Alternate Marine Power Market Opportunities 2031
The Alternate Marine Power Market is expected to register a CAGR of 9.6% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Alternate Marine Power Market report covers analysis By Vessel (Container Vessels, Cruises, Roll on/Roll-off Ships) and Power Requirement (Up to 2 MW, 2 MW-5 MW, Above 5 MW). The global analysis is further broken-down at the regional level and major countries. The Report Offers the Value in US$ for the above analysis and segments.
Purpose of the ReportThe report Alternate Marine Power Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Alternate Marine Power Market Segmentation
Vessel- Container Vessels
- Cruises
- Roll on/Roll-off Ships
- Up to 2 MW
- 2 MW-5 MW
- Above 5 MW
Strategic Insights
Alternate Marine Power Market Growth Drivers- Environmental regulations drive emission reductions: Strict environmental regulations to control greenhouse gas emissions from ships and ports have impacted the overall market trend worldwide. According to one recent market report, in an endeavor to achieve the International Maritime Organization's commitment to reducing shipping emissions by 50% by the year 2050, alternate marine power solutions are being adopted. This has moved the demand for low-emission technologies upward by 30%, with a tremendous impact on the growth of the market and also shaping the market share of ecological power systems.
- Port electrification reduces diesel dependence: Global Market Analysis shows that port electrification is picking steam, and nearly 70% of the world's major ports have adopted shore power systems. This has reduced the dependence on conventional diesel engines, which account for around 20% of maritime emissions. Market trends indicate this shift allows for considerable market growth as investments in alternate power systems pick up by 15% year after year.
- Solar and wind systems cut fuel use: Shoreside solar and wind systems installed on board marine vessels are, as indicated by the new findings, said to reduce fuel consumption to 12% annually, according to some new market research. As a final factor, government subsidies fuel it further, wherein the rate of hike was 25% over the last five years; with these incentives, market share is changing since more companies are shifting toward sustainable energy alternatives for maritime operation.
- Hybrid propulsion gains market traction: Hybrid propulsion is rapidly gaining traction in the alternate marine power market. One major trend is toward the integration of traditional power sources with electricity to achieve maximum fuel efficiency and reduction in emissions. More than 40% of new orders for vessels in 2023 comprised hybrid systems, indicating very strong market uptake. Strengths in the SWOT analysis are lower operational costs with reduced emissions, while weaknesses include very high upfront investments. Similar innovators, such as Rolls-Royce and Wärtsilä, created a high market strategy to enter this market segment.
- Fuel cells enhance energy efficiency: Fuel cell technology has become a crucial player in the alternate marine power landscape. Hydrogen fuel cells, with their extremely high energy density and zero emissions, have drawn more attention. Over 20 maritime pilot projects have been launched in 2022. Market strategies of key players like Ballard Power Systems and Toshiba are now focusing on scalability. There is a marked tendency toward more joint ventures and partnerships for quicker market exploitation through the ever-increasing joint efforts with shipbuilders.
- LNG adoption increases as cleaner fuel: LNG has become a relatively sought-after substitute fuel, with lesser carbon contents compared to those of traditional marine fuels. According to new research, over 15% of newly commissioned ships in 2022 were LNG-powered. That is 10% more than the number recorded the previous year. It is supported by a positive regulatory environment, as seen in the PEST analysis, although key players such as Shell and TotalEnergies are increasing market strategies focused on LNG infrastructure, with investment in refueling ports expected to grow by 25% by 2025.
- Growth in Renewable Energy Adoption in Shipping: The increasing adoption of renewable energy sources in shipping presents a major opportunity for companies that provide AMP solutions. The use of wind, solar, and hybrid energy systems is likely to expand, creating opportunities for manufacturers, developers, and service providers in the industry.
- Expansion in Electric and Hybrid Marine Vessels: As electric and hybrid marine vessels gain traction in the market, there is significant potential for companies to capitalize on the growing demand for these vessels. Electric-powered vessels are expected to reduce fuel costs and emissions, creating a strong opportunity for the AMP market.
- Integration with Smart Shipping and IoT:Companies offering integrated solutions that combine renewable power generation with smart technologies can create new value propositions for customers in the shipping industry.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Alternate Marine Power Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Alternate Marine Power Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The Alternate Marine Power Market is expected to register a CAGR of 7.2% from 2023-2031.
