Asia Pacific Marine Gensets Market Size - By Fuel (MDO, MGO, LNG, Hybrid), 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), By Application, By Country Outlook & Forecast, 2024 - 2032

Asia Pacific marine gensets market size is projected to witness over 4.5% CAGR between 2024 and 2032 driven by the expanding maritime industry and increasing shipping activities. The expansion of port facilities, the construction of new vessels, and the modernization of existing fleets are contributing to the rising need for reliable and efficient power generation systems on board. The growing focus on enhancing maritime safety and operational efficiency is necessitating the installation of advanced marine gensets to provide uninterrupted power supply and meet the stringent regulatory standards.

The increasing emphasis on environmental sustainability and the adoption of cleaner energy technologies in the maritime sector are also fueling the market expansion. Governments and industry stakeholders are promoting the use of marine gensets that incorporate eco-friendly technologies, such as hybrid and dual-fuel systems, to reduce emissions and comply with international regulations. For instance, in March 2022, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. introduced a new line of diesel generator sets, the MGS-R Series.

The APAC marine gensets industry is classified into fuel, power rating, application and country.

The market size from the MGO fuel segment is projected to witness substantial growth through 2032 due to its compliance with stringent environmental regulations and advantages in terms of fuel efficiency and emissions control. MGO helps vessels meet the IMO's sulfur emission regulations, which mandate lower sulfur content in marine fuels to reduce air pollution.

Based on application, the APAC marine gensets market from the offshore segment is predicted to record a high revenue share by 2032. This is owing to the rising demand for reliable power solutions in offshore operations, such as oil & gas extraction, and offshore wind farms. Offshore facilities require robust and dependable generator sets to ensure continuous power supply for critical equipment and operations in remote and challenging marine environments.

Australia marine gensets industry size will grow significantly through 2032 attributed to the rise in maritime activities, including the significant commercial shipping fleet, growing tourism sector with luxury yachts and cruise ships, and expanding offshore resource exploration. The focus on enhancing marine safety and environmental sustainability is also promoting the adoption of modern, high-efficiency gensets to meet rigorous performance and emission standards in the region.