- Commercial vessel will dominate the marine gensets market by application segment.
- Diesel fuel to lead the market in by fuel type segment.
- Asia-Pacific will lead marine gensets market.
The marine gensets market is expected to grow at a CAGR of 3.71% from 2016 to 2021, to a reach a market size of $5.40 billion by 2021. Growth in the ship-building industry along with introduction of stringent emission norms for maritime vessels will be the main drivers for growth in the marine gensets market.
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.
Kohler Power System introduced high power marine diesel generator models. These models have premium features such as electronic high pressure common rail engines and permanent magnet excitation systems to deliver optimum performance. Yanmar developed a fuel-efficient and durable vessel to meet International Maritime Organization (IMO) emissions regulations and reduce NOx and CO2. Marine gensets manufacturers such as MAN Diesel & Turbo SE and Wärtsilä also have numerous licensee companies, mainly in the ship-building hubs of China, Japan, and South Korea, which manufacture their marine gensets.
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The demand for marine genset market is projected to be largest in Asia-Pacific region. The marine gensets market is mainly driven by the rise of ship-building industry, especially in China, South Korea, and Japan, which are the front runner of new-builds in 2015. Market players can see this as an opportunity to expand via new plants and facilities as well as joint ventures with local manufacturers to increase their revenue growth in this region.
In the marine gensets market by application, the commercial vessels segment is expected to dominate the market. The increase in commercial vessels segment will be spurred by rise in maritime trade. The gas carrier commercial vessels such as 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 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.