The global marine gensets market is forecasted to grow at a CAGR of 3.71% from 2016 to 2021 and reach a value of USD 5.40 Billion by 2021. The growth will be mainly driven by increased commercial vessels, and rise in ship-building activity. The new ship-buildings were dominated by dry bulk carriers and container ships in China and Japan with South Korea dominating in container ships and gas carrier.
The report "Marine Gensets Market by Vessel type (Commercial vessel, Defense vessel, & Offshore vessels), Fuel (Diesel fuel, Gas fuel, & Hybrid fuel), Rating (less than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & more than 10,000kW) & Region - Global Forecast to 2021", The global marine gensets market is forecasted to grow from USD 4.50 Billion in 2016 to USD 5.40 Billion by 2021 at a CAGR of 3.71%. The marine gensets market growth is mainly driven by rise in ship-building industry in the Asia Pacific and enforcement of stringent emission norms by IMO (International Maritime Organization), US EPA and European Commission.
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Commercial vessel will dominate the marine gensets market by application segment
The commercial vessel demand will increase because of maritime trade and rise in world-wide demand for natural gas.
The gas carrier commercial vessels for LNG and LPG increases due to rise in demand for natural gas mainly in regions such as China, India, Japan, and South Korea.
Diesel fuel to lead the market in by fuel type segment
Diesel fuel will dominate the marine gensets by fuel-type segment market. Diesel fuel marine gensets is estimated to lose some market share to natural gas and alternative fuel gensets due to increasing stringency of emission regulations occurring globally.
Despite this hindering factor, diesel fuel gensets are still in high demand as they offer several advantages compared with other fuel types such as a longer engine lifespan, lower maintenance costs, and safe fuel storage.
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Asia-Pacific will lead marine gensets market
Marine gensets market will be dominated by Asia-Pacific region and is also expected to be the fastest growing during the projected period. Ship building industry in China, Japan, and South Korea will drive the marine gensets markets as there is rise shipbuilding industry because of more investment in the sector
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the marine gensets market including Caterpillar Inc., (U.S.), MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Cummins Inc. (U.S.), and Mitsubishi Heavy Industries (Japan), among others.
These players are trying to penetrate developing economies and are adopting various methods organic and inorganic growth strategies to increase their market share.
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