Onboard Marine Genset Market Research Report By Engine Type (Diesel Gensets, Gas Gensets, Hybrid Gensets, Turbocharged Gensets), By Output Capacity (0-25 kW, 26-100 kW, 101-250 kW, 251-500 kW, 501-1000 kW, 1001-2000kW, Above 2000 kW), By Fuel Type (Diesel, Natural Gas, Dual-Fuel, Biofuel, Hydrogen), By Application (Commercial Fishing Vessels, Passenger Ships, Offshore Support Vessels, Naval Vessels, Recreational Vessels) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Onboard Marine Genset Market Overview

As per MRFR analysis, the Onboard Marine Genset Market Size was estimated at 11.78 (USD Billion) in 2022. The Onboard Marine Genset Market Industry is expected to grow from 12.22 (USD Billion) in 2023 to 16.94 (USD Billion) by 2032. The Onboard Marine Genset Market CAGR (growth rate) is expected to be around 3.69% during the forecast period (2024 - 2032).

Key Onboard Marine Genset Market Trends Highlighted

The onboard marine diesel genset market is providing considerable opportunities for growth on account of the increasing need for propulsion and onboard electricity generation. Key market drivers are shifting toward electric propulsion systems, demand for offshore renewable energy systems, and the requirement of backup power sources in case of failure of primary power sources.

Some of the recent trends in the onboarding marine genset market involve the use of hybrid and diesel-electric systems, the use of AI and automation for improved operational efficiency, and technologies for reducing emissions to be compliant with environmental regulations.

In this market, opportunities to be exploited include optimizing marine gensets to reduce fuel usage and emissions linked to marine power systems, increasing the market in marine gensets for maintenance and service support, and expanding of use of marine gensets in new industries such as aquaculture and coastal development.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Onboard Marine Genset Market Drivers

Increasing Demand for Marine Transportation

The Onboard Marine Genset Market is primarily driven by the increasing demand for marine transportation. The growth in global trade and the expansion of the shipping industry have led to a rise in the number of vessels operating worldwide. These vessels require reliable and efficient power generation systems, which is driving the demand for onboard marine gensets. The increasing demand for marine transportation is expected to continue in the coming years as global trade is projected to grow at a steady pace.This growth is expected to drive the demand for onboard marine gensets as more vessels are built to meet the increasing demand for marine transportation. The growth in the shipbuilding industry is also contributing to the demand for onboard marine gensets.

As more vessels are built, there is a need for reliable and efficient power generation systems. Onboard marine gensets provide a reliable and cost-effective solution for meeting the power requirements of vessels. The increasing demand for marine transportation and the growth in the shipbuilding industry are expected to be major drivers of the Onboard Marine Genset Market in the coming years. In addition to the increasing demand for marine transportation and the growth in the shipbuilding industry, there are a number of other factors that are driving the demand for onboard marine gensets. These factors include the increasing adoption of emission control regulations, the growing popularity of hybrid and electric vessels, and the increasing demand for power generation in remote locations. The Onboard Marine Genset Market is expected to grow significantly in the coming years, driven by these factors.

Stringent Emission Control Regulations

The Onboard Marine Genset Market is also being driven by the increasing adoption of emission control regulations. These regulations are aimed at reducing the emissions of harmful pollutants from marine vessels. Onboard marine gensets play a crucial role in meeting these regulations by providing efficient and environmentally friendly power generation. The adoption of emission control regulations is expected to continue in the coming years as governments around the world become more focused on protecting the environment.This is expected to drive the demand for onboard marine gensets as ship owners look for ways to meet the increasingly stringent emission control regulations.

Growing Popularity of Hybrid and Electric Vessels

The growing popularity of hybrid and electric vessels is also driving the demand for onboard marine gensets. Hybrid and electric vessels offer a number of advantages over traditional diesel-powered vessels, including reduced emissions, improved fuel efficiency, and lower operating costs. Onboard marine gensets play a crucial role in providing power to hybrid and electric vessels and are essential for ensuring the reliable and efficient operation of these vessels. The growing popularity of hybrid and electric vessels is expected to continue in the coming years as the maritime industry looks for ways to reduce its environmental impact and improve its sustainability. This is expected to drive the demand for onboard marine gensets as more hybrid and electric vessels are built.

