LONDON--(BUSINESS WIRE)--Technavio has announced the top seven leading vendors in their recent global marine power systems market report. This research report also lists 15 other prominent vendors that are expected to impact the market during the forecast period.
The modern maritime industry is driven by the increased globalization of world trade that connects the emerging markets with the developed market. The technological developments in the marine engine design have resulted in a decline in the consumption of fossil fuels by the shipping industry. These developments include hybrid engines, which operate on alternative fuels and offer higher energy efficiency with minimal emissions. These types of engines are slowly gaining importance in the market.
Competitive vendor landscape
The global marine power systems market is moderately fragmented, with large international players having a clear dominance. The market is highly capital-intensive, which, therefore, poses a stiff challenge to the local players. These local vendors find it difficult to compete with international vendors in terms of quality, features, functionalities, and services of the products.
“Owing to stringent regulations for emissions, power system manufacturers are more inclined toward the design and development of engines that run on alternative fuels, such as bio-methane and algal oils,” says Gaurav Mohindru, a lead engineering tools research analyst from Technavio.
Dual-fuel engines that use both diesel and natural gas to reduce emissions are increasingly gaining prominence. Dual-fuel marine propulsion engines are extensively used as prime movers in LNG carriers to encourage the use of natural gas.
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Top seven marine power systems market vendors
Caterpillar manufactures and markets mining, construction, and forestry machinery. In addition, it manufactures engines and other related parts for its equipment and offers financing and insurance. Caterpillar distributes its products through a worldwide network of dealers.
Cummins designs, manufactures, and distributes diesel and natural gas engines and engine-related components worldwide. The company manufactures natural gas and diesel engines for bus, construction, medium and heavy trucks, mining, and governmental equipment markets.
Hyundai Heavy Industries
Hyundai Heavy Industries builds ships for commercial and military purposes. It manufactures oil tankers, warships, and cargo and passenger vessels. Hyundai Heavy Industries produces heavy industrial machinery, solar panels, wind turbines, electrical components for engines and powertrains, and industrial vehicles such as cranes and bulldozers.
MAN Diesel & Turbo
MAN Diesel & Turbo designs, manufactures, and sells large-bore diesel engines and turbomachinery for marine and stationary applications internationally. It offers two-stroke and four-stroke engines, steam turbines, and gas turbines. The company also offers marine propulsion systems and turbomachinery units for process and oil and gas industries.
Mitsubishi Heavy Industries
Mitsubishi Heavy Industries mainly involves the marketing of Mitsubishi diesel generators, marine engine, and engine management service. The company undertakes the distribution of Mitsubishi genuine parts and service maintenance for diesel generators.
Rolls-Royce designs, develops, manufactures, and serves integrated power systems. The company operates its business through various reportable segments, including civil aerospace, power systems, defense, marine, and energy.
Wärtsilä provides power solutions for marine and energy markets. It offers power generation, ship power, and sealing solutions. Wärtsilä operates its business mainly through three reportable segments, including power plant, ship power, and services.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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