Marine Gensets Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Providing enough power to all devices and equipment aboard a ship can be a challenging task today. The sheer amount of power consumption made on a daily basis on land or on sea is creating the need for supplementary power generation methods as well as power conservation methods. One of the way to provide the said supplementary power on a ship is through the use of a marine genset. The problem is further complicated on ships and other marine vehicles if they are away from land for long durations. While vessel operators commonly resort to running their main engines to constantly fuel the vessel’s AC and DC systems, this can be extremely taxing on their fuel economy, as well as create a lot of vibrations and noise. This is where marine gensets can become the perfect addition to a marine vessel.
One of the key advantages that modern marine gensets can provide is being highly compact. While larger capacity gensets can take up significant amount of deck space, the smaller ones do not need a lot of space. The appropriate marine genset can be purchased by calculating the total power requirement of all equipment on board and then selecting a genset that provides an output roughly 20 percent higher than that. Marine gensets can also be water cooled in order to enhance their peak performance efficiency which also drive the marine gensets market growth.
Marine gensets are supplementary power units that supply electricity to ships. These gensets can be fueled by gas, diesel, hybrid fuel, and others and find application in offshore support vessels, commercial vessels, defense vessels, and pleasure vessels among others. Commercial vessels can include auto carriers, reefers, super tankers, cargo ships, bulk carriers, tankers, and tug boats. Please vessels are those that carry people for recreational or sports purposes and include ocean liners, catamarans, ferries, cruise vessels, and sports and sailing yachts. Defense vessels include guide missile cruisers, frigates, destroyers, police-patrolling and coast-guard vessels, aircraft carriers, mine sweepers, and mine hunters.
The report offers a detailed overview of the marine gensets market and provides sharp insights on the workings of the global as well as regional market. Historical, present, and future trends impacting the performance of the marine gensets market have been discussed at length in the report.
Most marine gensets are fueled by diesel and this trend has been observed over the past decade or so. However, the introduction of alternative fuels and natural gas as fuel is likely to impact the diesel segment with marine gensets now turning to these newer power sources. Higher levels of air pollution causing restrictions on the usage of diesel has also hindered its application as a fuel for marine gensets. Nevertheless, marine gensets fueled by diesel offer a host of benefits such as safe storage of fuel, lower cost of maintenance, and longer lifespan of the engine. These advantages spell good news for diesel-fueled marine gensets.
Marine gensets are most often used in commercial vessels owing to rising maritime trade. The growing demand for natural gas, especially in India, South Korea, China, and Japan, has also ensured the increase in gas carrier commercial vessels.
From a geographical point of view, the global marine gensets market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Asia Pacific has been a key contributor toward the overall market and is anticipated to continue doing so over the course of the forecast period. Rapid growth in this region can be attributed to the growth of the ship-building industry in countries such as South Korea, Japan, and China. A steady rise in investments has been observed in these industries and this will result in the demand for marine gensets. Moreover, there has been a rise in gas carrier vessels in these countries owing to the increasing demand for natural gas. It has also been noted that leading companies in the marine gensets market have been expanding their manufacturing units here, in the form of new licenses and plants.
On account of being a mature market, Europe has been witnessing slow growth in the marine gensets market. Factors such as financial hurdles and recession have negatively impacted the demand for new vessels, thereby hitting the demand for marine generator sets. However, taking into consideration the region’s strength in ship building, experts anticipated that the market in Europe will gain momentum over the coming years, driven by a rise in oil and gas exploration activities.
There are a number of global players operating in the marine genset market. These include Mitsubishi Heavy Industries (Japan), Wärtsilä (Finland), MAN Diesel & Turbo SE (Germany), Caterpillar Inc., (U.S.), and Cummins Inc. (U.S.). Recognizing the lucrative strength of developing economies across the globe, companies have been redirecting resources to expand operations into these countries and gain a larger share in the overall marine gensets market.
The marine gensets market report takes into consideration the various strategies adopted by companies in the marine genset market. These include new product development and launch, regional expansions, contracts and agreements, joint ventures, and mergers and acquisitions.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
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