The forecast of the global marine generator sets market is expected to be significantly positive over the next few years due to the technological advancement taking place in the industry in terms of modifying the engines, to achieve improved performance as well as effective reduction of engine noise. motor. Constant advancements in technology have also made shipping an extremely fast and efficient method of transportation. The increased investment in shipbuilding coupled with the growth of shipping, which is fueled by the increase in inter-regional business practices, will propel the outlook for the marine generator industry over the forecast period.
Growing concerns about the effects of marine sulfur emissions on health as well as the environment as well as increased R&D activities focused on energy efficiency will boost product penetration. During the last century, the shipping industry has seen a considerable increase in the total volume of trade thanks to rapid industrialization. The growing trend of shipowners to adopt environmentally friendly fuels to minimize harmful gas emissions and reduce their carbon footprint is further expected to drive the growth of the marine generator industry during the period of analysis.
Developing economies, primarily in the Asia-Pacific Belt (APAC), have been key to the growth of maritime trade around the world. According to a report by the United Nations Conference on Trade and Development (UNCTAD), the share of emerging economies in commercial imports and exports by sea has grown rapidly over the past decade, reaching nearly 63% in 2017 Increase in maritime trade activities across the globe will certainly transform the landscape of the global marine generator set market.
The Cruise Lines International Association (CLIA) reported that the global cruise industry experienced tremendous growth of over 7% in 2017-18, with more than 28.5 million travelers globally. The cruise segment accounts for about 2% of the entire global travel industry, the CLIA noted, as more people are now open to cruising, one of the most unique options for traveling by. family. In addition, increased passenger purchasing capacity coupled with changing ocean safety standards will drive global demand for cruise travel, in turn increasing the size of the marine generator industry.
According to the International Council for Clean Transport (ICCT), ships are considered an efficient means of transport and carry over 80% of trade by volume. But these ships have also increasingly become a source of both atmospheric and climatic pollution. Most marine fuels have a sulfur content of about 25,000 parts per million (ppm) compared to 10 to 15 ppm for on-road gasoline and diesel in Europe and North America. It has become extremely important to reduce emissions from shipping, which will effectively change the scope of the marine generator set market in terms of power generation technology.
LNG-based marine generator sets can be expected to see rapid adoption as it is a cleaner fuel option, and worldwide LNG production has increased significantly over the years. last years. Various companies have developed new systems for a variety of vessels to replace existing diesel fuel systems, as well as those actually designed for dual use. The increased deployment of LNG-powered marine generators in key locations around the world has encouraged vessel operators to reconsider the viability of LNG as a marine fuel.
Cruise lines are leading the transformation of ships from conventional heavy fuel oils to LNG as the primary driver of their operations. In addition, LNG-based systems are a smart new option for controlling emissions of various greenhouse gases. Experts have estimated that nearly 80% of cruise ships will run on LNG by 2025. The growing inclination of ship operators towards LNG-powered systems will undoubtedly influence the fuel choices for generator sets, describing the Global marine generator set market trends during the analysis. period.
Effective product innovation, economies of scale, brand recognition and strategic marketing initiatives will impact industry share and competitiveness across the industry. Cummins, ABB, Caterpillar, Kohler, Scania, Volvo Penta, MAN Energy and Weicha are some of the leading marine equipment manufacturers leading the industrial landscape. The global marine generator set market size is expected to reach over $ 6 billion by 2025.
(Source: Global Market Overview, Inc.)
Report on the sea, January 10