Alternate Marine Power Market (Vessel - Roll-on/Roll-off Ships, Container Vessels, Cruises, and Other Vessels; Power Requirements - Up to 2 Mw, 2 Mw – 5 Mw, and above 5 Mw): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

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.

Market Insight

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.

Segment Covered

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.

Companies Profiled:

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.

Report Highlights:

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.