Advanced Marine Power Supply Market Revenue, Scope to 2025

Power supply is a device that transfers energy from a power source to an electrical load. Prominent power supply products that are used in marine environment include switch mode power supply (SMPS), uninterrupted power supply (UPS), battery, and inverter. The prominent marine applications where power supply products are used are internal lighting, navigation lighting, and communication radar among others. The major function of the marine power supply is to provide power supply to all the equipment available on the vessels or ships. From the safety and security point of view, immersed computing designs and the marine power architectures require strong and powerful supply of power sources, giving rise to the marine power supply market.

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The global advanced marine power supply market has witnessed improved traction in the past few years, thanks to the massive rise in the number of vessels across the world. There has been significant increase in number of aircraft carriers and increasing expenditure of military naval vessels. In Addition, the demand for renewable energy sources to power ships has also increased, resulting in the growth of the advanced marine power supply market. One of the major parameter that restricts the growth of the advanced marine power supply market is the high maintenance cost of ships and wear and tear of power supply products.

Communication and Internal Lighting to Emerge as Key Applications

The global advanced marine power supply market is segmented on the basis of devices, power supply source and application. By device, the global advanced marine power supply market is bifurcated into battery switch mode power supply (SMPS), uninterrupted power supply (UPS), inverters, batteries, and others. On the basis of power supply source, the global advanced marine power supply market is segmented into direct power supply and renewable power supply.

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Further, the application segmentation includes internal lighting, navigation lighting, communication, surveillance system, and engine control. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators augmenting the growth of advanced marine power supply market during the forecast period. Among these, communication and internal lighting are the key applications supplementing the growth of advanced marine power supply market.

Asia Pacific and Europe to Present Promising Growth Opportunities

Geographically, the advanced marine power supply market has been covered in the report for regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. In 2016, Asia Pacific occupied the largest share of the market. This can be attributed to the growing cross border e-commerce market. Some of the major countries that drives the e-commerce market in Asia Pacific region are Japan, China, and South Korea. Increase in cross-border trade along with increase in ship owners are increasing the demand for marine power supply devices in Asia-Pacific.

Europe acquired the second largest share of the global advanced marine power supply market in 2016. Moreover, advanced marine power supply market in Europe is expected to expand at a decent growth rate during the forecast period. The growth in the Europe market will be primarily driven by digitization that increases operational efficiency, reduces cost, better communication among marine stakeholders and other marine applications. Some of the major countries that drive marine power supply market in Europe region are U.K. Germany, and France.

Some of the leading players in global advanced marine power supply market are Emerson Electric Company, Schneider Electric SE, ABB Ltd, Exide Industries Ltd, EnerSys, HBL Power Systems Ltd, Systems Sunlight S.A., Eaton Corporation Plc, Powerbox International AB, ENAG, Marine Electric Systems Inc. Newmar, and Analytic Systems among others.

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The increasing demand for Ship Vessels Worldwide to Augment Advanced Marine Power Supply Market Growth

The rapidly increasing demand for ship vessels worldwide is primarily driving the global advanced marine power supply market. Power supply is a device used for moving energy from a power source to an electrical burden. Conspicuous power supply items that are utilized in marine climate incorporate continuous power supply (UPS), switch mode power supply (SMPS), battery, and inverter. The unmistakable marine applications where power supply items are utilized are inward lighting, route lighting, and correspondence radar among others. The significant capacity of the marine power supply is to give power supply to all the gear accessible on the vessels or boats. From the wellbeing and security perspective, submerged processing plans and the marine power designs require solid and powerful supply of power sources, offering lucrative growth opportunities for the marine power supply market.

The worldwide market for advanced marine power supply is predominantly determined because of the rising number of vessels across the world and the expanding consumption of military and naval force of a few nations on submarines and ships. In Addition, the rising interest for sustainable power sources to power ships is likewise assuming a critical part in the positive extension of the worldwide advanced marine power supply market.

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Applications like interior lighting, route lighting, correspondence, observation framework, and motor control, are in extraordinary interest and are prompting promising development roads for the general market. Regardless of for the most part sure development openings, notwithstanding, the high support cost of boats and mileage of marine power supply items is one of the key factors that confines the general development of the market partially. In any case, organizations could profit by open private association arrangements like the Global Industry Alliance, which was framed to diminish the ozone harming substance discharge and advance low carbon marine transportation.

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