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Marine Gensets Market Size

  • Report ID: GMI4014
  • Published Date: May 2023
  • Report Format: PDF

Marine Gensets Market Size

Marine Gensets Market size valued at USD 6.3 billion in 2023 and is anticipated to record more than 9.2% CAGR from 2024 to 2032.


The worldwide maritime tourism sector has witnessed steady expansion in recent years due to increased consumer spending on leisure activities and higher disposable income. This upward trend has generated the need for recreational vessels as a growing number of tourists travel via ferries and cruise ships. Favorable government policies to promote marine tourism as well as innovative marketing & organizational strategies have further augmented the demand for new passenger vessels and ships, opening new growth prospects for marine gensets companies.


Increasing stringency of emission norms may act as a barrier to marine gensets market growth. With the rising pollution concerns, governments have established norms for reducing carbon emissions. Climate change concerns and carbon footprint reduction have become a priority for businesses in the marine sector. The use of carbon-polluting fuels to power these gensets could hamper the carbon emission goals of shipping firms, impacting product acceptance.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of marine gensets was around USD 6.3 billion in 2023 and will witness more than 9.2% CAGR from 2024 to 2032.

The merchant application segment will cross USD 4 billion by 2032, led by the expansion of seaborne trade and shipbuilding activities.

Asia Pacific marine gensets industry size will exceed USD 5 billion by 2032 in view of an upbeat outlook for the shipping sector as well as proliferating seaborne trade.

Cummins, MAN Energy Solutions, Rolls-Royce, Volvo Penta, Caterpillar, Weichai Holding Group, Kirloskar, Société Internationale des Moteurs Baudouin, Wärtsilä, ABB, and Deere & Company are some of the key manufacturers of marine gensets.

Marine Gensets Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 24
  • Tables & Figures: 1576
  • Countries covered: 27
  • Pages: 950
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