PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209858
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1209858
Alternate Marine Power Market Forecasts to 2028 - Global Analysis By Vessel (Roll-on/Roll-off Ships, Cruises, Container Vessels and Other Vessels), Power Requirement (Above 5 MW, 2 MW- 5 MW, Up to 2 MW and Other Power Requirements) and By Geography
According to Stratistics MRC, the Global Alternate Marine Power Market is accounted for $1069.4 million in 2022 and is expected to reach $2250.2 million by 2028 growing at a CAGR of 13.2% during the forecast period. Alternate marine power is an anti-pollution measure to provide power to ships when they halt on the port or shore. This utilizes shore electric power as a substitute, which decreases the pollution generated by the diesel generator. Currently, several countries are switching to clean electrical power supply produced from renewable energy sources, which is estimated to further help achieve sustainable use of electricity. The practice of using alternate marine power for ships is gaining traction, as it lowers operation cost by reducing fuel consumption. It also reduces maintenance costs, provides green profiles to ship owners and customers, and reduces noise pollution and exhaust emissions.
According to International Maritime Organization (IMO), carbon emissions account for about 3% of the total CO2 emissions. Concentrated around the coastlines and detrimental to marine life, the European Parliament estimates that the percentage could be as high as 17% by 2050. According to the United Nations Conference on Trade and Development, about 80% of the goods traded across the globe depend on maritime transport.
Market Dynamics:
Driver:
Rising environmental awareness
Greenhouse gas emissions in and around port areas are becoming a major concern around the world. Alternative marine systems provide electricity instead of diesel, reducing greenhouse gas emissions. Renewable energy sources-based natural gases have gathered traction for ships to help reduce carbon footprint of ports. Furthermore, the rising rules and regulations for pollution reduction caused by ships and vessels contribute to the growth of the market.
Restraint:
High initial investment
The initial cost includes the installation of high voltage power transformers, distribution and control panels, electrical distribution systems etc. The initial investment costs required to build alternative land side marine power systems, the operating costs of these systems and the costs required to modify vessels for the alternative marine power systems are high. Hence, these are the factors restraining the expansion of the market.
Opportunity:
Rise in Globalization and Industrialization
Rise in industrialization has created a huge demand for sea trade, owing to the low cost of transportation. Significant opportunities are being introduced for product manufacturing companies, due to globalization in developing countries. This has encouraged transportation of the raw material to places/countries where the manufacturing cost is low. Water transportation has increased around the globe, and this has increased the demand for industrial marine power all over the world.
Threat:
Pollution
The reduction in pollution occurs only when the ship is stationary. When the ship is actually in the water, then because of the usage of conventional engines, pollution will still spread in the marine atmosphere. Moreover, the consumption of electricity can be enormous owing to the size of the ships and tankers. Even certain ships are not compatible and suitable for the process of alternate marine power. Therefore, these are the factors hindering market growth.
COVID-19 Impact
The outbreak of the COVID-19 pandemic is anticipated to affect the activities of the transportation and marine industries. Most of the companies postponed contracts and increasing the lead time for material procurement. As more than half of the activities in transportation are on halt during the pandemic situation. Additionally, restrictions imposed by the government on export and import activities hamper the market growth.
The cruise segment is expected to be the largest during the forecast period
The cruise segment is estimated to have a lucrative growth, due to its advantages like it reduces maintenance costs, provides green profiles to ship owners and customers, and reduces noise pollution and exhaust emissions. Strong economic recovery has led to an increase in consumer spending and a gradual increase in luxury lifestyles and leisure travel expenses. Substantial increase in repositioning cruises refers to moving a ship from one sailing destination to another. Therefore, these are the factors boosting the growth of the segment.
