The global marine gensets market is estimated to grow at a CAGR of 3.71% from 2016 to 2021. Asia-Pacific and Europe is likely to be the largest market for marine gensets. 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.
Caterpillar Inc., Cummins Inc., MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (Japan), Rolls-Royce Power Systems AG (Germany), Yanmar (Japan), Wärtsilä (Finland) and Deutz AG (Germany) are the market leaders of marine gensets market.
Strategies employed by various companies in the marine gensets market include contracts & agreements, new product launch, expansions, mergers & acquisitions and joint ventures. Contracts & agreements was the typically used strategy from 2014 to 2016, comprising of 50% of all developments, new product launch, and expansion which consisted of 21% each of all developments during the same period.
Caterpillar Inc. (U.S.), is a leading manufacturer of diesel and natural gas engines, construction, and mining equipment, diesel-electric locomotives, and industrial gas turbines. Caterpillar’s marine power systems product portfolio, a part of its power systems division of its energy & transportation segment, manufactures and distributes a wide range of marine gensets catering to various sub-industries, such as cruise, fishing, ferry, general cargo, government, pleasure craft, inland waterways, offshore, tug & salvage, and dredge. The company’s subsidiaries, Precision Engines (U.K.), which it acquired in 1998 and operates as a separate entity, and FG Wilson (Ireland), acquired in 1999, also offer a wide range of marine gensets.
Mitsubishi Heavy Industries is a leading player in thermal and nuclear energy, chemicals, ship-building, aerospace & defense, marine machinery, metals, air-conditioning, environmental systems, and industrial equipment. The group as a whole is a collection of several subsidiaries catering to its four business segments, namely, energy and environment, commercial aviation and transportation systems, integrated defense and space systems and machinery, equipment and infrastructure. The energy and environment segment comprises thermal and nuclear energy, chemical plants, renewable energy, and marine machinery and engines businesses. Marine gensets are offered by the company under the marine machinery and engines business of Mitsubishi Heavy Industries. In 2016, Mitsubishi Turbocharger and Engine Europe (MTEE), a subsidiary of Mitsubishi Heavy Industries Engine and Turbocharger, Ltd., acquired Norway-based Gas & Diesel Power AS (G&DP).
Marine Gensets Market by Vessel Type (Commercial vessel, Defense Vessel, & Offshore Vessels), Fuel (Diesel Fuel, Gas Fuel, & Hybrid Fuel), Rating (Less Than 1,000kW, 1,001-3,000 kW, 3,001-10,000kW & More Than 10,000kW) & Region - Global Forecast to 2021
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