According to the research report titled ‘Global Marine Gensets Market Size By Fuel, By Application (Commercial {Container Vessels, Tankers, Bulk Carriers, RO-RO}, Offshore {AHTS, PSV, FSV, MPSV}, Recreational {Cruise-Ships, Ferries, Yachts}, Navy), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report, global marine gensets market is projected to register a CAGR of 4% during the forecast period 2019-2025.
 

Global marine gensets market is primarily driven by growing seaborne trade especially across emerging economies, increasing maritime tourism, and ongoing technological advancements. However, stringent emission norms are negatively impacting the business dynamics.
 

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Based on power rating, global marine gensets industry from <1000 kW segment is expected to witness substantial demand, registering 4% CAGR through 2025. Widespread application of <1000 kW rated gensets in recreational and commercial vessels, along growing energy consumption are stimulating the product demand. Moreover, collaborative efforts between local equipment manufacturers and shipyards especially in APAC is expected to boost the segmental growth.
 

In terms of application scope, commercial segment is anticipated to gain considerable traction owing to intensifying regulatory scenario and inflow of investments for achieving energy efficiency. Rapid urbanization, spike in natural gas demand, and growing necessity of retrofitting existing vessels are expected to boost the demand for gensets in the commercial sector.
 

On the geographical front, Asia Pacific marine gensets market is set to flourish in the upcoming years, attributable to abundance of raw material and availability of low labor costs to manufacturers and organizations operating in this domain. Also, increasing regulations regarding pollution, maritime safety & security are positively impacting the regional market growth. Besides, improving living standards, and rising per capita income are also supporting the business progression.
 

Meanwhile, North America marine gensets is touted to grow considerably, with U.S. as major contributor. Growing emphasis towards technological advancements in line with adoption of sustainable energy generation units due to implementation of strict emission mandates are favoring the industry growth in the U.S. Further, large scale shale production in the nation is adding considerable traction to industry development.
 

Speaking of the competitive landscape, Scania AB, Ettes Power Machinery Co. Ltd., Anglo Belgian Corp., ABB Ltd., Solé Diesel, Kohler Power, Weichai Power Co., Ltd., Wärtsilä Oyj Abp, Volvo Penta, MAN Energy Solutions SE, Kongsberg Gruppen ASA, Cummins Inc., and Caterpillar Inc. are the top contenders in global marine gensets market space.