PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1419590
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1419590
Marine gensets market is projected to witness a CAGR of 4.1% during the forecast period 2024-2031, growing from USD 4.62 billion in 2023 to USD 6.37 billion in 2031. The benefits of marine gensets include providing supplementary power to various ship systems and accessories, with the ability to be selected based on the power required on board and the flexibility to run on different fuel types such as diesel or gasoline. The factors driving the growth of the marine gensets market include the increasing demand for power in new-age ships, the rise in ship-building activities, and the continuously growing commercial vessel sector.
Marine gensets play a crucial role in ship-building by providing supplementary power to various systems and accessories, ensuring the efficient operation of ships. They are essential for meeting the increasing demand for power in new-age ships and supporting the growing commercial vessel sector.
For example, in December 2023, Dutch shipping firm Transtal Shipping agreed with Thecla Bodewes Shipyards to construct a 5,100-dwt diesel-electric multi-purpose vessel. The vessel's design prioritizes fuel flexibility, incorporating three gensets and two electric motors. It is equipped to accommodate future fuels like methanol or hydrogen, with allocated onboard space for alternative energy sources, thereby eliminating the need to replace the electric propulsion system.
Dual fuel generators are crucial in marine applications due to their versatility and adaptability. They can operate on two distinct fuels i.e. methanol and conventional, thereby enhancing their adaptability and reliability in various situations and making them suitable for different marine environments and operations.
For example, in October 2023, CMB.TECH and DBR collaborated to develop the first marine dual-fuel hydrogen gensets, with DBR being responsible for their construction and delivery. These gensets, designed for marine applications, featured a maximum output of 940 kVA / 752 kWe at 60 Hz (1800 rpm) and could operate on diesel or in dual-fuel mode, thereby achieving emission savings of up to 83%. This collaboration aimed to accelerate the decarbonization of the maritime industry, with the gensets being suitable for commercial and recreational marine applications, complying with EPA Tier 3 and EU Stage V regulations respectively.
The frequent utilization of diesel generators is accelerating the growth of the marine gensets market due to rise in demand for efficient and reliable power generation systems in onshore and offshore support vessels.
For example, in May 2023, Cummins unveiled a new generator set featuring the Cummins B4.5 engine, available in both 50 Hz and 60 Hz models. This robust pairing offers genset ratings of 40-80 kWe and 80-110 kWe, respectively. The Cummins Onan Digital Display provides user-friendly diagnostics, offering extensive engine and alternator information, ensuring customer convenience on the water. The MDCT genset is suitable for commercial and recreational marine applications and complies with EPA Tier 3 and EU Stage V regulations, providing a power-dense, lightweight option with a base warranty of five years or 2,000 hours.
Offshore gas generators are of utmost importance in the marine industry. They are designed to withstand harsh marine conditions and are vital for powering machinery, appliances, and modern amenities, thereby ensuring uninterrupted power for offshore operations. Additionally, they are crucial for the oil and gas industry, supporting offshore drilling and production activities. Moreover, offshore gas generators are fundamental for meeting the energy needs of diverse offshore industries, where traditional power sources are not readily available.
For example, in February 2023, Caterpillar Inc. introduced 15 new gas generator sets, with ratings from 20 to 200 kW, designed for emergency standby, demand response, and prime applications. These generators offered high efficiency and low life cycle costs, and could be operated with various types of gas, including natural gas, biogas, coal gas, and alternative fuels. Moreover, the product portfolio of Caterpillar Energy Solutions included gas-fueled generator sets for various applications, characterized by flexibility, performance, and efficiency.
Asia-Pacific dominated the marine gensets market owing to the rise in ship-building activities in China, South Korea, and Japan. The flourishing shipbuilding industry in these countries, along with government initiatives regarding gas carrier vessels, propelled the demand for natural gas and defense vessels, thereby expediting the deployment of marine gensets across the region.
For example, in September 2023, China Merchants Heavy Industry (CMHI) ordered six small-bore, seven-cylinder 21/31DF-M methanol-burning gensets from MAN Energy Solutions for its new car carriers. The vessels were the first to be fitted with MAN Energy Solutions' M 21/31 DF-M methanol gensets, and each vessel had three methanol gensets. The vessels are set for delivery in 2025 and 2026, with the contract including an option for another four vessels. The move towards methanol as a marine fuel in China is driven by the need for expanded capacity and emission regulations, with the vehicle-transport sector's interest in using methanol at an all-time high.