Alternate Marine Power Market: Global Alternate Marine Power to be Integral to Saving Marine Life and Reducing Pollution

The global alternate marine power market has been thriving as reducing pollution caused by shipping activity gains attention. Alternate marine power (AMP) is an ideal way of curbing the noise and air pollution that ships generate during berthing and idling processes. Fairfield Market Research states that this anti-pollution solution will gain ground as ports remain pressed for reducing pollution. A strict regulatory framework governing the shipping industry is expected to set standards for usage of alternate marine power in the coming years. This land-based power supply allows ships to re-evaluate their power usage. Also known as cold ironing, alternate marine power will see higher adoption between the forecast years of 2021 and 2025 as end users realise its role in cutting down carbon dioxide and sulphur content.

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Investments in Alternate Marine Power Spike as Shipping Companies and Ports Comply with Regulations

Cruise ships and ferry companies that rely on tourism are expected to make significant investments in alternate marine power. The growing concerns about the pollution they generate at ports and the damage they cause to marine life has shed light on the importance of alternate marine power. Stringent mandates such as 2014/94/EU directive on the Deployment of Alternative Fuel Infrastructure will push this agenda amongst shipping companies, bringing in heavy investments to build an infrastructure to offset the pollution caused by marine transport used for leisure activities. However, the initial investments required for setting up infrastructure for cold ironing has been acting as a restraint to the global alternate marine power market. Average capital cost amounts to US$ 60,000-80,000 per berth per annum to provide AMP to small, medium, and large fleets.

Container Vessels Identified as Primary End Users of Alternate Marine Power

Report's early estimations indicate that container vessels will lead the global alternate marine power market. Flouring maritime trade will be the primary driver for this segment. As COVID-19 ebbs, the shipping industry will operate in full seeing. The United Nations Conference on Trade and Development states that approximately 80% of global trade depends on the shipping industry, of which 60% relies on containers. In light of these numbers, it is obvious that containers will be the key end users of alternate marine power in the coming five years.

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North America to Set Precedent for Alternate Marine Power

North America is expected to lead the global alternate marine power market between the forecast years of 2021 and 2026 as ports remain committed to reducing the effects of pollution on water bodies and marine life. The US EPA states that developed regions such as North America and Europe have been more accommodative of alternate marine power. Cavotec's European presence has brought in shore power system and automated mooring to set an example for others. A stringent regulatory framework is expected to create a positive impact on the alternate marine power market in the coming years.

Some of the key players operating in the global alternate marine power market are ABB Ltd., Schneider Electric, Piller Group GmbH, Nidec ASI, Cavotec SA, PowerCon, MacGregor, Siemens, ESL Power Systems, Inc., VINCI Energies, Danfoss, Ratio Electric B.V., Wartsila, and Wabtec Corporation.

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