The marine gensets market is expected to depict a major rise in its growth graph owing to the expanding seaborne trade activities across developing economies and increasing investments in the shipping sector. The rising merchandise demand along with inter-regional trade will further drive the market growth. The present demographic shifts coupled with expanding cross border transportation is also likely to boost the product installation.
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Growing awareness toward unfavorable effects of nitrogen and sulfur emissions and increasing concerns regarding environment and health will encourage the demand for hybrid systems. Extensive adoption of sustainable units and R&D efforts for spontaneity in systems will further impel the product penetration. Furthermore, some of the key parameters which are enhancing the market scenario also include the rise in operational capacities and efficiency along with decreased noise levels.
Key players operating in the marine gensets market include Caterpillar, Weicha, Sole Diesel, Cummins, Volvo Penta, Ettes Power Machinery, MAN Energy Solutions, Wartsila, Kohler Power, Scania, ABB, Anglo Belgian Corp., and Kongsberg among others.
According to research report by Global Market Insights, Inc., the marine gensets market is estimated to grow more than 4% by 2025.
The commercial application segment is expected to grow due to the expanding governing policies and investments to attain energy efficiency. Factors which are likely to encourage market growth include global urbanization, increase in demand for retrofitting the prevailing vessels, and increase in natural gas demand. Additionally, exploration & development of unconventional gas coupled with international voyage will further bolster the market scenario.
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The marine gensets market in APAC region is anticipated to grow because of the easy availability of raw material and reasonable labor costs. The introduction of norms & regulations to boost maritime safety as well as security along with strict government protocols to curb pollution caused by ships will further supplement the market outlook.
In addition, governmental pressure on ship manufacturers regarding the use of cleaner fuels will boost the product demand. Furthermore, the rise in disposable incomes has enhanced the standard of living which has led to the development of the tourism sector, which is likely to lead to market expansion.
The marine gensets market in the U.S. is likely to grow due to rising focus toward large scale shale production and technological advancements. The United States executed IMO tier III directives, back in 2015 in order to curb nitrogen emissions by restricting the use up to 0.5%. Moreover, the adoption of sustainable units and expanding focus toward technical developments will further fuel the product penetration.
The <1000 kW power rating segment is likely to observe a growth of around 4% by 2025. Extensive use throughout the recreational & commercial vessels along with rise in consumption of energy will boost the business outlook. Additionally, various collaborations among shipyards and local equipment manufacturers, especially in Asia Pacific region will make a positive impact on product demand.
Overall, considering the aforementioned determinants, the global marine gensets market is expected to register tremendous growth over the forthcoming time period with a majority of growth coming from the Asia Pacific and North America.
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Marine Gensets – 2019 Market Report – Industry Analysis, Segments, Key Players and Trends to 2025
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