Selbyville, Delaware, July 18, 2019 (GLOBE NEWSWIRE) --
Global marine gensets market revenue is poised to rise from USD 4 billion in 2018 to over USD 6 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Rising global seaborne trade primarily across the developing economies coupled with positive outlook toward shipping industry will drive the marine gensets market share. As per the United Nations Conference on Trade & Development (UNCTAD), the global shipping industry accounts for 80% of the world trade by volume and 70% by revenue. In 2017, the global marine trade gathered momentum and expanded at 4%, showcasing the fastest growth rate in last 5 years.
Hybrid marine gensets market will grow on account of rising health and environmental concerns owing to increasing effects from sulfur & nitrogen emissions along with an upsurge in R&D initiatives toward system modifications. High efficiency, reduced noise range and operational capabilities are some of the prime factors stimulating the product demand. Moreover, inclination of ship owners and manufacturers toward the adoption of environment friendly fuels will encourage the industry outlook.
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Growing global foreign direct trade investments accompanied by rising intercontinental merchandise trade is anticipated drive the Asia pacific marine gensets market growth. In addition, introduction of regulations & norms by the respective government authorities with an aim to prevent pollution by ships and support maritime security & safety will stimulate the industry outlook. Further, the presence of majority of ship manufacturers and rise in regulatory pressure on them pertaining to the practice of clean fuels is set to complement the industry landscape.
Expansion in tourism industry on account of improvement in living standards, rising disposable incomes, and favorable demographic changes will boost the marine gensets market growth. As per the World Travel & Tourism Council (WTTC), in 2018, the travel and tourism industry witnessed 3.9% growth compared to 3.2% global economy.
Browse key industry insights spread across 380 pages with 581 market data tables & 27 figures & charts from the report, “Global Marine Gensets Market Size By Fuel (MDO, MGO, LNG, Hybrid) Power Rating (<1,000 kW, 1,000 kW-5,000 kW, 5,000 kW-10,000 kW, 10,000 kW-20,000 kW, >20,000 kW), By Application (Commercial {Container Vessels, Tankers, Bulk Carriers, RO-RO}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise-Ships, Ferries, Yachts}, Navy), Industry Analysis Report, Regional Analysis (U.S., Canada, Germany, UK, Italy, Norway, France, Russia, Denmark, The Netherlands, China, Japan, India, South Korea, Australia, Vietnam, Singapore, Saudi Arabia, UAE, Iran, Angola, Egypt, South Africa, Brazil, Argentina, Mexico), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/global-marine-gensets-market
MGO marine gensets market is anticipated to grow on account of its ability to generate low concentration of sulfur & PMs along with rising awareness toward environment health. The introduction of stringent norms and directives by the International Maritime Organization (IMO) has encouraged oil vendors to produce cleaner fuel. Current retrofitting activities pertaining to the adoption of sustainable units will further strengthen the product demand.
Rising maritime trade across the developing economies coupled with increasing merchandise demand will positively influence the commercial marine gensets market growth. Increasing global long-voyages along with rising demand for retrofits of prevailing vessels will propel product installation. Global urbanization, ongoing demographic shifts and growing cross-border transportation will further complement the industry landscape.
Key industry players for the market comprises ABB, Caterpillar, Cummins, Kongsberg, MAN Energy Solutions, Volvo Penta, Weicha, Wärtsilä, Kohler, Anglo Belgian, Solé Diesel, Scania, and Ettes Power Machinery.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.