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Onboard Marine Gensets Market Size
Onboard marine gensets market is projected to grow at a notable pace from 2024 to 2032, primarily attributed to the increasing shipbuilding, repair, and retrofitting activities in the marine sector. While the rise in maritime trade due to globalization is driving the demand for commercial gensets, a global increase in maritime tourism is creating new opportunities for the market players in the recreational sector. As per a ET Travel World report, roughly half of the world's tourism industry is attributed to coastal and marine destinations, amounting to approximately USD 4.6 trillion or 5.2% of the global GDP.
Compared to conventional gensets that take up a substantial amount of deck space, most modern gensets are compact in size with high power output, fewer vibrations, and reduced noise levels, making them a preferred choice. Continuous advances in marine technologies will augment the onboard marine gensets industry forecast.
Onboard Marine Gensets Market Trends
The introduction of new stringent environmental regulations is driving the adoption of cleaner and more efficient genset technologies. Additionally, there is a growing demand for compact and lightweight gensets to optimize onboard space utilization. Integration of advanced monitoring and control systems is becoming commonplace, enhancing genset performance and reliability. Furthermore, the industry is witnessing a shift towards hybrid and electric propulsion systems, reflecting a broader trend towards sustainable maritime solutions.
Onboard Marine Gensets Market Analysis
Based on propulsion type, the diesel propulsion system segment is predicted to witness substantial growth through 2032 owing to the reliable power supply during power interruptions, high-density power, and efficiency. Additionally, the diesel based onboard marine gensets will see increased demand due to their longer operation life, safer fuel storage, and less maintenance requirements.
By vessels, commercial vessels segment is likely to account for a substantial share of the onboard marine gensets market during 2024–2032. Globalization, rapid industrial development in emerging economies, and the subsequent rise in international import & export activities are key factors supporting the growth. Commercial vessel owners are likely to invest in repair and retrofitting activities to boost efficiency and comply with the latest marine emission standards set forth by regulators such as the International Maritime Organization (IMO). This will further bolster the demand for onboard marine gensets in commercial vessels.
North America onboard marine gensets industry will expand significantly through 2032, ascertained to developments in the shipbuilding sector and a stringent regulatory scenario to minimize marine emissions. Increasing military & defense expenditures to expand naval fleets would further provide tremendous opportunities for the market players.
Onboard Marine Gensets Market Share
Some of the eminent names in the onboard marine gensets industry are Rolls Royce, Cummins, Caterpillar, ABB, Siemens AG, Mitsubishi Heavy Industries, MAN Energy Solutions, Onboard Marine Group Ltd., John Deere, Daihatsu Diesel, Sole Diesel, Yanmar, DEUTZ, Scania, Kirloskar, Kohler, and Wärtsilä. In anticipation of increasing market demand, these companies are constantly rolling out new genset technologies for the maritime sector, while also engaging in marketing strategies such as hefty investments, mergers and acquisitions, and partnerships.
Onboard Marine Gensets Industry News
- In October 2023, CMB.TECH, a shipping and cleantech company headquartered in Belgium, teamed up with DBR, a Dutch provider of comprehensive power solutions, to pioneer the creation of what is claimed to be the inaugural dual-fuel hydrogen gensets tailored for marine use. This collaboration aimed to expedite the decarbonization efforts within the maritime sector.