The major factors impacting the Alternate Marine Power Market are: Growing Investments in Renewable Energy, Increasing Electrification of Ports, and Rising Environmental Regulations
Key future trends in this market are - Shift towards sustainable shipping, Integration of hybrid power solutions, Regulatory push for emission reduction
Key companies in this market are: ABB, Cargotec, Cavotec SA, Danfoss, ESL POWER SYSTEMS INC, Langley Holdings plc, Ratio Electric B V, Siemens, Schneider Electric
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Alternate Marine Power Market - By Vessel
1.3.2 Alternate Marine Power Market - By Power Requirement
1.3.3 Alternate Marine Power Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ALTERNATE MARINE POWER MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. ALTERNATE MARINE POWER MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. ALTERNATE MARINE POWER MARKET - GLOBAL MARKET ANALYSIS
6.1. ALTERNATE MARINE POWER - GLOBAL MARKET OVERVIEW
6.2. ALTERNATE MARINE POWER - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ALTERNATE MARINE POWER MARKET - REVENUE AND FORECASTS TO 2028 - VESSEL
7.1. OVERVIEW
7.2. VESSEL MARKET FORECASTS AND ANALYSIS
7.3. CONTAINER VESSELS
7.3.1. Overview
7.3.2. Container Vessels Market Forecast and Analysis
7.4. CRUISES
7.4.1. Overview
7.4.2. Cruises Market Forecast and Analysis
7.5. ROLL ON/ROLL-OFF SHIPS
7.5.1. Overview
7.5.2. Roll on/Roll-off Ships Market Forecast and Analysis
8. ALTERNATE MARINE POWER MARKET - REVENUE AND FORECASTS TO 2028 - POWER REQUIREMENT
8.1. OVERVIEW
8.2. POWER REQUIREMENT MARKET FORECASTS AND ANALYSIS
8.3. UP TO 2 MW
8.3.1. Overview
8.3.2. Up to 2 MW Market Forecast and Analysis
8.4. 2 MW-5 MW
8.4.1. Overview
8.4.2. 2 MW-5 MW Market Forecast and Analysis
8.5. ABOVE 5 MW
8.5.1. Overview
8.5.2. Above 5 MW Market Forecast and Analysis
9. ALTERNATE MARINE POWER MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Alternate Marine Power Market Overview
9.1.2 North America Alternate Marine Power Market Forecasts and Analysis
9.1.3 North America Alternate Marine Power Market Forecasts and Analysis - By Vessel
9.1.4 North America Alternate Marine Power Market Forecasts and Analysis - By Power Requirement
9.1.5 North America Alternate Marine Power Market Forecasts and Analysis - By Countries
9.1.5.1 United States Alternate Marine Power Market
9.1.5.1.1 United States Alternate Marine Power Market by Vessel
9.1.5.1.2 United States Alternate Marine Power Market by Power Requirement
9.1.5.2 Canada Alternate Marine Power Market
9.1.5.2.1 Canada Alternate Marine Power Market by Vessel
9.1.5.2.2 Canada Alternate Marine Power Market by Power Requirement
9.1.5.3 Mexico Alternate Marine Power Market
9.1.5.3.1 Mexico Alternate Marine Power Market by Vessel
9.1.5.3.2 Mexico Alternate Marine Power Market by Power Requirement
9.2. EUROPE
9.2.1 Europe Alternate Marine Power Market Overview
9.2.2 Europe Alternate Marine Power Market Forecasts and Analysis
9.2.3 Europe Alternate Marine Power Market Forecasts and Analysis - By Vessel
9.2.4 Europe Alternate Marine Power Market Forecasts and Analysis - By Power Requirement
9.2.5 Europe Alternate Marine Power Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Alternate Marine Power Market
9.2.5.1.1 Germany Alternate Marine Power Market by Vessel
9.2.5.1.2 Germany Alternate Marine Power Market by Power Requirement
9.2.5.2 France Alternate Marine Power Market
9.2.5.2.1 France Alternate Marine Power Market by Vessel
9.2.5.2.2 France Alternate Marine Power Market by Power Requirement
9.2.5.3 Italy Alternate Marine Power Market
9.2.5.3.1 Italy Alternate Marine Power Market by Vessel
9.2.5.3.2 Italy Alternate Marine Power Market by Power Requirement
9.2.5.4 United Kingdom Alternate Marine Power Market
9.2.5.4.1 United Kingdom Alternate Marine Power Market by Vessel
9.2.5.4.2 United Kingdom Alternate Marine Power Market by Power Requirement
9.2.5.5 Rest of Europe Alternate Marine Power Market
9.2.5.5.1 Rest of Europe Alternate Marine Power Market by Vessel
9.2.5.5.2 Rest of Europe Alternate Marine Power Market by Power Requirement
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Alternate Marine Power Market Overview
9.3.2 Asia-Pacific Alternate Marine Power Market Forecasts and Analysis
9.3.3 Asia-Pacific Alternate Marine Power Market Forecasts and Analysis - By Vessel
9.3.4 Asia-Pacific Alternate Marine Power Market Forecasts and Analysis - By Power Requirement
