Marine Power Systems and Equipment Market

Marine Power Systems and Equipment Market Segmentation by Product Type (Internal Lighting, Navigation Lighting, Communication, Surveillance System, Engine Control, and Others); and by Application (Small Recreational Boats, High End Leisure, Underwater Leisure, and Underwater AUV) – Global Demand Analysis & Opportunity Outlook 2031

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Report ID: 3847 | Published On: Feb 06, 2023

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • July 2021- Hyundai Motor announced that it will produce hydrogen fuel cell system technology for marine vessel propulsion systems by signing a memorandum of understanding (MoU) with Hyundai Global Service and Korea Register (KR).

  • October 2020- Cummins introduced Onan C-Power QSB7E generator for recreational marine market. The product is available in both 50 and 60 Hz models.


Global Marine Power Systems and Equipment Market Highlights Over 2022 - 2031

The global marine power systems and equipment market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for petroleum and energy-related products across the globe, and rising need to fulfil the insufficient electricity supply in developing nations. The daily demand for crude oil around the world was approximately 100 million barrels/day in 2019, up from 99 million barrels/day in 2018 and 96 million barrels/day in 2017 respectively. Along with these, surge in floating, production, storage and offloading of vessels, and growing use of tidal and wave power for producing electricity are also expected to drive market growth in the forthcoming years. Furthermore, escalating advancements to develop improved technology for generating marine power, and spiraling use of turbochargers in marine auxiliary engines for decreasing operational costs are projected to offer ample growth opportunities to the market in the near future.

Marine Power Systems and Equipment Market

The market is segmented by product type into internal lighting, navigation lighting, communication, surveillance system, engine control, and others, out of which, the navigation lighting segment is anticipated to hold the largest share in the global marine power systems and equipment market. This can be accounted to the high usage of navigation lights as a position or running light to gather information about the position, heading and status of a vessel, spacecraft or aircraft. Additionally, on the basis of application, small recreational boats segment is predicted to observe notable growth during the forecast period owing to the rising use of boats for non-commercial purposes for promoting psychological changes spanning health and wellness, and growing trend of boating among people living in developed countries. CLICK TO DOWNLOAD SAMPLE REPORT


Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.


Global Marine Power Systems and Equipment Market Regional Synopsis

Regionally, the global marine power systems and equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the growing investments in marine power sector by several countries in the region. In addition, availability of inexpensive labor in nations, such as China and India, is also expected to boost the market growth in the region in the upcoming years. Moreover, the market in Europe is also projected to grab a notable share during the forecast period ascribing to the rising energy demand, and strong footprint of market players in the region. According to the European Union, the final energy consumption in the EU in 2019 was 935 Mtoe. Oil and gas accounted for the biggest share of 37 percent in the structure of final energy consumed that year.

Marine Power Systems and Equipment Market Share

The global marine power systems and equipment market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook


Marine Power Systems and Equipment Market
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Market Segmentation

Our in-depth analysis of the global marine power systems and equipment market includes the following segments:

By Product Type

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

By Application

  • Small Recreational Boats
  • High End Leisure
  • Underwater Leisure
  • Underwater AUV

Growth Drivers

  • Increasing Demand for Petroleum and Energy-Related Products Globally
  • Rising Need to Fulfil Insufficient Electricity Supply in Developing Nations

Challenges

  • High Early Setup Cost of Marine Power Systems and Equipment


Electricity Consumption
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Top Featured Companies Dominating the Market

    • Turbo SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Caterpillar Inc.
    • Hyundai Heavy Industries Co., Ltd
    • Cummins Inc.
    • Mitsubishi Heavy Industries Ltd.
    • Rolls-Royce Holdings plc
    • MAN Energy Solutions SE
    • Wärtsilä Oyj Abp
    • Emerson Electric
    • Schneider Electric

Key Questions Answered in the Report

1) What are the major factors driving the growth of the marine power systems and equipment market?

Ans: The major factors driving market growth are increasing demand for petroleum and energy-related products globally, and rising need to fulfil insufficient electricity supply in developing nations.

2) What would be the CAGR of marine power systems and equipment market over the forecast period?

Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.

4) Which region will provide more business opportunities for growth of marine power systems and equipment market in future?

Ans: Asia Pacific will provide more opportunities for market growth owing to the growing investments in marine power sector by several countries in the region.

5) Who are the major players dominating the marine power systems and equipment market?

Ans: The major players in the market are Turbo SE, Caterpillar Inc., Hyundai Heavy Industries Co., Ltd, Cummins Inc., Mitsubishi Heavy Industries Ltd., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the marine power systems and equipment market?

Ans: The market is segmented by product type, application, and by region.

8) Which segment captures the largest market size in the product type segment in the marine power systems and equipment market?

Ans: The navigation lighting segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.

8) What are the challenges affecting the market growth?

Ans: High early setup cost of marine power systems and equipment is estimated to hamper the market growth.

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