Marine Gensets Market Estimated to Expand at a Robust CAGR by 2025 | Key players are Kongsberg, Volvo Penta, Wärtsilä, Weicha
Growing investment in the shipping industry along with rising seaborne import and export activities across emerging economies is set to incite the marine gensets business outlook. An increase in inter-regional trade along with mounting merchandise demand is being witnessed globally. Increasing cross-boundary transportation has led to the installation of marine gensets in ships and vessels for powering diverse applications. Concerns over environmental degradation and health safety have encouraged the deployment of energy-efficient gensets in the shipping sector.
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Highlighting some key trends in the marine gensets industry
Rising environmental concerns
Governments and environmental organizations around the world have become vigilant about the harmful impacts of nitrogen and sulfur emissions. The need to lower carbon footprint has urged shipping firms to adopt hybrid genset systems in their fleets. Rising research and development initiatives for improving the functioning of these systems coupled with widespread adoption of sustainable and energy-efficient units may boost the installation of hybrid marine gensets.
Implementation of IMO tier III in the U.S.
In 2015, the IMO tier III directives were implemented in the U.S. to diminish nitrogen emissions by restraining consumption by up to 0.5%. The U.S market is expected to grow due to increased focus towards technological advancements along with large scale shale production and intensifying focus toward technical enhancements.
APAC emerging as a lucrative market
Asia Pacific marine gensets market is forecasted to witness considerable growth due to easy availability of raw material along with affordable low-cost labor. The introduction of strict rules and regulations to support maritime security and safety along with stringent government protocols to prevent pollution from ships will complement regional business landscape.
Additionally, governing pressure on ship manufacturers toward the use of cleaner fuels will enhance the product deployment. Furthermore, better living standards owed to an upsurge in disposable income will lead to support the expansion in the travel industry.
According to Global Market Insights, the global marine gensets market is estimated to rise over 4% by 2025. Key industry participants for the marine gensets market include Volvo Penta, Kongsberg, Anglo Belgian, Cummins, Scania, MAN Energy Solutions, ABB, Ettes Power Machinery, Kohler, and Weicha. Estimates suggest that the
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