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The Marine Power Systems Market is estimated to grow at a CAGR of 4.25% between 2022 and 2027, and the size of the market is forecasted to increase by USD 4,094.83 million. The growth of the market depends on several factors, including a surge in commercial shipping, an increase in naval vessels, and the growth in floating production storage and offloading (FPSO) vessels.
This report extensively covers market segmentation by type (internal lighting, navigation lighting, surveillance systems, engine control, and others), end-user (commercial ships, military vessel, underwater vehicles, leisure ships, and small recreational boats), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Marine Power Systems Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The surge in commercial shipping is driving the market growth. Globalization has led to an increase in commercial shipping. Transportation of goods via sea mainly takes place in the form of containers. The products are categorized into less-container-load and full-container-load. Ship tankers transport goods such as oil, grain, and coal in bulk. Therefore, tankers are ideal for transporting heavy and bulky goods and products that involve longer lead times.
Shipping of commercial goods has many advantages. Ships use less fuel when compared to trucks and trains, thereby producing fewer amounts of carbon dioxide. They also produce less noise pollution. Moreover, there are fewer accidents in ship transport when compared to trucks and trains, which makes them a safer mode of transport. The rise in the adoption of shipping and its importance to seaborne trade, along with the emergence of developing countries in shipbuilding and related activities, are expected to drive the demand for marine power systems. These factors will contribute to the growth of the global marine power systems market during the forecast period.
The growing marine hybrid propulsion market is a key trend in the global marine power systems market. High pollution caused by diesel propulsion engines has led to an increase in the use of hybrid marine propulsion engines in vessels. Maritime authorities and major ports across the world have implemented standards for vessels. As a result, shipping operators have to follow the emission guidelines. For instance, new regulations by the International Maritime Organization (IMO) came into effect in 2015.
China and other APAC countries such as Indonesia and Australia are expected to make significant investments in the hybrid tugboats and offshore support vessels segment. South America is another region to adopt hybrid vessels due to the development of offshore hydrocarbon basins in the region. Thus, the development of hybrid marine propulsion systems offers marine engine manufacturers the potential to increase their revenue and market share. This, in turn, will drive the growth of the global marine power systems market during the forecast period.
The collapse of the Greek shipbuilding industry is challenging market growth. The Eurozone crisis of 2009 had a major impact on the shipbuilding industry in Greece. The industry is facing a threat from countries such as China, Japan, and Korea, which have low labor costs. Greek shipyards offer higher wages than their competitors. The high labor cost has compelled ship owners to place orders with shipyards based in APAC.
The situation in the Greek shipbuilding industry has impacted the global shipping industry, especially in Europe. This has negatively affected the revenue of engine manufacturers. Hence, many manufacturers based in Europe are adopting strategies to expand their market presence. Such factors are anticipated to become a major challenge for the growth of the global marine power systems market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Daihatsu Diesel Mfg. Co. Ltd. - The company offers high-performance engines, electronic propulsion systems, and dual-fuel engines. Under the Marine-use Engines segment, the company manufactures internal combustion engines for marine.
Hyundai Electric and Energy Systems Co. Ltd. - The company offers electrical systems such as marine switchgear, marine distribution transformers, and rotating machines for marine.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The internal lighting segment will account for a significant share of market growth during the forecast period. Internal lighting refers to the products and technologies used to provide lighting solutions within marine vessels. These systems are designed to illuminate the interior spaces of ships, boats, and other marine structures.
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The internal lighting segment was valued at USD 6,848.88 million in 2017 and continued to grow until 2021. Some of the commonly used products in this segment include light emitting diode (LED) lighting, fluorescent lighting, incandescent lighting, and halogen lighting. The specific product offerings and market dynamics within the internal lighting segment of the global marine power systems market may evolve over time, influenced by technological advancements, regulatory requirements, and market demand. These factors will drive the growth of this segment during the forecast period.
The commercial ships segment will account for a significant share of market growth during the forecast period. Marine transport is the most cost-effective way to transport manufactured goods and commodities across the world in bulk. Commercial ships are used for seaborne trade to transmit goods either through containers or cargo ships. Global container trade is considered to account for the majority of overall global seaborne trade. The fall in global fuel prices has resulted in the growth of boating operators across the world, thereby driving the demand for deck machinery. These factors will drive the growth of this segment during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
Countries such as China, South Korea, and Japan are the major contributors to the marine power systems market in APAC. The region is projected to continue to lead position in the global marine power systems market during the forecast period. Therefore, engine manufacturers for commercial, leisure, and naval ships in the region have significant growth opportunities. The shift in the mass production of goods to Asia due to comparative cost advantages has been fueled by the increasing size of container ships. The growth in global trade has led to an increase in the demand for new ships, especially container vessels and tankers, which can transport oil, natural gas, and mineral ores.
In 2020, the outbreak of COVID-19 negatively impacted the demand for marine power systems globally. However, the initiation of large-scale vaccination drives in the second half of 2020 led to the lifting of lockdown restrictions and the resumption of maritime trading and other seaborne activities worldwide. This is expected to propel the demand for commercial ships, military vessels, underwater vehicles, and small recreational boats, which, in turn, will increase the demand for marine power systems. Such factors are expected to boost the growth of the global marine power systems market during the forecast period.
The marine power systems market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Marine Power Systems Market Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.25% |
Market growth 2023-2027 |
USD 4,094.83 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.25 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Atlas Marine Systems, Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., ENAG SAS, EnerSys, EnPro Industries Inc., General Electric Co., Hydraulic Marine Systems Inc., Hyundai Electric and Energy Systems Co. Ltd., Ingeteam SA, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., NEWMAR, Perkins Engines Co. Ltd., Rolls Royce Holdings Plc, Siemens AG, Wartsila Corp., and Yamaha Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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