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IN THE NEWSJuly 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.
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
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.
The global marine power systems and equipment market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global marine power systems and equipment market includes the following segments:
By Product Type
By Application
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more opportunities for market growth owing to the growing investments in marine power sector by several countries in the region.
The major players in the market are Turbo SE, Caterpillar Inc., Hyundai Heavy Industries Co., Ltd, Cummins Inc., Mitsubishi Heavy Industries Ltd., and others.
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.
The market is segmented by product type, application, and by region.
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.
High early setup cost of marine power systems and equipment is estimated to hamper the market growth.
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