Onboard Marine Genset Market Segment Insights

Onboard Marine Genset Market Engine Type Insights  

The Onboard Marine Genset Market segmentation by engine type reveals distinct market dynamics and opportunities. Diesel Gensets continue to dominate the market, accounting for an estimated 65% of the global revenue in 2023. Their reliability, efficiency, and cost-effectiveness make them the preferred choice for a majority of marine applications. Gas Gensets are gaining traction due to their lower emissions and environmental benefits. They are projected to witness a significant growth rate of 4.5% during the forecast period, owing to increasing environmental regulations and demand for cleaner energy sources.

Hybrid Gensets, combining diesel and electric power, offer improved fuel efficiency and reduced emissions. They are expected to capture a growing share of the market, driven by the need for sustainable and cost-effective solutions. Turbocharged Gensets provide higher power output and efficiency compared to naturally aspirated gensets. They are particularly suitable for applications requiring high power density and compact designs. The demand for Turbocharged Gensets is anticipated to rise in specialized marine segments, such as offshore vessels and high-performance yachts. Overall, the Onboard Marine Genset Market segmentation by engine type offers a diverse range of options to meet the varying needs of marine applications. Diesel Gensets remain the dominant force, while Gas, Hybrid, and Turbocharged Gensets cater to specific requirements and emerging trends in the industry.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Onboard Marine Genset Market Output Capacity Insights  

The Onboard Marine Genset Market segmentation by output capacity reveals a diverse range of applications spanning various industries and operational requirements. In 2024, the segment of 0-25 kW is anticipated to capture a significant portion of the market, primarily due to its suitability for small vessels and recreational boats. The 26-100 kW capacity range is expected to see notable growth as it addresses the powering needs of mid-sized yachts and workboats. Meanwhile, the 101-250 kW and 251-500 kW segments are projected to experience steady growth, driven by increasing demand from commercial shipping and marine support vessels.

The higher output segments, including 501-1000 kW, 1001-2000 kW, and above 2000 kW, are also gaining traction, fueled by advancements in marine technology and enhanced performance requirements. Collectively, these segments contribute to the overall revenue of the Onboard Marine Genset Market, estimated to reach approximately 12.22 billion USD by 2024, indicating a robust market growth trajectory. Insights from the Onboard Marine Genset Market data reveal that factors such as rigorous environmental regulations and the shift toward cleaner energy solutions will continue to shape market dynamics across these output capacity segments. The Onboard Marine Genset Market statistics suggest a comprehensive reevaluation of existing genset technologies, encouraging manufacturers to innovate and meet evolving industry standards, thus driving the Onboard Marine Genset Market industry forward.

Onboard Marine Genset Market Fuel Type Insights  

The Onboard Marine Genset Market segmentation by fuel type comprises Diesel, Natural Gas, Dual-Fuel, Biofuel, and Hydrogen. Diesel holds the largest market share due to its high energy density, reliability, and well-established infrastructure. However, Natural Gas is gaining popularity as it offers lower emissions and fuel costs. Dual-Fuel gensets, which can operate on both Diesel and Natural Gas, provide flexibility and fuel efficiency. Biofuel and Hydrogen gensets are emerging as sustainable alternatives with reduced environmental impact.The Onboard Marine Genset Market revenue for Diesel fuel type is projected to reach USD 8.62 billion by 2024, while Natural Gas is expected to grow at a CAGR of 4.2% during the same period.

Onboard Marine Genset Market Application Insights  

The Onboard Marine Genset Market is segmented by application into Commercial Fishing Vessels, Passenger Ships, Offshore Support Vessels, Naval Vessels, and Recreational Vessels. Among these, Commercial Fishing Vessels are expected to hold the largest share of the market in 2023, owing to the increasing demand for seafood and the need for reliable power sources on fishing vessels. Passenger Ships are also expected to contribute significantly to the market growth, driven by the growing tourism industry and the increasing number of cruise ships being built. Offshore Support Vessels are expected to witness steady growth, supported by the rising demand for oil and gas exploration and production activities. Naval Vessels are also expected to contribute to the market growth, driven by the increasing need for advanced power generation systems on warships. Recreational Vessels are expected to experience moderate growth, fueled by the growing popularity of boating and other recreational activities.

