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Showing posts with the label Commercial Vessels
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The global market for Marine Gensets is projected to reach US$6.3 billion by 2025 driven by the healthy growth outlook for shipbuilding, repairs, overhaul and maintenance. Macro factors supporting these opportunities include steady expansion in seaborne trade volume; stable spending on tourism/commercial voyages and the resulting increased demand for recreational vessels.   The encouraging outlook for sea trade comes despite the threat of trade wars, protectionist trade policies, and increasing regulations such as the International Maritime Organization (IMO) 2020. Trade patterns will be supported by new trends such as digitalization which will redefine the geography of trade flow. Artificial intelligence, big data, Internet of Things (IoT), automation, blockchain will transform supply chains and create new business opportunities. Digitalization of port and shipping services will reduce cost of maritime transport and will help increase volume of traded commodities via sea. I...