WorldWide Marine Gensets Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Marine Gensets Market

Industry / Sector Trends

Global Marine Gensets Market size was valued over USD 4 billion in 2018 and is projected to grow over 4% by 2025.
 
Growing seaborne trade driven by increasing interregional trade practices along with rising investments in shipbuilding sector will stimulate the global marine gensets market growth. According to the United Nations Review of Maritime Transport, international seaborne trade exhibited robust revival in 2017, with volumes expanding at 4.0% which was the fastest growth in the last five years. The industry growth is largely attributed to developing economies, most notably across Asia Pacific accounting for majority share in seaborne trade imports.
 
Market Segmentation, Outlook & Regional Insights: Marine Gensets Market


 Marine Gensets Market, By Fuel

China Marine Generator Sets Market Size, By Fuel, 2018 (USD Million)
 

LNG marine gensets market size is predicted to expand over 8% by 2025. Ongoing boom in the development and exploration of unconventional gas reserves along with tightening emission regulations will strengthen the advent of these units. The IMO in January 2015 introduced directives to limit emission from PMs & has reduced the sulfur emissions to 0.10% across the ECAs. Further, the Marine Environment Protection Committee (MEPC), in 2016, introduced 0.5% limit on sulfur fuel content in global marine traffic that will go into effect from January 1, 2020.
 

Rising concerns over health and environmental effects from marine sulfur emissions coupled with elevating R&D initiatives toward engine modifications will stimulate the hybrid marine gensets market growth. Operational capabilities, reduced noise range and high efficiency are some of the key factors supporting the product demand. In addition, growing inclination of shipowners toward the adoption of eco-friendly fuels will boost the product penetration across the industry.
 

Marine Gensets Market, By Power Rating

<1000 kW marine gensets market is predicted to grow over 4% by 2025. These gensets are being increasingly deployed across recreational & commercial vessels driven by increasing seaborne trade and economic growth, rising energy consumption, and improved living standards. In addition, increased collaboration between shipyards and local equipment manufacturers, most notably across Asian economies will favor the industry growth.
 

Marine Generator Sets Market, By Application

Recreational marine gensets market will witness growth on account of increased disposable income in addition to improvement in living standards across the end-users. Growing demand for comfort & luxury and leisure activities, resulting into an amplified spending toward cruises will in turn boost the industry expansion.
 

Commercial segment will grow owing to rising seaborne trade across the emerging economies. Increasing international long-voyages coupled with rapid industrialization across the emerging economies will encourage the product adoption. In addition, elevated demand for retrofits of existing vessels will accelerate the product deployment. Ongoing demographic shifts & global urbanization corresponding to rising cross-border transport will further fuel business growth across the sector.
 

Marine Gensets Industry, By Region

Europe Marine Generator Sets Market Size, By Country, 2018 (USD Million)
 

The U.S. marine gensets market size is set to exhibit remarkable growth driven by ongoing boom in the shale production & exploration coupled with advancing technological developments to manufacture sustainable units. In 2015, the U.S. implemented IMO tier III regulations with an aim to combat the NOx emissions by reducing the usage up to 0.5%. Ongoing retrofitting activities in the shipping yards pertaining to the installation of sustainable and environment friendly systems will further complement the product demand.
 

Asia Pacific market size is predicted to expand over 5% by 2025. The region is host to a multitude of shipbuilders and equipment manufacturers aimed at constant R&D ventures in product design. Developing sea transport network along with existence of large number of ship manufacturers will encourage the industry growth. Affordable labor cost and easy availability of raw material are the key parameters enhancing the product penetration.
 

Key Players, Recent Developments & Sector Viewpoints: Marine Gensets Market


Notable industry players operating across the global marine gensets market share include Caterpillar, ABB, Cummins, MAN Energy Solutions, Kongsberg, Volvo Penta, Wärtsilä, Weicha, Kohler, Solé Diesel, Anglo Belgian, Ettes Power Machinery, and Scania.
 

The industry is characterized by key multinational firms focused at increased geographic extent and financial strength through consolidation ventures. Strategic marketing initiatives, product innovation, brand recognition and economies of scale are some of the key assets to enhance  competitiveness across the marketplace while avoiding the risks of counterfeiting.
 

Industry Viewpoint
 

A marine genset, also known as a marine generator set, is deployed to provide power for the marine vessels in the sea when the main engines are shut down or shore power is unavailable. Technological advancement in terms of engine modifications, environmental performance and noise reduction are supporting the market growth. These gensets are being increasingly deployed across merchant, offshore, navy cruise and ferries as an essential source of power supply

Key Insights Covered: Exhaustive Marine Gensets Market
1.  Market size (sales, revenue and growth rate) of Marine Gensets industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Marine Gensets industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Marine Gensets industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Marine Gensets industry.

Research Methodology: Marine Gensets Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.