As explained, consistent advances in technology, as well as increasing investments in shipbuilding coupled with the growth of seaborne transport, which is fueled by rising interregional trade practices, will propel marine generators industry outlook up to 2025.
Meanwhile, mounting concerns over the effects of marine sulfur emissions on health, as well as the environment along with increasing R&D activities focused on fuel efficiency are expected to boost product penetration.
Rising inclination of shipowners towards the adoption of eco-friendly fuels to minimize the emission of harmful gases and reduce their carbon footprint is further expected to stimulate marine gensets industry growth over the analysis period,
...the firm explains.
Developing economies, mainly in the Asia-Pacific (APAC) belt, have been the key for the growth of seaborne trade worldwide.
An earlier UNCTAD report said the share of emerging economies in seaborne trade imports & exports had climbed rapidly over the past decade, touching almost 63% in 2017.
Rise in sea trade activities across the world will certainly transform global marine gensets market landscape.
In the meantime, the global cruise industry had experienced a stellar growth of over 7% during 2017-2018, with over 28.5 million travelers worldwide, according to CLIA.
In addition, increased spending capacity of passengers coupled with evolved ocean safety standards will bolster global cruise travel demand, in turn expanding marine gensets industry size.
In addition, as m ost marine fuels have sulfur content of about 25,000 parts per million (ppm) compared to 10-15 ppm for on-road petrol and diesel in Europe and North America, it has become extremely important to cut down shipping emissions, which will effectively alter marine gensets market scope in terms of power generation technology, Global Market Insights suggests.
In this regard, LNG-based marine gensets can be anticipated to experience rapid adoption, as the production of LNG has escalated significantly over the past few years, while several companies have developed new purpose systems to replace existing diesel-fueled systems.
Increased deployment of LNG-fueled marine gensets 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 for ships away from conventional heavy fuel oils to LNG as the primary driver for their operation, with experts estimating that almost 80% of cruise ships will be running on LNG by the year 2025.
Growing inclination of ship operators towards LNG-fueled systems will undoubted influence the fuel choices for power generator sets, outlining global marine gensets market trends over the analysis period. Effective product innovation, economies of scale, brand recognition and strategic marketing initiatives will impact the industry share and the competitiveness across the sector.