The marine gensets market has been anticipated to be fueled by diesel. In recent years, this trend is growing at a significant speed. However, some alternative fuels are also being introduced across the globe. Natural gas as a fuel is likely to impact the diesel vertical with marine gensets as it is now turning to novel sources of power. These factors are likely to impact revenue generation opportunities in the marine gensets market in the following years.
In recent years, there has been a noticeable increase in the pollution level that is further restricting the use of diesel. Nevertheless, there are some advantages that are provided by marine gensets, for instance, longer lifespan of an engine, lower cost of maintenance, and safe storage of fuel. These factors are further projected to serve as revenue generators in the marine gensets market.
Marine gensets have been used at an increased rate in commercial vessels due to growing maritime trade. Furthermore, the increasing demand for natural gas in some global countries, for example, Japan, China, South Korea, and India is also increasing the number of gas carrier commercial vessels. These factors are expected to contribute to the expansion opportunities in the marine gensets market in the near future.
Regional Overview of Marine Gensets Market
The marine gensets market has been classified into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa on the basis of geographical areas. Among these regional areas, the Asia Pacific region is likely to contribute significantly to the market in the foreseeable years. The growth avenues in the region are attributed to the significant growth in the shipbuilding industry in the regional countries, for instance, China, Japan, and South Korea. In addition to this, increased investment by these regional countries has also been creating expansion opportunities in the marine gensets market.