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LNG Marine Gensets Market Trends

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

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LNG Marine Gensets Market Trends

The marine tourism industry is witnessing significant growth owing to the improved standards of living, rising disposable incomes, greater leisure time and better-informed public. The increasing number of tourists travelling on cruises and ferries will further propel the demand for recreational vessels. The favorable government policies to develop marine tourism along with strategic marketing & organizational techniques will propel the industry landscape.

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