Published on : May 23, 2017
Albany, New York, May 23, 2017: The global marine power systems market has been anticipated to exhibit a definite progress while growing at a 4.32% CAGR between 2017 and 2021. Vendors functioning in the world marine power systems market could come across challenges such as the Greek shipbuilding sector facing rough seas in its growth path. However, the industry trend of gradual preferential shift in adoption from traditional marine fuel to liquefied natural gas (LNG) could bode well for the world marine power systems market. Amongst the key end users in the world marine power systems market, commercial ships have been expected to showcase dominance until the end of the forecast period. Even in 2016, the world marine power systems market was assessed to witness commercial ships as a dominant end user. This could be due to the drop in container trades and fuel prices worldwide.
One of the chief factors that has been envisaged to propel the demand in the world marine power systems market is the development of floating, production, storage, and offloading (FPSO) vessels. The demand for FPSO vessels could be attributed to the upswing in the growth of energy and petroleum related products.
Technological improvements supported by innovation and research and development have been expected to be vital for fulfilling oil, energy, and gas demand from various sources. In response to this trend, there could be a rise in the count of renewable resources and offshore oil systems, which has been envisioned to stimulate the need for FPSO vessels for transporting oil via sea routes. The demand in the world marine power systems market could in turn be greatly fueled.
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The application of turbochargers in marine auxiliary engines is one of the crucial trends that has been foretold to impress vendors in the international marine power systems market. Advantages such as uncomplicated parts replacement, fast and easy service, reduction in operational costs, user-friendly environment, and condition-based maintenance could trigger the engagement of turbochargers. Furthermore, consumers can use a digital interactive system to support self-service maintenance, which could reduce costs during the expansion of application flexibility and availability.
On account of the availability of cheap labor and high investments by different governments, such as China, in the region, Asia Pacific has been projected to take the lead in the international marine power systems market. Some of the leading players that could make a mark in the international marine power systems market are Mitsubishi Heavy Industries, Hyundai Heavy Industries, Cummins, Caterpillar, and MAN Diesel and Turbo.
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