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The marine gensets will witness significant growth owing to the rise in popularity of powerful generator sets. Growing demand from the recreational and commercial vessels owing to the booming seaborne trade and purchasing power of consumers will strengthen the industry landscape.
Rising energy consumption and need for alternate fuels will further propel the product adoption. Increasing collaboration among shipyards and domestic equipment manufacturers across the region will boost the business landscape.
Recreational gensets will undergo rapid growth owing to the rise in disposable income and increasing incidence of vessel customization. Demand for luxury and comfort from the customers translates into booming demand toward cruises and private recreational vessels.
Manufacturers looking to maximize revenue are focusing on developing products and services to cater to this segment.
The German market is anticipated to grow rapidly on account of changing government directives birthing new revenue streams for the market players. Rise in retrofitting activities and the need to comply with government regulations will positively impact the industry growth.
Commercial segment will grow owing to rising seaborne trade across the emerging economies. Increasing international long-voyages coupled with rapid industrialization across the emerging economies will encourage product adoption.
In addition, elevated demand for retrofits of existing vessels will accelerate the product deployment. Ongoing demographic shifts & global urbanization corresponding to rising cross-border transport will further fuel business growth across the sector.
Rise in merchandise trade is the key factor that drives the growth of the global marine gensets market. Expansion in the tourism industry due to improvement in living standards boosts the marine trade, which correspondingly increases the adoption of marine gensets.
The shipping industry requires supplement power as a backup necessity, thus boosting the marine gensets market growth. Furthermore, marine gensets have high efficiency and less noise damage, which make them suitable as a power generator system.
Ongoing advancements are improving the production process of marine gensets. In addition, stringent emission norms pertaining to greenhouse gas emission will be a major restraint for marine gensets in a forecast time frame due to high emission from natural gas, gasoline and diesel, and other conventional fuel sources.
The marine gensets market is dominated by global players which include MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Caterpillar, Inc. (U.S.), Mitsubishi Heavy Industries (Japan) and Rolls-Royce Power Systems AG (Germany). Key strategies adopted by various companies include contracts & agreements, new product launch, expansions, mergers & acquisitions and joint ventures.
The industry is characterized by key multinational firms focused at increased geographic extent and financial strength through consolidation ventures. Strategic marketing initiatives, product innovation, brand recognition and economies of scale are some of the key assets to enhance competitiveness across the marketplace while avoiding the risks of counterfeiting.
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