Alternate Marine Power Market Reflect Impressive Growth Rate to During 2027
Alternate Marine Power Market Reflect Impressive Growth Rate to During 2027
Published by TMR Research Insights
Posted on October 7, 2021
Global Alternate Marine Power Market: Key Highlights
The global alternate marine power market was valued at ~US$ 720 Mn in 2018 and is anticipated to expand at a CAGR of 10.5% during the forecast period.
Among the vessels, the others segment held a dominant share of the global alternate marine power market in 2018. The segment includes ferries, Ro-Pax, and tugs. Growth of the others segment can be attributed to the rising demand for merchant vessels employed to carry passengers, cargo, and vehicles.
In terms of capacity, the 2 MW – 5 MW segment accounted for a major share of the global alternate marine power market in 2018. Surge in the demand for shore-side electric power to containers and cruises at berth is anticipated to fuel the segment during the forecast period.
The alternate marine power market in Asia Pacific is likely to expand at a significant pace during the forecast period, owing to rapid urbanization and industrialization in the region.
Key Drivers of Global Alternate Marine Power Market
Emission of greenhouse gases (GHGs) in and around port areas is becoming a major concern across the globe. Every year, a large amount of air pollutants, such as carbon monoxide, nitrogen oxides, sulfur oxides, and particulate matter, are released at ports and nearby areas.
Ships run on bunker fuel, which is one of the most polluting fuels. A large number of ships and trucks visit ports every day. This causes significant increase in the prevalence of respiratory diseases and cancer, and it also results in the degradation of water quality.
As per 2014 Clean Power Transport Directive, all trans-European core ports of the European Union are required to provide alternate marine power as a substitute for oil from 2025.
Furthermore, shipping companies have to pay energy taxes on electricity, while ships at berth are plugging into alternate marine power systems. According to the New Energy Taxation Directive 2018, all taxes are exempted on electricity utilization from alternate marine power systems.
Europe to Lead Global Alternate Marine Power Market
Europe led the global alternate marine power market in 2018, due to increase in investments toward the expansion and up-gradation of existing ports, especially in countries such as Sweden, Finland, and Germany.
Rise in efforts to improve air quality by reducing greenhouse gas (GHG) emissions at ports, and increase in the demand to reduce logistic costs are likely to boost the alternate marine power market in the region during the forecast period.
Major Developments in Global Alternate Marine Power Market
In August 2019, MacGregor completed the acquisition of the marine and offshore businesses of TTS Group. The deal was finalized in February 2018, and was valued at approximately US$ 96 Mn.
In March 2019, Cavotec SA bagged a contract for the installation of an alternate marine power system. The order was valued at approximately US$ 12 Mn. The system is expected to be operational by 2020.
In November 2018,Siemens signed a contract with MV WERFTEN Wismar GmbH to install a turnkey Siharbor onshore power supply (OPS) system. The system would be used to build ‘Global-class’ cruise ships. The order covers all components required for powering ships and grid connections. It also includes the completion of substations and transformers, and installation of medium-voltage switch gears.
Global Alternate Marine Power Market: Competition Landscape
The global alternate marine power market is led by multinational players operating across the globe.
Prominent players operating in the global alternate marine power market are ABB Ltd., Cavotec SA, Schneider Electric, Nidec ASI, MacGregor, PowerCon, Siemens, ESL Power Systems, Inc., VINCI Energies, Danfoss, Ratio Electric B.V., Piller Group GmbH, Wartsila, and Wabtec Corporation.
Global Alternate Marine Power Market: Segmentation
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Global Alternate Marine Power Market: Key Highlights
The global alternate marine power market was valued at ~US$ 720 Mn in 2018 and is anticipated to expand at a CAGR of 10.5% during the forecast period.
Among the vessels, the others segment held a dominant share of the global alternate marine power market in 2018. The segment includes ferries, Ro-Pax, and tugs. Growth of the others segment can be attributed to the rising demand for merchant vessels employed to carry passengers, cargo, and vehicles.
In terms of capacity, the 2 MW – 5 MW segment accounted for a major share of the global alternate marine power market in 2018. Surge in the demand for shore-side electric power to containers and cruises at berth is anticipated to fuel the segment during the forecast period.
The alternate marine power market in Asia Pacific is likely to expand at a significant pace during the forecast period, owing to rapid urbanization and industrialization in the region.
Key Drivers of Global Alternate Marine Power Market
Emission of greenhouse gases (GHGs) in and around port areas is becoming a major concern across the globe. Every year, a large amount of air pollutants, such as carbon monoxide, nitrogen oxides, sulfur oxides, and particulate matter, are released at ports and nearby areas.
Ships run on bunker fuel, which is one of the most polluting fuels. A large number of ships and trucks visit ports every day. This causes significant increase in the prevalence of respiratory diseases and cancer, and it also results in the degradation of water quality.
As per 2014 Clean Power Transport Directive, all trans-European core ports of the European Union are required to provide alternate marine power as a substitute for oil from 2025.
Furthermore, shipping companies have to pay energy taxes on electricity, while ships at berth are plugging into alternate marine power systems. According to the New Energy Taxation Directive 2018, all taxes are exempted on electricity utilization from alternate marine power systems.
Europe to Lead Global Alternate Marine Power Market
Europe led the global alternate marine power market in 2018, due to increase in investments toward the expansion and up-gradation of existing ports, especially in countries such as Sweden, Finland, and Germany.
Rise in efforts to improve air quality by reducing greenhouse gas (GHG) emissions at ports, and increase in the demand to reduce logistic costs are likely to boost the alternate marine power market in the region during the forecast period.
Major Developments in Global Alternate Marine Power Market
In August 2019, MacGregor completed the acquisition of the marine and offshore businesses of TTS Group. The deal was finalized in February 2018, and was valued at approximately US$ 96 Mn.
In March 2019, Cavotec SA bagged a contract for the installation of an alternate marine power system. The order was valued at approximately US$ 12 Mn. The system is expected to be operational by 2020.
In November 2018,Siemens signed a contract with MV WERFTEN Wismar GmbH to install a turnkey Siharbor onshore power supply (OPS) system. The system would be used to build ‘Global-class’ cruise ships. The order covers all components required for powering ships and grid connections. It also includes the completion of substations and transformers, and installation of medium-voltage switch gears.
Global Alternate Marine Power Market: Competition Landscape
The global alternate marine power market is led by multinational players operating across the globe.
Prominent players operating in the global alternate marine power market are ABB Ltd., Cavotec SA, Schneider Electric, Nidec ASI, MacGregor, PowerCon, Siemens, ESL Power Systems, Inc., VINCI Energies, Danfoss, Ratio Electric B.V., Piller Group GmbH, Wartsila, and Wabtec Corporation.
Global Alternate Marine Power Market: Segmentation
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
