Growth drivers
Market drivers for the Marine Business
The global demand for new vessels is mainly driven by:
- Global Economy: Developments in the global economy impact seaborne trade, influencing the demand for new vessels
- Energy Mix: Changes in the energy mix affect the offshore industry and the trading of oil, coal, and gas
- Transportation Demand: The need for cruise and passenger transportation plays a role
- Decarbonisation: The move towards decarbonisation and energy efficiency, along with new regulations for safety and sustainability, are significant drivers
- Shipyard Capacity: The capacity of shipyards and newbuild prices
- Decommissioning: The decommissioning and scrapping of old vessels
- Fuel Prices: The prices and availability of fuel
- Interest and Freight Rates: These financial factors also contribute to market dynamics
The main drivers for Wärtsilä’s marine service business are:
- Installed Base: The size and age profile of the installed base
- Equipment Running Hours: The operational hours of equipment
- Customer Spending: Customer-specific spending priorities
Market drivers for the Energy Business
The global demand for energy solutions is mainly driven by:
- Economic Growth: Economic growth, electrification, and improving standards of living increase the demand for energy solutions
- Renewables: The rise in the use of intermittent renewables and the phase-out of inflexible thermal capacity
- Decarbonisation Agenda: The global decarbonisation agenda set by governments and companies, along with a tightening regulatory environment
- Gas Infrastructure: The availability of gas supply infrastructure and the emergence of carbon-neutral fuels
- Digitalisation: Increasing use of data and digitalisation
The main drivers for Wärtsilä’s energy service business are:
- Installed Base: The size and age profile of the installed base
- Equipment Running Hours: The operational hours of equipment
