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Marine Gensets Market Size
- Report ID: GMI4014
- Published Date: May 2023
- Report Format: PDF
Marine Gensets Market Size
Marine Gensets Market size valued at USD 6.3 billion in 2023 and is anticipated to record more than 9.2% CAGR from 2024 to 2032.
The worldwide maritime tourism sector has witnessed steady expansion in recent years due to increased consumer spending on leisure activities and higher disposable income. This upward trend has generated the need for recreational vessels as a growing number of tourists travel via ferries and cruise ships. Favorable government policies to promote marine tourism as well as innovative marketing & organizational strategies have further augmented the demand for new passenger vessels and ships, opening new growth prospects for marine gensets companies.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Marine Gensets Market Size in 2023: | USD 6.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9.2% |
| 2032 Value Projection: | USD 9.2 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 950 |
| Tables, Charts & Figures: | 1,576 |
| Segments covered: | Fuel, Power Rating, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing stringency of emission norms may act as a barrier to marine gensets market growth. With the rising pollution concerns, governments have established norms for reducing carbon emissions. Climate change concerns and carbon footprint reduction have become a priority for businesses in the marine sector. The use of carbon-polluting fuels to power these gensets could hamper the carbon emission goals of shipping firms, impacting product acceptance.
Frequently Asked Questions (FAQ) :
Marine Gensets Market Scope
