According to the new market research report "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", published by MarketsandMarkets™, The global marine gensets market is forecasted to grow from USD 4.50 Billion in 2016 to USD 5.40 Billion by 2021 at a CAGR of 3.71%. 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.

The demand for marine genset market is projected to be largest in Asia-Pacific region. The marine gensets market is mainly driven by the rise of ship-building industry, especially in China, South Korea, and Japan, which are the front runner of new-builds in 2015. Market players can see this as an opportunity to expand via new plants and facilities as well as joint ventures with local manufacturers to increase their revenue growth in this region.

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Diesel fuel will dominate the marine gensets by fuel-type segment market. Diesel fuel marine gensets is estimated to lose some market share to natural gas and alternative fuel gensets. One of the factors working against diesel fuel marine gensets is the increasing stringency of emission regulations occurring globally. Despite this hindering factor, diesel fuel gensets are still in high demand as they offer several advantages compared with other fuel types such as a longer engine lifespan, lower maintenance costs, and safe fuel storage.

Asia-Pacific will lead marine gensets market
The report also segments the marine gensets market into six regions, namely, North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America. Asia-Pacific region is expected to dominate the marine gensets market and is also expected to be the fastest growing in the projected period. The marine gensets market is mainly driven by the rise of ship-building industry, especially in China, South Korea, and Japan, which accounted for more than 80% of new-builds in 2015. China will be the fastest growing market for marine gensets with growing investments in the ship-building industry.

Caterpillar Inc., Cummins Inc., MAN Diesel & Turbo SE (Germany), Wärtsilä (Finland), Mitsubishi Heavy Industries (Japan), Rolls-Royce Power Systems AG (Germany), Yanmar (Japan) and Deutz AG (Germany) are the market leaders of marine gensets market.