The rising demand for commercial vessels such as cargo vessel, container ships, among others is projected to drive the market growth during the forecast period. Additionally, the increasing demand for defense boats and ships engaged in transportation is expected to trigger growth in the industry. The demand for bio-diesel marine gensets is estimated to during the forecast period and is expected to contribute significantly to the market expansion.
The global marine gensets market was valued at USD 5.10 billion in 2018 and is expected to reach a value of USD 6.90 billion by 2026 with an anticipated CAGR of 3.86% during the forecast period, 2019–2026.
Key Report Inclusions
Factors Which Affect the Marine Gensets Market in the Future
Modern Day Hybrid Generators to Witness Tremendous Demand in Asia-Pacific
Asia-Pacific region spearheads in the marine gensets market, owing to the growing demand for hybrid gensets in countries such as Japan and China as these generators emit fewer greenhouse gases and use clean technology. Marine gensets with >500kW power capacity is likely to dominate in terms of both volume and value in South East Asia as the economy largely depends on import and export. This paves the way for original equipment manufacturers (OEM) to develop and bring forth hybrid gensets in the region. Himoinsa, the leading diesel and gas gensets manufacturer, increased its sales in Asia-Pacific with substantial growth in market share too. The region’s sales, in 2012, accounted for less than 10% of the Himoinsa’s global sales; however, the sales climbed upto 16.54% in 2014.
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Collaboration of Shipyards and Local Equipment Manufacturers to Propel Europe Market Growth
Europe marine gensets market is expected to witness significant growth during the forecast period. The emerging countries in the region provide power generation facilities across the existing power infrastructure. Several collaboration programs between the shipyards and local equipment manufacturers in the region drives the market growth.
Natural Gas-Based Gensets Supersedes Diesel Fuel Gensets Due to Stringent Regulations
The commercial vessel comprises bulkers, container ships, LNG carriers, and among others, are widely employed in maritime business activities. The demand for diesel-fuel based marine gensets is expected to decline over time due to the emergence of alternative fuel gensets such as natural gas. Stringent regulations pertaining to the VOC gas is one of the factors impeding the growth of diesel fuel gensets. Despite this restraining factor, diesel fuel gensets are still in high demand as it offers benefits such as longer engine lifespan and low maintenance costs.
Marine Gensets Market Segmentation
By Vessel Type
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now