WASHINGTON, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Marine Gensets Market finds that the said market is majorly driven by an increase in the seaborne trade and an extensive increase in the manufacturing of commercial and shipbuilding activity. The market possesses a huge opportunity due to increasing demand for the CNG and natural gas which can help in reducing the fuel cost. The total Global Marine Gensets Market is estimated to reach USD 5.76 Billion by 2028, up from USD 4.46 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 3.7%.
Furthermore, increasing demand for offshore vessels have also boosted the growth of the market, states Vantage Market Research, in a report, titled “Marine Gensets Market by Fuel (Diesel fuel, Gas fuel, Hybrid fuel), by Vessel type (Commercial vessel, Defense vessel, Offshore vessels), by Rating (Less than 1000kW, 1001-3000 kW, 3001-10000kW, Over 10000kW), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
Market Dynamics:
Demand for Offshore Patrol Vessels (OPV) from Emerging Markets
Emerging economies around the world are witnessing the need for maritime patrolling to control anti-smuggling and anti-theft activities. There has been a growing demand for OPV to control terrorist campaigns and for the requirement to patrol EEZ. The boost in demand for OPV from emerging markets such as Asia-Pacific, Latin America and Africa will drive the growth of the market. This has also led to change in manufacturing base of OPV to emerging countries in the Asia-Pacific and Latin American regions. Several countries, such as India and China, are set to strengthen their defence shipbuilding capabilities and have also started exporting OPV overseas.
Modularisation of OPV
The design modularity of OPV offers flexibility in the manufacturing time and process along with reduced cost. Modularisation of OPV also offers flexibility benefits for current operation and future upgrades as per requirement. The vessels are efficiently optimized to accomplish tasks such as military security, safety and humanitarian duties. The possibility of any role becomes viable through the flexibility of mission modules and modular manning concepts.
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COVID-19 Impact Analysis:
COVID-19 has disturbed the supply chain across the various sectors. Shipbuilding activities across the globe has drastically decreased which has impacted the market negatively. The market is expected to recover in next 2 -3 years as the spreading of new and updated virus variant has limited the operation and sale. There is expected to be a trend shifting towards manufacturing in more closed manufacturing platforms to avoid product contamination from the potentially infected operator with COVID-19. In spite of instructions from country governments regarding manufacturing safety protocols, a large number of products are being manufactured in less-closed or more open platforms resulting in a severe risk of outbreak of COVID-19. Increasing in seaborne trade and increasing manufacturing of commercial and shipbuilding activity is expected to support the global marine gensets market growth in the long term. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Marine Gensets Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Dominates the Global Marine Gensets Market
Asia Pacific has dominated the global marine gensets market in 2021. The market growth is attributed to, presence of emerging economies such as China and India among others. China is anticipated to hold the largest share of the market owing to growing investment in marine gensets. Also, increasing investments from government and several major players is anticipated to drive the marine gensets market growth in the region over the forecast period.
List of Prominent Players in the Marine Gensets Market:
- Wärtsilä (Finland)
- MAN Diesel & Turbo SE (Germany)
- Mitsubishi Heavy Industries (Japan)
- Caterpillar, Inc. (U.S.)
- Rolls-Royce Power Systems AG (Germany)
Recent Developments:
February 2020: Cummins has expanded a new range of ignition-protected marine gensets. This model is designed to operate on diesel powered and gasoline powered boats and provides safe and reliable power supply to on-board amities.
February 2021: The MAN Energy Solutions received an order for compliant engines from Ocean Industries for the Royal Canadian Navy Thugs. This order involves ship service diesel generators sets, technology for engines along with tier III compliances from Man Energy Solution.
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on "Marine Gensets Market by Fuel (Diesel fuel, Gas fuel, Hybrid fuel), by Vessel type (Commercial vessel, Defense vessel, Offshore vessels), by Rating (Less than 1000kW, 1001-3000 kW, 3001-10000kW, Over 10000kW), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/marine-gensets-market-790591
This market titled “Marine Gensets Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 4.46 Billion |
| Projected Market Size in 2028 | USD 5.76 Billion |
| CAGR Growth Rate | CAGR of 3.7% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Fuel: - Diesel fuel, Gas fuel, Hybrid fuel Vessel type: - Commercial vessel, Defense vessel, Offshore vessels Rating: - Less than 1000kW, 1001-3000 kW, 3001-10000kW |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Marine Gensets Market?
- How will the Marine Gensets Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Marine Gensets Market?
- What is the Marine Gensets market drivers and restrictions?
- What will be the CAGR and size of the Marine Gensets Market throughout the forecast period?
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