Onboard Marine Genset Market Regional Insights  

The regional segmentation of the Onboard Marine Genset Market offers insights into the geographical distribution of the market. North America held the largest market share in 2023, accounting for approximately 35% of the global revenue. The region's robust maritime industry and high demand for advanced gensets for commercial vessels and offshore applications are key growth drivers. Europe followed closely with a share of around 30%, driven by stringent environmental regulations and the presence of major shipbuilding hubs. The APAC region is projected to witness significant growth in the coming years, with a CAGR of 4.2% from 2023 to 2032. The growing shipbuilding and marine infrastructure development in countries like China, India, and South Korea are major contributors to this growth. South America and MEA represent emerging markets with potential for expansion, as these regions seek to enhance their maritime infrastructure and adopt advanced technologies.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Onboard Marine Genset Market Key Players And Competitive Insights

Major players in the Onboard Marine Genset Market are embracing strategic initiatives to sustain market competitiveness. A noteworthy strategy is the formation of joint ventures to leverage the strengths of different players. For instance, in July 2023, Caterpillar and Cummins announced a joint venture to develop and produce high-speed marine engines. The companies aim to leverage their respective expertise in engine design, manufacturing, and distribution to offer advanced propulsion solutions for the marine industry.

Caterpillar, a leading Onboard Marine Genset Market player, offers a comprehensive range of gensets designed to meet the specific requirements of the marine industry. The company's gensets are known for their reliability, durability, and efficiency. Caterpillar has a strong focus on research and development, which enables it to continuously improve its products and offer innovative solutions to its customers. The company also has a global sales and service network, which provides support to its customers worldwide.

Another prominent player in the Onboard Marine Genset Market is Cummins. The company offers a wide range of gensets for various marine applications, including commercial vessels, recreational boats, and offshore platforms. Cummins gensets are renowned for their high performance, low emissions, and fuel efficiency. The company has a strong distribution network and provides excellent after-sales support to its customers. Cummins also invests heavily in research and development to enhance its product offerings and maintain its position as a leader in the market.

Key Companies in the Onboard Marine Genset Market Include

• MTU Onsite Energy


• Caterpillar Marine


• Doosan Infracore


• Scania


• DEUTZ


• Hyundai Heavy Industries


• Yanmar


• Mitsubishi Heavy Industries


• Cummins


• Perkins Engines


• Wärtsilä


• Volvo Penta


• Kohler


• MAN Energy Solutions


• RollsRoyce Power Systems

Onboard Marine Genset Market Industry Developments

The Onboard Marine Genset Market is projected to grow from USD 12.22 billion in 2023 to USD 16.94 billion by 2032, exhibiting a CAGR of 3.69% during the forecast period. Increasing demand for reliable and efficient power sources on marine vessels is driving market growth. Growing environmental regulations and the need to reduce emissions are also contributing to the adoption of onboard marine gensets. Technological advancements, such as the development of hybrid and electric gensets, are further expected to drive market growth in the coming years. Recent developments include the launch of new products, such as the MAN Energy Solutions' high-power marine genset, and strategic partnerships, such as the collaboration between ABB and Corvus Energy to develop integrated power solutions for marine applications.

Onboard Marine Genset Market Segmentation Insights

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  Onboard Marine Genset Market Engine Type Outlook

  
  
  
  
  • Diesel Gensets
  
  
  • Gas Gensets
  
  
  • Hybrid Gensets
  
  
  • Turbocharged Gensets
  
  
  
  


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  Onboard Marine Genset Market Output Capacity Outlook

  
  
  
  
  • 0-25 kW
  
  
  • 26-100 kW
  
  
  • 101-250 kW
  
  
  • 251-500 kW
  
  
  • 501-1000 kW
  
  
  • 1001-2000kW
  
  
  • Above 2000 kW
  
  
  
  


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  Onboard Marine Genset Market Fuel Type Outlook

  
  
  
  
  • Diesel
  
  
  • Natural Gas
  
  
  • Dual-Fuel
  
  
  • Biofuel
  
  
  • Hydrogen
  
  
  
  


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  Onboard Marine Genset Market Application Outlook

  
  
  
  
  • Commercial Fishing Vessels
  
  
  • Passenger Ships
  
  
  • Offshore Support Vessels
  
  
  • Naval Vessels
  
  
  • Recreational Vessels
  
  
  
  


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  Onboard Marine Genset Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa