Global Marine Gensets Market to Expand by 4% during 2019-2025

January 28, 2020


According to a recent report titled ‘Global Marine Gensets Market Size By Fuel (MDO, MGO, LNG, Hybrid) 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 (Commercial {Container Vessels, Tankers, Bulk Carriers, RO-RO}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise-Ships, Ferries, Yachts}, Navy), Industry Analysis Report, Regional Analysis (U.S., Canada, Germany, UK, Italy, Norway, France, Russia, Denmark, Netherlands, China, Japan, India, South Korea, Australia, Vietnam, Singapore, Saudi Arabia, UAE, Iran, Angola, Egypt, South Africa, Brazil, Argentina, Mexico), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report LLC, the global marine gensets market is anticipated to register a growth rate of 4% through the year 2025.
 

Rising sea-trade activities across the emerging economies is a major factor contributing towards the growth of the global marine gensets market. Moreover, rising investments in the shipping industry is having a positive impact on the business landscape. Inter-regional trade and cross border transportation is blooming at a steady pace, which in turn is fostering the installation of marine gensets, hence aiding the market growth. 
 

On the basis of power rating, less than 1000 kW marine gensets market segment is estimated to grow by 4% through the year 2025, on account of extensive use of these units in recreational and commercial vessels.
 

Based on the fuel model, hybrid marine gensets market segment is garnering modest attention due to increasing awareness towards sustainable development. Surging cognizance regarding harmful effects of sulfur and nitrogen emissions, in consort with rising environmental and health concerns are promoting the adoption of hybrid systems.
 

As per application spectrum, marine gensets market from commercial segment is expected to witness significant growth during the forecast period. Stringent government regulations and increasing investments for achieving optimum efficiency is prompting the use of marine gensets for commercial applications. High demand for natural gas leading to exploration of unconventional reserves, in tandem with numerous retrofitting activities for prevalent vessels are stimulating segmental share.
 

Asia Pacific market is slated to witness substantial growth during the forecast period, owing to abundance of raw materials and availability of cheap labor costs in this region. Stringent regulatory norms are compelling the ship manufacturers to use cleaner fuel. This factor, along with rising focus towards improving maritime safety and security will drive the regional market. Rising disposable income leading to expansion of tourism industry will further boost Asia Pacific marine gensets market.  
 

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Elaborating further on the regional outlook, the U.S. marine gensets industry is anticipated to register a steady growth during 2019-2025, due to massive production of shale, accompanied with various technological advancements.
 

Prominent companies of the global marine gensets market include Volvo Penta, Caterpillar, ABB, Kongsberg, Cummins, MAN Energy Solutions, Scania, Sol Diesel, Anglo Belgian, Ettes Power Machinery, Wartsila, Weicha, and Kohler among others.


Frequently Asked Questions (FAQ) :

Rising sea-trade activities across the emerging economies is a major factor contributing towards the growth of the global marine gensets market. Moreover, rising investments in the shipping industry is having a positive impact on the business landscape. There has also been a growing demand for merchandise. Inter-regional trade and cross border transportation is blooming at a steady pace, which in turn is fostering the installation of marine gensets, hence aiding the market growth.
Based on the fuel model, hybrid marine gensets market segment is garnering modest attention due to increasing awareness towards sustainable development. Surging cognizance regarding harmful effects of sulfur and nitrogen emissions, in consort with rising environmental and health concerns are promoting the adoption of hybrid systems.
Asia Pacific market is slated to witness substantial growth during the forecast period, owing to abundance of raw materials and availability of cheap labor costs in this region. Stringent regulatory norms are compelling the ship manufacturers to use cleaner fuel. This factor, along with rising focus towards improving maritime safety and security will drive the regional market. Rising disposable income leading to expansion of tourism industry will further boost Asia Pacific marine gensets market.
Prominent companies of the global marine gensets market include Volvo Penta, Caterpillar, ABB, Kongsberg, Cummins, MAN Energy Solutions, Scania, Sol Diesel, Anglo Belgian, Ettes Power Machinery, Wartsila, Weicha, and Kohler among others.