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LNG Marine Gensets Market Analysis

  • Report ID: GMI7605
  • Published Date: Dec 2023
  • Report Format: PDF

LNG Marine Gensets Market Analysis

The merchant marine gensets market size will witness more than 9.8% growth rate through 2032. The increasing seaborne trade, primarily across the developing economies coupled with the rapid rise in shipbuilding activities will stimulate the demand for marine commercial vessels. The demographic shifts in global urbanization along with the rising cross-border transport will accelerate the industry potential.
 

LNG Marine Gensets Market Revenue Share, By Fuel, 2023

The 1,000 kW - 5,000 kW rated LNG marine gensets captured about 30% market share in 2023. The growing marine tourism is resulting in the adoption of recreational vessels which in turn will propel the deployment of these generator sets. The increasing demand for tug boats, submarines, and yachts primarily across the developing nations will further drive the product demand.
 

The spark ignition marine gensets industry size is set to surpass USD 350 million by 2032. Increasing environmental concerns and stricter emission regulations worldwide are driving the demand for cleaner and more fuel-efficient marine gensets. These engines compared to traditional diesel engines, can have lower emissions, making them attractive in regions with stringent environmental standards.
 

Latin America LNG Marine Gensets Market Size, 2022 - 2032 (USD Million)
  • The Latin America LNG marine gensets market was worth USD 47.1 million in 2023. The rising concerns for the environment in the region are proven to be a concern for the business expansion. Increasing maritime tourism along with robust expansion in seaborne trade are some of the key factors to propel the growth.
     
  • The increasing shipbuilding activities across the region along with the abundant raw material supply and low wage rate across the region will drive the product demand. The ongoing technological advancements in product development & design coupled with increasing seaborne trade will foster the industry potential.
Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market valuation of the LNG marine gensets was worth USD 461.6 million in 2023 and is estimated to surpass USD 1 billion by 2032, due to the robust expansion of seaborne trade coupled with increasing popularity of maritime tourism.

The 1,000 kW - 5,000 kW power rating segment held over 30% of the LNG marine gensets market share in 2023, due to the growing marine tourism and the higher adoption of recreational vessels.

Latin America LNG marine gensets market size crossed USD 47.1 million in 2023 owing to the rising concerns for the environment in the region and the increasing maritime tourism.

Some of the leading LNG marine gensets market players are Cummins, Inc., MAN Energy Solutions, Kirloskar, Rolls-Royce plc, Wärtsilä, and ABB

LNG Marine Gensets Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 836
  • Countries covered: 24
  • Pages: 280
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