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 Transition: Shifts in the global energy mix, including LNG and offshore renewables, impact vessel types and routes.
- 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: Financial factors and conditions continue to influence market dynamics
Wärtsilä’s Marine Service business drivers 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
- Fuel transition: Gas remains a key transition fuel, while interest in sustainable fuels (e.g. hydrogen, biofuels) is growing
- Digitalisation: Data-driven optimisation and remote operations are becoming standard in modern power systems
- Data Centres: Rapid growth in data centre capacity worldwide is creating a significant opportunity for flexible, sustainable energy solutions to ensure reliability and resilience.
Wärtsilä’s Energy Service business drivers are:
- Installed Base: The size and age profile of the installed base
- Operating Hours: The operational hours of equipment
- Performance focus: Customers seek efficiency, reliability, and emissions compliance, driving demand for upgrades, digital tools and long-term service partnership
Market drivers for the Energy Storage Business
The global demand for energy storage solutions is mainly driven by:
- Grid Flexibility Needs: Storage is essential for integrating renewables and ensuring grid stability
- Decarbonisation Policies: Storage supports emissions reduction goals and replaces peaking fossil capacity
