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Asia Pacific Marine Gensets Market
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Asia Pacific Marine Gensets Market Size
Asia Pacific Marine Gensets Market was valued at USD 3.68 billion in 2023 and is estimated to grow at a CAGR of over 4.5% between 2024 and 2032. Robust expansion in seaborne trade across the region along with increasing popularity of maritime tourism will contribute to the demand for these gensets.
To get key market trends
Marine gensets provide electrical power to different systems and equipment on board ships, boats, offshore platforms, and other maritime vessels where a reliable and continuous power supply is essential. These gensets come in various sizes and configurations to suit different types of vessels, ranging from small pleasure boats and yachts to large commercial ships, offshore drilling rigs, and naval vessels. They play a critical role in ensuring the safe and efficient operation of marine vessels by providing essential electrical power for propulsion and onboard systems, both at sea and while docked in port.
Asia Pacific Marine Gensets Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 3.68 Billion |
| Forecast Period 2024 to 2032 CAGR | 4.5% |
| Market Size in 2032 | USD 5.48 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Asia Pacific Marine Gensets Market Trends
The increasing population and ongoing infrastructure developments will drive up the demand for global seaborne trade, which in turn will bolster the outlook for businesses operating in this sector. The industry is set to experience growth fueled by the expanding export and import of various merchandise and commodities comprising of crude oil, ores, and minerals. This uptick will be driven by the rising seaborne trade, particularly in developing economies along with the swift surge in shipbuilding endeavors, will drive the demand for marine commercial vessels.
Asia Pacific Marine Gensets Market Analysis
Learn more about the key segments shaping this market
The LNG fueled marine gensets market will surpass 600 USD million by 2032. The increasing priority of shipowners and operators towards corporate social responsibility and sustainability initiatives will lead to surge in the demand of these gensets. Furthermore, adoption of LNG fueled gensets aligns with these objectives by reducing environmental impact and demonstrating a commitment to sustainable business practices.
Learn more about the key segments shaping this market
The < 1,000 kW rated marine gensets market size will witness a growth of over 4% through 2032. Wide scale utilization of these units across small & medium-sized vessels, including ferries, tugboats, fishing vessels, and recreational boats will augment the business scenario. The increasing import & export of container cargo along with the growing exploration activities will augment the business landscape.
Looking for region specific data?
China marine gensets market is set to reach over USD 1.2 billion by 2032. Gradual shift toward adopting sustainable systems aimed at reducing airborne emissions will positively impact the business growth. Moreover, the construction of navy ships, freighters, and tugboats are contributing to a robust order book, leading to an uptick in demand for these systems. The continuous retrofitting of marine gensets owing to stringent government norms will enhance product penetration.
South Korea marine gensets market will grow significantly on account of positive outlook toward the shipping industry and growing seaborne trade. The progressive shift toward the adoption of sustainable systems with an aim to reduce airborne emissions will further drive the product development. The rising E&P activities will increase the demand for gas carriers, oil tankers, drill ships, and platform supply vessels, which in turn will energize the business dynamics.
Asia Pacific Marine Gensets Market Share
ABB is one of the leading providers of innovative and dependable solutions across various industries worldwide. ABB specializes in an extensive array of offerings, encompassing automation, electrification, robotics, and related services, catering to diverse sectors on a global scale. Committed to sustainability and exceeding customer expectations, ABB remains at the forefront of innovation, striving to elevate performance, productivity, and environmental stewardship while contributing to societal progress.
Asia Pacific Marine Gensets Market Companies
Eminent players operating in the Asia Pacific marine gensets industry include:
- ABB
- BHOJANI GENERATORS
- Caterpillar
- Cummins Inc.
- Deere & Company
- Fischer Panda
- Kirloskar
- Kohler Co.
- MAN Energy Solutions
- Mitsubishi Heavy Industries
- Nidec Industrial Solutions
- Rolls-Royce plc
- Scania
- Solé Diesel
- Volvo Penta
- Wärtsilä
- Weichai Holding Group Co, Ltd.
- YANMAR
Asia Pacific Marine Gensets Industry News
- In January 2024, Cummins Inc. announced the launch of their new Marine Diesel Cummins Turbo (MDCT) genset, featuring the B4.5 engine. Designed for both commercial and recreational marine applications, the MDCT genset meets EPA Tier 3 and EU Stage V regulations, ensuring environmental compliance. Equipped with user-friendly diagnostics via the Cummins Onan Digital Display, it offers extensive engine and alternator information.
- In November 2022, ABB secured a contract with COSCO Shipping to equip their ten container vessels with its advanced permanent magnet shaft generator systems, boosting fuel efficiency by up to 17%. The systems aim to meet new IMO regulatory standards, enhancing vessel efficiency ahead of the Energy Efficiency Existing Ship Index and Carbon Intensity Indicator implementation in 2023.
This Asia Pacific marine gensets market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2021 to 2032, for the following segments:
Market, By Fuel
- MDO
- MGO
- LNG
- Hybrid
- Others
Market, By Power Rating
- < 1,000 kW
- 1,000 kW - 5,000 kW
- 5,000 kW - 10,000 kW
- 10,000 kW - 20,000 kW
- > 20,000 kW
Market, By Application
- Merchant
- Container Vessels
- Tankers
- Bulk Carriers
- RO-RO
- Others
- Offshore
- Drilling RIGS & Ships
- Anchor Handling Vessels
- Offshore Support Vessels
- Floating Production Units
- Platform Supply Vessels
- Cruise & Ferry
- Cruise Vessels
- Passenger Vessels
- Passenger/Cargo Vessels
- Others
- Navy
- Others
The above information has been provided for the following countries:
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Singapore
Frequently Asked Question(FAQ) :
Why is the marine gensets popular in China?
China marine gensets market size will reach USD 1.2 billion by 2032, driven by robust maritime industry, extensive coastal infrastructure development, and increasing investments in offshore energy exploration.
Which are the leading marine genset firms in the Asia Pacific?
ABB, Bhojani Generators, Caterpillar, Cummins Inc., Deere & Company, Fischer Panda, Kirloskar, Kohler Co., MAN Energy Solutions, Mitsubishi Heavy Industries, Nidec Industrial Solutions, Rolls-Royce plc, Scania, Sol
What is the size of the Asia Pacific marine gensets market?
Asia Pacific marine gensets industry size was USD 3.68 billion in 2023 and will demonstrate a 4.5% CAGR during 2024 and 2032, due to the burgeoning maritime trade, increasing investments in marine infrastructure development, and popularity of maritime tourism across the region.
Why is the demand for LNG fueled marine gensets rising in APAC?
Asia Pacific LNG fueled marine gensets market will record USD 600 million by 2032, attributed to increasing focus on reducing greenhouse gas emissions in maritime operations and stringent environmental regulations.
