- Modernization of ports spurring investments in renewable energy sources for powering ships, thus propelling revenues in alternate marine power market; implementation of latest government regulations for marine pollution underpins vast lucrative avenue
- Demand from cruise ships to proliferate in a bid to reduce carbon footprint; Asia Pacific and Europe emerging as remarkably lucrative regions
WILMINGTON, Del., Sept. 5, 2022 /PRNewswire/ -- Ongoing trends of the alternate marine power market indicate that industry spending on modernization of infrastructure at ports has been growing steadily especially in North America, Europe, and China. Companies in the alternate marine power market are garnering revenue gains from adoption of clean electricity units by cruises, notably repositioning cruises. The size of the market is projected to reach US$ 2.7 Bn by 2031.
Growing concerns of pollution from diesel when used as a marine power has led stakeholders to seek alternative cleaner fuels. Of note, renewable energy sources-based natural gases have gathered traction for ships to help reduce carbon footprint of ports. The trend is spurred by implementation of marine emission norms by rising number of ocean cruise tourists.
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Key Findings of Alternate Marine Power Market Study
- Massive Demand for Cleaner Fuels for Cruises to Generate Sizable Opportunities: Rising demand for clean electricity power at ports has catalyzed the adoption of renewable energy sources among marine vessels. Companies in the alternate marine power market are increasingly offering advanced hybrid power systems, particularly those that can integrate wind power.
- Rising Trend of Adoption Renewable Energy Sources at Ports to Propel Demand: Cruise lines account for a bulk of demand for alternate marine power sources. The demand is rising in Europe, fueled by an ebullient tourism industry. Rise in freights handling at various ports in European nations has also spurred revenue streams for players in the alternate marine power market.
- Strict Implementation of Regulations Reinforce Modernization of Ports: Governments in China and North America are keenly spending on modernizing intermodal/multimodal terminals, which has also paved the way to adoption of renewable energy sources at the ports by ships in cold ironing. Key players are capturing value-grab opportunity by offering digitalized energy management systems.
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Alternate Marine Power Market: Key Drivers
- Rise in ocean cruise passengers over the past few decades is a key underpinning for the need for cleaner alternative marine fuel in the cold ironing. Rapid pace of globalization of manufacturing sector has led to burgeoning international trade of goods and commodities. This is a key factor that will drive lucrative opportunities for players in the alternate marine power market.
- Stringent implementation of government norms and regulations on reduction the CO2 from ships in ports and harbor areas creates abundant prospects, found the alternate marine power market trends.
Alternate Marine Power Market: Regional Growth Dynamics
- Europe held a major market share in 2021 amounting to 41.8%. Implementation of anti-pollution measures and emission norms in cold ironing has invigorated adoption of alternate marine power-based electricity in ships.
- Asia Pacific has emerged as a promising region in alternate marine power market, and the demand is supported by spending on port modernization.
- The North America alternate marine power market is projected to advance at a CAGR of 11.6% during 2022-2031. The region is a key cruise market in terms of passenger capacity, which will generate substantial revenue streams in the next few years.
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Alternate Marine Power Market: Prominent Companies
Some of the key players in the market are Danfoss, VINCI Energies, ESL Power Systems, Inc, Siemens, PowerCon, MacGregor, Nidec ASI, Schneider Electric, and Cavotec SA. Top players are leaning on spending sizably on port electrification technologies to consolidate their positions.
Alternate Marine Power Market Segmentation
- Power Requirement
- Up to 2 MW
- 2 MW- 5 MW
- Above 5 MW
- Vessel
- Container Vessel
- Cruise
- Roll-on/Roll-off Ships
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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