Growth drivers

Market drivers for the Marine Business
The global demand for new vessels is mainly driven by:

• Developments within the global economy and the resulting impact on seaborne trade
• The energy mix and its resulting impact on the offshore industry, as well as on the trading of oil, coal, and gas
• Demand for cruise and passenger transportation
• The move towards decarbonisation and greater energy efficiency, as well as the introduction of new regulations to improve safety and sustainability
• Shipyard capacity and newbuild prices
• Decommissioning and scrapping
• Fuel prices and availability
• Interest and freight rates

The main drivers for Wärtsilä’s marine service business are:

• The size and age profile of the installed base
• Equipment running hours
• Customer specific spending priorities

Market drivers for the Energy Business
The global demand for energy solutions is mainly driven by:

• Economic growth, electrification, and improving standards of living
• Rapidly increasing use of intermittent renewables combined with the phase-out of inflexible thermal capacity
• The global decarbonisation agenda by governments and companies, and a tightening regulatory environment
• Gas supply infrastructure and gas availability, and emergence of carbon-neutral fuels
• Increasing use of data and digitalisation

The main drivers for Wärtsilä’s energy service business are:

• The size and age profile of the installed base
• Equipment running hours