DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Marine Gensets Market by Vessel Type (Commercial vessel, Defense Vessel, & Offshore Vessels), Fuel, Rating (Less Than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & More Than 10,000kW) & Region - Global Forecast to 2021" report to their offering.
The Marine Gensets Market is Projected to Reach USD 5.40 Billion By 2021, Growing at a CAGR of 3.71% from 2016 to 2021
Growth in the ship-building industry along with rise in high value commercial vessels will be the main drivers for growth in the marine engines market. The marine gensets market is restrained by stringent emission norms for diesel engine and decrease in oil and gas exploration activities which has resulted in reduction of FPSO and number of offshore vessel.
The growth in the commercial vessels segment will be spurred by rise in maritime trade, a result of a surge in dry bulk carriers as well as rise in gas carrier vessels (LNG and LPG) due to increased demand for natural gas especially in economies 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.
Asia-Pacific will dominate the marine gensets market largely due to rise in ship-building activity in China, South Korea, and Japan. These countries are investing heavily in ship-building and the leading players are expanding their manufacturing plants in these countries via new plants and licensees.
- Increase in the Number of Container Ships & Gas Carrier Marine Freight Across the World
- Rise in High Value Pleasure Vessels
- Stringent Emission Norms for Diesel-Engine Powered Marine Gensets
- Decreased Oil & Gas Activity Has Resulted in Reduction of Fpso And Offshore Vessels for the Oil & Gas Sector
- Rising Demand for Hybrid-Fuel Powered Marine Gensets
- Competition from Low-Cost Vendors
- Rise of Green Cell Shipping
- ABB Ltd.
- Caterpillar, Inc.
- Cummins, Inc.
- Daihatsu Diesel Mfg. Co., Ltd.
- Deutz Ag
- Dresser Rand
- Kohler Co.
- Man Diesel & Turbo Se
- Mitsubishi Heavy Industries
- Rolls-Royce Power System Ag
- Solé Diesel
- Valley Power Systems, Inc.
- Volvo Group
- Wärtsilä Corporation
- Yanmar Co., Ltd.
For more information about this report visit http://www.researchandmarkets.com/research/vhcf2b/marine_gensets