PUNE, India, February 8, 2017 /PRNewswire/ --
The report "Marine Gensets Market by Vessel Type (Commercial vessel, Defense Vessel, & Offshore Vessels), Fuel (Diesel Fuel, Gas Fuel, & Hybrid Fuel), Rating (Less Than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & More Than 10,000kW) & Region - Global Forecast to 2021" published by MarketsandMarkets, the global market is forecasted to grow from USD 4.50 Billion in 2016 to USD 5.40 Billion by 2021 at a CAGR of 3.71%.
Browse 71 market data Tables and 45 Figures spread through 157 Pages and in-depth TOC on "Marine Gensets Market"
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The Marine Gensets Market growth is mainly driven by rise in ship-building industry and enforcement of stringent emission norms by IMO (International Maritime Organization), US EPA and European Commission..
Commercial vessel will dominate the marine gensets market
The commercial vessel demand will increase because of maritime trade and rise in world-wide demand for natural gas. The gas carrier commercial vessels such as LNG and LPG increases due to rise in demand for natural gas mainly in regions such as China, India, Japan, and South Korea. The Marine Gensets Market is driven by rise in commercial vessel.
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Diesel fuel dictates the marine gensets market
Diesel fuel will dominate the marine gensets by fuel-type segment market. Diesel fuel marine gensets is estimated to lose some market share to natural gas and alternative fuel gensets. One of the factors working against diesel fuel marine gensets is the increasing stringency of emission regulations occurring globally. Despite this hindering factor, diesel fuel gensets are still in high demand as they offer several advantages compared with other fuel types such as a longer engine lifespan, lower maintenance costs, and safe fuel storage.
Asia-Pacific will lead marine gensets market
Marine Gensets Market will be dominated by Asia-Pacific region and is also expected to be the fastest growing in the projected period. Ship building industry will drive the marine gensets markets as there is rise shipbuilding industry in China, Japan, and South Korea. Investments in ship-building industry is growing which will lead to growth in the market for marine gensets.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Marine Gensets Market including Caterpillar Inc., (U.S.), MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Cummins Inc. (U.S.), and Mitsubishi Heavy Industries (Japan), among others. These players are trying to penetrate developing economies and are adopting various methods to increase their market share.
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