Global Marine Power Systems Market Growth, Size, Research Report and Forecast 2024-2032

Marine Power Systems Market Size And Forecast

Marine Power Systems Market size was valued at USD 4.36 Billion in 2022 and is projected to reach USD 7.23 Billion by 2030, growing at a CAGR of 8.45% from 2023 to 2030.

Major factors driving the market growth include increasing power demand and power supply shortages. Marine power systems have the potential to generate energy from waves, and this is the main driver for their deployment. The rise in floating production, storage, and offloading (FPSO) vessels is also one of the significant drivers of market growth. The Global Marine Power Systems Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Marine Power Systems Market Definition

A marine power system (MPS) combines power generation and distribution equipment using motor generators. It provides power to propel ships and boats to meet the challenges associated with fuel-based engines. Marine propulsion systems are used mainly on ships and vessels to convert the chemical energy of fuels into electrical power. The MPS also provides auxiliary power for other onboard needs, such as lighting and cargo handling. It is often classified by configuration type, such as diesel-electric or gas turbine-based configurations. The market includes various end users such as commercial passenger ships, yachts and cruise ships.

Marine power refers to the process of energy production through the ocean and is also called hydropower. Since the ocean is an available resource, large amounts of energy can be extracted. Some of the power sources that make up ocean power are tidal and wave power. Various forms such as waves, salinity gradients, fluid flow and heat are sources for collecting energy that can generate electricity for domestic and commercial use.

A marine auxiliary engine, called an auxiliary power unit, produces electricity on board. Nuclear engines are used in ships because they can travel at high speeds, and various fuel ships are used for commercial purposes. Auxiliary units must support the main engine and ensure the correct functioning of the ship.

Global Marine Power Systems Market Overview

The primary factor driving the market growth is the increasing power supply demand and power supply shortages. Marine power systems have the potential to generate energy from waves, and this is the main driver for their deployment. The rise in floating production, storage, and offloading (FPSO) vessels is also one of the significant drivers of market growth. Increasing global demand for petroleum and energy products is associated with the growth of FPSO vessels. Technological improvements, fueled by research, development, and innovation, are expected to play a critical role in meeting the growing demand for energy from oil, gas, and other diverse sources.

Also, one of the latest trends in the Marine Power Systems Market is the use of turbochargers in marine auxiliary engines. Benefits like condition-based maintenance and a user-friendly environment reduce operating costs and enable easy and fast service with a simple part replacement. In addition, digital interactive solutions support self-service maintenance, reducing costs while increasing application availability and flexibility. Yet, due to high initial set-up costs, transporting power supplies from power sources is expensive, which may slow down the growth of this market.

Global Marine Power Systems Market Segmentation Analysis

The Global Marine Power Systems Market is segmented on the basis of Product, Application, And Geography.

Marine Power Systems Market, By Product

• Internal Lighting
• Navigation Lighting
• Communication
• Surveillance System
• Engine Control
• Others

Based on Product, the market is bifurcated into Internal Lighting, Navigation Lighting, Communication, Surveillance System, Engine Control, and Others. The navigation lighting segment holds a large number share of the market share because navigation lights, also known as running lights or position lights, are sources of information about ships, aircraft, and spacecraft. Navigation lights provide data about the vehicle’s position, course, and status.

Marine Power Systems Market, By Application

• Small Recreational Boats
• On-Water Commercial and High End Leisure
• Underwater Leisure
• Underwater AUV

Based on Application, the market is bifurcated into Small Recreational Boats, On-Water Commercial and High End Leisure, Underwater Leisure, and Underwater AUV. The Small Recreational Boats segment holds a large number share of the market share because the marine power systems on small recreational boats can also be used to provide lighting for night fishing as well as improve visibility in the water.

Marine power systems used on small recreational boats include navigation and communication systems. A navigation system helps you easily steer your boat and communicate via radio or telephone with other users. Recreational boats are vessels manufactured or used for noncommercial purposes or leased, rented or chartered to others for noncommercial purposes. The growth factor for this sector is related to increased leisure usage.

Marine Power Systems Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the Global Marine Power Systems Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The Asia-Pacific region holds a large number of shares in the market because the region is attributed to necessary investment by governments of several countries and the availability of low-cost labor in countries such as China. At the same time, North America is the fastest-growing region in the market because of the rising number of small cargo ships and the increasing demand for marine power systems.

Key Players

The “Global Marine Power Systems Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Emerson Electric, Schneider Electric, ABB, Exide Industries, EnerSys, HBL Power Systems, Systems Sunlight, Eaton, Powerbox International, ENAG, and Marine Electric Systems.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Marine Power Systems Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Marine Power Systems Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the fa