc., Anglo Belgian Corporation nv, GlobalTec Solutions, Northern Lights, LLC, Mase Generators of North America LLC, Fischer Panda, Solé Diesel, Ettes Power Machinery, Parikh Power.

Asia-Pacific was the largest region in the marine gensets market in 2024. The regions covered in the marine gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine gensets are power generation units specifically engineered for use on a variety of vessels, including ships, boats, and offshore platforms. These gensets supply electrical power for essential onboard applications such as lighting, navigation equipment, communication systems, and other electrical systems.

The primary fuels used in marine gensets include marine diesel oil (MDO), marine gas oil (MGO), liquefied natural gas (LNG), hybrid systems, and other fuel types. Marine diesel oil (MDO) is a fuel oil blend used in ships, comprising a mix of heavy fuel oil and marine gas oil. Gensets are available in various power ratings categorized as 20,000 kW. They are utilized across different types of vessels including defense vessels, commercial vessels, offshore vessels, and others, serving applications in merchant shipping, offshore operations, as well as cruise and ferry industries.

The marine gensets market research report is one of a series of new reports that provides marine gensets market statistics, including marine gensets industry global market size, regional shares, competitors with a marine gensets market share, detailed marine gensets market segments, market trends and opportunities, and any further data you may need to thrive in the marine gensets industry. This marine gensets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine gensets market consists of sales of portable marine gensets, auxiliary marine gensets, and customized marine gensets. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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