The global marine gensets 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%. The marine gensets market is mainly driven by growth in ship-building industry and enforcement of stringent emission norms by IMO (International Maritime Organization), US EPA, and European Commission.
The demand for marine genset market is projected to be largest in Asia-Pacific region. The marine gensets market is mainly driven by the rise of ship-building industry, especially in China, South Korea, and Japan, which are the front runner of new-builds in 2015. Market players can see this as an opportunity to expand via new plants and facilities as well as joint ventures with local manufacturers to increase their revenue growth in this region.
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 worcontinue reading →