Alternate Marine Power Market
PUBLISHED: 2023 ID: SMRC22280
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Alternate Marine Power Market

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

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4.6 (73 reviews)
Published: 2023 ID: SMRC22280

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $1069.4 MN

Projected Year Value (2028)

US $2250.2 MN

CAGR (2022 - 2028)

13.2%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Europe

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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o 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
1 Global Alternate Marine Power Market Outlook, By Region (2020-2028) ($MN)
2 Global Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
3 Global Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
4 Global Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
5 Global Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
6 Global Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
7 Global Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
8 Global Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
9 Global Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
10 Global Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
11 Global Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
12 North America Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
13 North America Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
14 North America Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
15 North America Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
16 North America Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
17 North America Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
18 North America Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
19 North America Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
20 North America Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
21 North America Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
22 North America Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
23 Europe Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
24 Europe Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
25 Europe Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
26 Europe Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
27 Europe Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
28 Europe Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
29 Europe Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
30 Europe Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
31 Europe Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
32 Europe Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
33 Europe Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
34 Asia Pacific Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
35 Asia Pacific Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
36 Asia Pacific Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
37 Asia Pacific Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
38 Asia Pacific Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
39 Asia Pacific Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
40 Asia Pacific Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
41 Asia Pacific Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
42 Asia Pacific Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
43 Asia Pacific Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
44 Asia Pacific Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
45 South America Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
46 South America Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
47 South America Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
48 South America Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
49 South America Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
50 South America Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
51 South America Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
52 South America Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
53 South America Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
54 South America Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
55 South America Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
56 Middle East & Africa Alternate Marine Power Market Outlook, By Country (2020-2028) ($MN)
57 Middle East & Africa Alternate Marine Power Market Outlook, By Vessel (2020-2028) ($MN)
58 Middle East & Africa Alternate Marine Power Market Outlook, By Roll-on/Roll-off Ships (2020-2028) ($MN)
59 Middle East & Africa Alternate Marine Power Market Outlook, By Cruises (2020-2028) ($MN)
60 Middle East & Africa Alternate Marine Power Market Outlook, By Container Vessels (2020-2028) ($MN)
61 Middle East & Africa Alternate Marine Power Market Outlook, By Other Vessels (2020-2028) ($MN)
62 Middle East & Africa Alternate Marine Power Market Outlook, By Power Requirement (2020-2028) ($MN)
63 Middle East & Africa Alternate Marine Power Market Outlook, By Above 5 MW (2020-2028) ($MN)
64 Middle East & Africa Alternate Marine Power Market Outlook, By 2 MW- 5 MW (2020-2028) ($MN)
65 Middle East & Africa Alternate Marine Power Market Outlook, By Up to 2 MW (2020-2028) ($MN)
66 Middle East & Africa Alternate Marine Power Market Outlook, By Other Power Requirements (2020-2028) ($MN)
 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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