9.3.5 Asia-Pacific Alternate Marine Power Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Alternate Marine Power Market
9.3.5.1.1 Australia Alternate Marine Power Market by Vessel
9.3.5.1.2 Australia Alternate Marine Power Market by Power Requirement
9.3.5.2 China Alternate Marine Power Market
9.3.5.2.1 China Alternate Marine Power Market by Vessel
9.3.5.2.2 China Alternate Marine Power Market by Power Requirement
9.3.5.3 India Alternate Marine Power Market
9.3.5.3.1 India Alternate Marine Power Market by Vessel
9.3.5.3.2 India Alternate Marine Power Market by Power Requirement
9.3.5.4 Japan Alternate Marine Power Market
9.3.5.4.1 Japan Alternate Marine Power Market by Vessel
9.3.5.4.2 Japan Alternate Marine Power Market by Power Requirement
9.3.5.5 South Korea Alternate Marine Power Market
9.3.5.5.1 South Korea Alternate Marine Power Market by Vessel
9.3.5.5.2 South Korea Alternate Marine Power Market by Power Requirement
9.3.5.6 Rest of Asia-Pacific Alternate Marine Power Market
9.3.5.6.1 Rest of Asia-Pacific Alternate Marine Power Market by Vessel
9.3.5.6.2 Rest of Asia-Pacific Alternate Marine Power Market by Power Requirement
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Alternate Marine Power Market Overview
9.4.2 Middle East and Africa Alternate Marine Power Market Forecasts and Analysis
9.4.3 Middle East and Africa Alternate Marine Power Market Forecasts and Analysis - By Vessel
9.4.4 Middle East and Africa Alternate Marine Power Market Forecasts and Analysis - By Power Requirement
9.4.5 Middle East and Africa Alternate Marine Power Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Alternate Marine Power Market
9.4.5.1.1 South Africa Alternate Marine Power Market by Vessel
9.4.5.1.2 South Africa Alternate Marine Power Market by Power Requirement
9.4.5.2 Saudi Arabia Alternate Marine Power Market
9.4.5.2.1 Saudi Arabia Alternate Marine Power Market by Vessel
9.4.5.2.2 Saudi Arabia Alternate Marine Power Market by Power Requirement
9.4.5.3 U.A.E Alternate Marine Power Market
9.4.5.3.1 U.A.E Alternate Marine Power Market by Vessel
9.4.5.3.2 U.A.E Alternate Marine Power Market by Power Requirement
9.4.5.4 Rest of Middle East and Africa Alternate Marine Power Market
9.4.5.4.1 Rest of Middle East and Africa Alternate Marine Power Market by Vessel
9.4.5.4.2 Rest of Middle East and Africa Alternate Marine Power Market by Power Requirement
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Alternate Marine Power Market Overview
9.5.2 South and Central America Alternate Marine Power Market Forecasts and Analysis
9.5.3 South and Central America Alternate Marine Power Market Forecasts and Analysis - By Vessel
9.5.4 South and Central America Alternate Marine Power Market Forecasts and Analysis - By Power Requirement
9.5.5 South and Central America Alternate Marine Power Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Alternate Marine Power Market
9.5.5.1.1 Brazil Alternate Marine Power Market by Vessel
9.5.5.1.2 Brazil Alternate Marine Power Market by Power Requirement
9.5.5.2 Argentina Alternate Marine Power Market
9.5.5.2.1 Argentina Alternate Marine Power Market by Vessel
9.5.5.2.2 Argentina Alternate Marine Power Market by Power Requirement
9.5.5.3 Rest of South and Central America Alternate Marine Power Market
9.5.5.3.1 Rest of South and Central America Alternate Marine Power Market by Vessel
9.5.5.3.2 Rest of South and Central America Alternate Marine Power Market by Power Requirement
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ALTERNATE MARINE POWER MARKET, KEY COMPANY PROFILES
11.1. ABB
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. CARGOTEC
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CAVOTEC SA
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DANFOSS
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. ESL POWER SYSTEMS, INC.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. LANGLEY HOLDINGS PLC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. RATIO ELECTRIC B.V.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SIEMENS
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SCHNEIDER ELECTRIC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WABTEC CORPORATION.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. ABB
2. Cargotec
3. Cavotec SA
4. Danfoss
5. ESL POWER SYSTEMS, INC.
6. Langley Holdings plc
7. Ratio Electric B.V.
8. Siemens
9. Schneider Electric
10. Wabtec Corporation.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.