The above 5 MW segment is expected to have the highest CAGR during the forecast period
The above 5 MW segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the high reliability of the power supply. Alternate marine power installation has led to higher fuel efficiency specifically for diesel propulsion systems for all stages of operation. Thus, these aspects are estimated to enhance the growth of the market.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the rising air pollution at ports. The increasing movement of goods and passengers through ports lead to a surge in the number of ships. A strong regulatory framework and higher awareness about the harmful impact of berthing is expected to bode well for these regional markets.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the application of stringent regulations by the government in order to reduce pollution. Implementation of anti-pollution measures and emission norms in cold ironing has invigorated adoption of alternate marine power-based electricity in ships. Furthermore, growth and development of different ports and increase in applications of alternate marine power-based electricity are key factors driving the market in Europe.
Key players in the market
Some of the key players profiled in the Alternate Marine Power Market include Siemens, Cavotec SA, ABB Ltd., Schneider Electric, Wabtec Corporation, Danfoss, PowerCon, MacGregor, Ratio Electric B.V., Nidec ASI, ESL Power Systems, Inc., Piller Group GmbH, Wartsila and VINCI Energies.
Key Developments:
In October 2020, ABB has delivered marine & port shore connection technology to Vikings ferry line. The shore connection technology design is valued at city-ports which will lead to sustainable in-harbour operations.
In June 2019, Schneider Electric and MV Hamnavoe announced a project to supply green electric power to the MV Hamnavoe NorthLink ferry docked in Stromness. The project is the first large commercial ship shore connection in the U.K.
Vessels Covered:
- Roll-on/Roll-off Ships
- Cruises
- Container Vessels
- Other Vessels
Power Requirements Covered:
- Above 5 MW
- 2 MW- 5 MW
- Up to 2 MW
- Other Power Requirements
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Emerging Markets
- 3.7 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Alternate Marine Power Market, By Vessel
- 5.1 Introduction
- 5.2 Roll-on/Roll-off Ships
- 5.3 Cruises
- 5.4 Container Vessels
- 5.5 Other Vessels
6 Global Alternate Marine Power Market, By Power Requirement
- 6.1 Introduction
- 6.2 Above 5 MW
- 6.3 2 MW- 5 MW
- 6.4 Up to 2 MW
- 6.5 Other Power Requirements
7 Global Alternate Marine Power Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Siemens
- 9.2 Cavotec SA
- 9.3 ABB Ltd.
- 9.4 Schneider Electric
- 9.5 Wabtec Corporation
- 9.6 Danfoss
- 9.7 PowerCon
- 9.8 MacGregor
- 9.9 Ratio Electric B.V.
- 9.10 Nidec ASI
- 9.11 ESL Power Systems, Inc.
- 9.12 Piller Group GmbH
- 9.13 Wartsila
- 9.14 VINCI Energies
List of Tables
- Table 1 Global Alternate Marine Power Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 3 Global Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 4 Global Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 5 Global Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 6 Global Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 7 Global Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 8 Global Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 9 Global Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 10 Global Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 11 Global Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
- Table 12 North America Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
- Table 13 North America Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 14 North America Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 15 North America Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 16 North America Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 17 North America Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 18 North America Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 19 North America Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 20 North America Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 21 North America Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 22 North America Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
- Table 23 Europe Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
- Table 24 Europe Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 25 Europe Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 26 Europe Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 27 Europe Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 28 Europe Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 29 Europe Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 30 Europe Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 31 Europe Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 32 Europe Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 33 Europe Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
- Table 34 Asia Pacific Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
- Table 35 Asia Pacific Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 36 Asia Pacific Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 37 Asia Pacific Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 38 Asia Pacific Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 39 Asia Pacific Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 40 Asia Pacific Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 41 Asia Pacific Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 42 Asia Pacific Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 43 Asia Pacific Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 44 Asia Pacific Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
- Table 45 South America Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
- Table 46 South America Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 47 South America Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 48 South America Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 49 South America Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 50 South America Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 51 South America Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 52 South America Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 53 South America Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 54 South America Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 55 South America Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
- Table 56 Middle East & Africa Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
- Table 57 Middle East & Africa Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
- Table 58 Middle East & Africa Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
- Table 59 Middle East & Africa Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
- Table 60 Middle East & Africa Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
- Table 61 Middle East & Africa Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
- Table 62 Middle East & Africa Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
- Table 63 Middle East & Africa Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
- Table 64 Middle East & Africa Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
- Table 65 Middle East & Africa Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
- Table 66 Middle East & Africa Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
