A recent report published by Infinium Global Research on
alternate marine power market provides an in-depth analysis of segments and
sub-segments in the global as well as regional alternate marine power market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional alternate marine power market over the
short term as well as long term. The report is a comprehensive presentation of
trends, forecast and dollar values of the global alternate marine power market.
According to the report, the global alternate marine power market is projected
to grow at a CAGR of 10.3% over the forecast period of 2019-2025.
Alternate marine power is an anti-pollution measure that helps
to reduce air pollution generated from diesel generators. It uses shore
electric power as a substitute. It is used at the port when a ship is halting.
This reduces emissions from ships by a huge amount. It is also known as cold
ironing. It provides power for lights, air-conditioners, refrigerators, and
other equipment on ships.
The rising marine pollution worldwide is a major factor
contributing to the growth of the alternate marine power market. A study says
that a ship produces more carbon dioxide per mile and gallon of fuel as
compared to a car. Further, the major contributors to air pollution in coastal
areas are ships and vessels. The rising rules and regulations for pollution
reduction caused by ships and vessels contribute to the growth of alternate
marine power market. In addition, the rising environmental awareness led to a
rise in demand for the alternate marine power market. Additionally, the
adoption of electric vessels integrated with hybrid power and combined power
source technology will reduce fossil fuel consumption. Hence market players are
focused on manufacturing alternate marine power systems that run on efficient
batteries. This will augment the growth of the market. On the flip side, huge
investments to set up equipment for alternate marine power system hamper the
growth of alternate marine power market. Moreover, technological advancement in
the marine industry creates fruitful opportunities for the growth of the
alternate marine power market.
Geographically, the global alternate marine power market is
divided into North America, Asia-Pacific, Europe, and the Rest of the World.
North America is anticipated to have a dominant share in the global alternate
marine power market. The increasing movement of goods and passengers through
ports in the United States lead to a surge in the number of ships. And the
rising air pollution at ports stimulates the demand for the alternate marine
power market in North America. Europe is expected to grow in the global
alternate marine power market with a healthy CAGR over the forecast period. The
rising focus on the development of alternative fuel as a substitute for fossil
oil sources used in energy supply to transport in the European territory
contribute to the growth of alternate marine power market in Europe.
Asia-Pacific region has fruitful opportunities in the global alternate marine
power market. The increasing trade activities in India and China and the
growing economies of the countries in Asia-Pacific contribute to the growth of
alternate marine power market in the Asia-Pacific region.
The report on global alternate marine power market covers
segments such as vessel, and power requirements. On the basis of vessel, the
sub-markets include roll-on/roll-off ships, container vessels, cruises, and
other vessels. On the basis of power requirements, the sub-markets include up
to 2 MW, 2 MW – 5 MW, and above 5 MW.
The report provides profiles of the companies in the market
such as Nidec ASI S.p.A., PowerCon, Siemens AG, Danfoss A/S, Piller Group GmbH,
Wabtec Corporation, Cavotec SA, ABB Ltd., VINCI Energies SA, ESL Power Systems,
Inc., and Other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of alternate
marine power market. Moreover, the study highlights current market trends and
provides forecast from 2019-2025. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.