The global marine generator set market forecast is expected to be significantly positive over the coming years due to the ongoing technological advancements in the industry in terms of engine modification, to achieve improved performance as well as effective noise reduction of engines. engines. Constant advances in technology have also transformed shipping into an extremely fast and efficient means of transportation. Rising investment in shipbuilding coupled with growth in shipping, which is fueled by increasing cross-regional business practices, will propel the outlook for the marine generator industry over the forecasted period.
Growing concerns about the effects of marine sulfur emissions on health as well as the environment, along with increasing R&D activities focused on energy efficiency, will drive product penetration. Over the past century, the shipping industry has seen a huge increase in total trade volume, spurred by 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 boost the growth of the marine generator set industry over the analysis period.
Developing economies, primarily in the Asia-Pacific (APAC) belt, 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 maritime trade imports and exports has grown rapidly over the past decade, reaching almost 63% in 2017. .will certainly transform the landscape of the global marine generator set market.
The Cruise Lines International Association (CLIA) reported that the global cruise industry had grown by leaps and bounds by more than 7% in 2017-2018, with more than 28.5 million travelers worldwide. The cruise segment accounts for about 2% of the entire global travel industry, CLIA noted, as more people are now open to cruising, one of the most unique options for traveling by family. In addition, increasing passenger purchasing capacity coupled with changing ocean safety standards will strengthen the global demand for cruise travel, thereby increasing the size of the marine generator set industry.
According to the International Council on Clean Transportation (ICCT), ships are considered an efficient means of transport and provide more than 80% of trade by volume. But these ships have also increasingly become a source of air and climate pollution. Most marine fuels have a sulfur content of around 25,000 parts per million (ppm) compared to 10-15 ppm for on-road gasoline and diesel in Europe and North America. It has become extremely important to reduce the emissions from shipping, which will effectively change the scope of the marine generator 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 in recent years. years. Various companies have developed new use 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 generator sets in key locations around the world has encouraged ship operators to reconsider the viability of LNG as a marine fuel.
Cruise lines are leading the transformation of ships from conventional heavy fuel oil to LNG as the main driver of their operations. Additionally, 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 fuel choices for generator sets, outlining the global marine generator 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 sector. Cummins, ABB, Caterpillar, Kohler, Scania, Volvo Penta, MAN Energy and Weicha are some of the major marine equipment manufacturers leading the industrial landscape. The global marine generator market size is expected to reach over USD 6 billion by 2025.
(Source: Global Market Insights, Inc.)
Sea News report, January 10