Ship Power serves the marine and oil & gas industries. The main vessel segments covered in the marine industry are traditional merchant vessels, gas carriers, cruise & ferry, navy and special vessels. In the oil & gas industry we are active in offshore installations and vessels, and in land-based gas installations.
General shipbuilding and shipping market drivers
Demand in the shipbuilding and shipping industries is mainly driven by developments within the global economy and the resulting impact on trade and transportation capacity requirements. The global economy also influences fuel prices, which in turn has both a direct and an indirect impact on the marine and oil & gas industries. The price, availability and demand for fuel drives development in the oil & gas industry, while in the general shipping industry, it increases the demand for efficient vessels. Other factors, such as shipyard capacity, newbuild prices, decommissioning and scrapping, and interest and freight rates, also affect these industries. Global demand for new vessels drives Wärtsilä Ship Power’s business, in particular ships built for seaborne cargo transportation, offshore oil drilling, production and support, cruise and ferry services, and for naval use. Another important driver is the development of environmental regulations and their impact on the demand for optimised vessel efficiency, environmental solutions and gas as a marine fuel.
Main drivers for Wärtsilä's Ship Power business
- Developments in the global economy
- Development of world trade and needed transportation capacity
- Development of gas as an energy source
- Development of oil and gas prices
- Development of new offshore oil & gas fields and infrastructures
- Environmental regulations
Competitors and market position
Wärtsilä Ship Power has continuously broadened its portfolio, which today ranges from engines and propulsion equipment to electrical equipment, automation, ship design, environmental solutions, gas systems, and pumps and valves. This is backed by the capability to build environmentally sound solutions, and by superior service support throughout the lifecycle of the product. Our competitive advantage lies in having the industry’s broadest marine focused offering comprised of leading, innovative products, integrated systems and engineering, which is supported by a unique sales and service network in touch with our customers globally.
Our field of competitors is broad. It includes engine companies, such as MAN D&T, Caterpillar, and Chinese licensee manufacturers, propeller makers such as Schottel and Thrustmaster, and environmental and auxiliary equipment providers like Alfa Laval. It also includes electrical and automation houses, notably Siemens, ABB and Kongsberg, pump and gas system providers, such as Colfax and Cryostar, and companies with broad offerings like Rolls-Royce or Hyundai Heavy Industries. Wärtsilä is recognised as a proven supplier of innovative and sustainable technologies across our portfolio serving the marine and oil & gas markets.