Marine gensets market to reach USD 5.40bn by 2021
The global market for marine gensets is forecasted to grow from USD 4.50 Billion in 2016 to USD 5.40 Billion by 2021 at a CAGR of 3.71%, says a research report.
The marine gensets Market growth is mainly driven by rise in ship-building industry and enforcement of stringent emission norms by IMO (International Maritime Organization), US EPA and European Commission.
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" published by MarketsandMarkets, says the commercial vessel demand will increase because of maritime trade and rise in world-wide demand for natural gas.
The gas carrier commercial vessels such as LNG and LPG increase due to rise in demand for natural gas mainly in regions such as China, India, Japan, and South Korea. The Marine Gensets Market is driven by rise in commercial vessel.
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. One of the factors working against diesel fuel marine gensets is the 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.
Marine Gensets Market will be dominated by Asia-Pacific region and is also expected to be the fastest growing in the projected period. Ship building industry will drive the marine gensets markets as there is rise shipbuilding industry in China, Japan, and South Korea. Investments in ship-building industry are growing which will lead to growth in the market for marine gensets.