Global Marine Gensets Market: Overview
Marine gensets are additional power units that power up the ships. These gensets are fueled by hybrid fuel, diesel, gas, and others and they find application in commercial vehicles, offshore support vessels, pleasure vessels, and defense vessels among others. Commercial vehicles include cargo ships, tankers, tug boats, auto carriers, super tankers, and reefers among others. Pleasure vessels are those, which people use for sports or recreational purposes and include ferries, cruise vessels, sailing yachts, sports yachts, and ocean liners among others.
Providing proper power to all equipment and devices on the ship can be challenging. The amount of energy needed to cater to all the requirements of the ship across both land and sea leads to the need for the additional power. This additional need for power is supplied by marine gensets. These modern day gensets are highly compact and do not take much space in the ship. Properly selected marine gensets can help in giving a roughly 20% higher output.
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Global Marine Gensets Market: Notable Developments
Some of the recent notable developments in the global marine gensets market are listed below:
- In July 2019, MAN Energy Solutions, Frame Group BV, and LOHC Technologies have together signed a mutual agreement so to work together for the design and building of large-scale hydrogen storage systems. These storage systems will be based on the LOHC (Liquid Organic Hydrogen Carrier) technology.
- In June 2019, Wartsila Group announced that the company has started the work on implementation of its Smart Technology Hub project. The city council of Vaasa gave its approval to the selected area in May. The overall cost of the Technology Hub will be around 130 million euros.
- In August 2019, Mitsubishi Shipbuilding Company Ltd announced the launch and christening of a ferry that is currently under construction for the Hankyu Ferry Co. Ltd. This is based in Kitakyushu, Fukuoka. This new vessel is called as ‘Settsu’ and it will replace the currently functional Yamato vessel. Yamato is one of the four biggest ferries in operation by the company. After completion, the Settsu vessel will be functional on Hankyu Ferry’s Shinmoji-Kobe marine route.
Global Marine Gensets Market: Key Trends
Most of the marine gensets are powered by diesel. This trend has been observed for the last decade or so. However, with the introduction of alternatives such as natural gas, the diesel segment of marine gensets market is projected to get affected. The marine gensets are now looking for new energy source that can provide cleaner power. High levels of pollution caused due to diesel emissions have put some restrictions on the applications of diesel run marine gensets. Nonetheless, diesel powered marine gensets provide several benefits such as safer storage of fuel, longer lifespan of engine, and low maintenance cost among others. Such advantages are expected to drive the growth of the marine gensets market in the coming years.
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Global Marine Gensets Market: Geographical Outlook
From a geographical point of view, the global marine gensets market can be segmented into key regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the Asia Pacific market is expected to show most promising rate of growth over the course of the given forecast period of 2019 to 2027 due to the booming ship-building industry in emerging economies such as India, China, and South Korea. A steady growth of investments in these sectors will also lead to the increased demand for marine gensets in the region and thus help in driving the growth of the market for the Asia Pacific region.
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