The Marine power market is expected to grow from an estimated USD 1.6 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 11.2% During Forecast Period
The ships anchored at the harbour are powered by electricity by the backup marine power system. The ability to charge the batteries while the boat is linked to the shore power line enables them to use less diesel power while at sea. Electricity is needed for lighting, heating, refrigeration, and other emergency electrical systems while the ships are being loaded or unloaded.
Supply cables must be hooked into both the ship’s power supply and the electrical supply board on the port. This AMP procedure is also known as “cold ironing,” a word that dates back to the time when ships used to become cold while at rest. A separate power generation unit or the power plant that provides power to the port town may be used to generate power from the shore. The “Paris Climate Agreement,” which obliges them to reduce greenhouse gases and their carbon impact close to ports and harbours, has been ratified by a number of nations. Globally, this is opening up a lot of prospects for the market for alternative maritime power.
Due to an increase in maritime trade and increased use of different types of vessels, it is anticipated that the size of the global alternate marine power market would grow over the forecast period. To increase their opportunities, industry participants in the global alternate marine power market are developing hybrid power systems, marine wind generators, and marine wind turbines. Companies are using energy management systems to validate the effectiveness of these new modules in order to get real data on operational applications.
The size of the global market for alternative marine power is anticipated to grow during the forecast period as a result of a growth in maritime traffic and the use of various types of vessels. Market participants are developing hybrid power systems, marine wind generators, and marine wind turbines to expand their chances in the global market for alternate marine power. Companies are using energy management systems to validate these new modules’ efficacy and collect data on actual operational uses.
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Rise in Globalization and Industrialization to Fuel Global Alternate Marine Power Market
Due to the low cost of shipping, the increase in industrialization has increased demand for marine trade significantly. Globalization in developing countries has created significant opportunity for businesses that make products. This has prompted the shipment of raw materials to regions and nations with cheap manufacturing costs.
Global demand for industrial marine power has expanded as a result of the expansion of water transportation. In terms of volume, Europe is the second-largest market for containers that are landed at ports. In 2020, 3.3 billion tonnes of freight were moved through Europe. Ships transport more than 90% of the goods that are traded between nations in Europe and the rest of the world. In the foreseeable future, it is anticipated that this tendency will persist. Over 95% of the world’s cruise capacity is accounted for by European cruise lines.
In the not too distant future, this capacity is anticipated to rise. As a result, the market for alternative marine power is being driven by the growth of globalisation and industrialization since AMP offers a good substitute for the need to burn fossil fuels to keep the engine running while ships are docked.
Market Segmentation:
Global Marine Power Market: Major Players
Verdant Power
Wello Oy
Ocean Power Technologies
Oceanlinx
Aquamarine Power
Marine Current Turbines (MCT)
AWS Ocean Energy
Pulse Tidal
ORPC
OpenHydro
BioPower Systems
Voith Hydro
Carnegie Wave Energy
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Types
Wave Power
Tidal Power
Others
Applications
Industrial Applications
Commercial Applications
Others
Key Points:
Define, describe and forecast Marine Power product market by type, application, end user and region.
Provide enterprise external environment analysis and PEST analysis.
Provide strategies for company to deal with the impact of COVID-19.
Provide market dynamic analysis, including market driving factors, market development constraints.
Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
Analyze the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
