Europe Marine Gensets Market Value is projected to undergo rapid growth on account of growing seaborne trade coupled with the rising investment in the shipbuilding industry. Manufacturers directing focus toward product development within the emerging economies and increasing demand for auxiliary power in the marine industry are two of the key factors contributing to the business growth.

LNG gensets are projected to register high growth rate owing to the increasing environmental awareness among individuals and institutions alike coupled with the high efficiency associated with the product. Boom in the exploration activities and development of green gas reserves along with the stringent government regulations will complement the product adoption. Further, government directives including the MEPC’s introduction of 0.5% limit of sulfur content across the globe that has come into effect since January 1^st, 2020, will augment the business scenario.

<1,000 kW marine gensets will witness significant growth owing to the rise in popularity of powerful generator sets. Growing demand from the recreational and commercial vessels owing to the booming seaborne trade and purchasing power of consumers will strengthen the industry landscape. Rising living standards, energy consumption and need for alternate fuels will further propel the product adoption. Increasing collaboration among shipyards and domestic equipment manufacturers across the region will boost the business landscape.

Recreational gensets will undergo rapid growth owing to the rise in disposable income and increasing incidence of vessel customization. Demand for luxury and comfort from the customers translates into booming demand toward cruises and private recreational vessels. Manufacturers looking to maximize revenue are focusing on developing products and services to cater to this segment.

Germany market is anticipated to grow rapidly on account of changing government directives birthing new revenue streams for the market players. Rise in retrofitting activities and the need to comply with government regulations will positively impact the industry growth. Ongoing research and development specifically regarding product design coupled with the installation of sustainable and environmentally friendly systems on vessels will further augment the business landscape.

Manufacturers are focused on backward integration to maintain economies of scale and to deliver high quality standard gensets. Key players in the market include, Kongsberg, Caterpillar, ABB, Cummins, MAN Energy Solutions, Weicha, Kohler, Solé Diesel, Ettes Power Machinery, Volvo Penta, Wärtsilä, Anglo Belgian, and Scania among others.