Global Marine Gensets Market is anticipated to grow over 4% by 2025. Increasing seaborne trade activities across the emerging economies along with rising investments in the shipping industry is set to encourage the business outlook. Growing merchandise demand coupled with increasing inter-regional trade will boost the industry scenario. The current demographic shifts combined with rising cross border transportation is anticipated to drive the product installation.
Increasing awareness toward adverse effects of sulfur & nitrogen emissions coupled with rising environment & health concerns will stimulate the hybrid systems demand. Widespread adoption of sustainable units along with rising research and development initiatives for improvisation in systems will propel the product penetration. Moreover, increase in efficiency and operational capabilities coupled with reduced noise levels are the underline parameters augmenting the business scenario.
Commercial application is projected to grow owing to increasing regulatory policies and investments to achieve energy efficiency. Global urbanization, upsurge in demand for natural gas along with rise in demand for retrofitting of prevalent vessels is set to foster the industry landscape. In addition, long international voyage coupled with exploration & development of unconventional gas reserves will further strengthen the business scenario.
Asia Pacific marine gensets market will experience a considerable growth on account of easy availability of raw material along with affordable labor costs. Stringent government protocols to prevent pollution from ships coupled with introduction of norms & regulations to support maritime safety and security will complement the business landscape. In addition, regulatory pressure on ship manufacturers toward usage of cleaner fuels will augment the product demand. Moreover, improved standards of living owing to rise in disposable incomes will support the expansion in tourism industry thereby driving the business growth.
The U.S. is anticipated to grow owing to increasing focus toward technological advancements along with large scale shale production. The U.S., in 2015, implemented IMO tier III mandates to reduce the nitrogen emissions by limiting the utilization up to 0.5%. Rising focus toward technical enhancements coupled with adoption of sustainable units will further boost the product penetration.
<1000 kW marine gensets market will witness growth over 4% by 2025. Widespread usage across the commercial & recreational vessels coupled with increase in energy consumption will strengthen the industry landscape. Moreover, collaborations between local equipment manufacturers and shipyards specifically in Asia Pacific will positively influence the product demand.
Key industry participants for marine gensets market include Volvo Penta, ABB, W?rtsil?, Caterpillar, Kongsberg, Cummins, Scania, MAN Energy Solutions, Anglo Belgian, Sol? Diesel, Kohler, Ettes Power Machinery and Weicha.