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From USD 273.8 Million to USD 2.2 Billion: The Rise of Alternate Marine Power by 2034
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Analyst Viewpoint
The increasing focus on environmental sustainability is significantly enhancing the market value of alternate marine power. Stakeholders in the marine sector are emphasizing the reduction of operational costs and dependency on fossil fuels, thereby driving the demand for alternative marine power solutions.
Investment in green shipping is also propelling the market, with a focus on using more sustainable shipping channels. This trend is boosting the adoption of eco-friendly marine power systems. Key players are developing robust energy storage systems to improve fuel efficiency in combination with existing and next-generation fuels, aiming for zero greenhouse gas emissions in the marine sector.
Market Introduction
Alternate Marine Power (AMP) encompasses the use of various alternative power sources to propel ships, provide onboard electricity, and support different systems and equipment. Key sources include wind, solar, hydrogen fuel cells, and batteries.
Key Components of AMP
Shore Electric Power: Used as a substitute to reduce air pollution from diesel generators.
Wind Energy: Wind propulsion systems harness wind power for ship movement.
Solar Panels and Wind Turbines: Generate electricity onboard, contributing to hybrid-powered ships.
Hydrogen Fuel Cells: Recent innovations focus on hydrogen fuel cells for auxiliary power, emitting only water and oxygen.
Market Drivers
Increase in Focus on Environmental Sustainability
The marine sector is increasingly focused on pollution control and emission reduction to improve sustainability. With international shipping accounting for about 2% of global energy-related CO2 emissions in 2022, there is a significant emphasis on reducing carbon emissions by investing in vessels powered by alternative fuels.
Surge in Investment in Green Shipping
Green shipping promotes eco-friendly practices to minimize the environmental impact of maritime operations. With the growth in international shipping, the emphasis on sustainable marine fuel is increasing.
For instance, in July 2024, X-Press Feeders initiated Europe's first scheduled feeder network powered by green methanol, reducing greenhouse gas emissions by up to 65%. Such investments are driving market demand for alternate marine power.
Regional Outlook
Leading Region: North America
North America held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The adoption of sustainable biofuel is significantly enhancing market dynamics in the region. For example, in May 2024, Holland America Line began a long-term biofuel test on its flagship, Rotterdam, using 100% low carbon intensity biofuel while sailing within the Norwegian World Heritage Fjords.
Asia Pacific
The deployment of hybrid vessels is driving market growth in Asia Pacific. In January 2024, AtoB@C Shipping launched Ecomar, a plug-in hybrid vessel in India, contributing to the region's market share.
Analysis of Key Players
Key players are focusing on the development and upgrade of power grid infrastructures to support the transition to renewable energy sources worldwide. Major companies include:
PRYSMIAN S.p.A.
Sumitomo Electric Industries, Ltd.
Nexans
LS Cable & System Ltd.
NKT A/S
Notable Developments
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May 2024: Nexans began the installation of high-voltage alternating current (HVAC) onshore cable on the Irish side of the Celtic Interconnector, linking the power systems of Ireland and France via a subsea power cable.
2023: Prysmian Group awarded a contract to The Correll Group to support the installation of HVAC export cables for the Calvados offshore wind farm in France.
Market Segmentation
By Vessel
Container Vessels
Cruises
Roll-on/Roll-off Ships
Others
By Power Requirement
Up to 2 MW
2 MW-5 MW
Above 5 MW
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Countries Covered
U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC
Market Snapshot
Market Size in 2023: US$ 273.8 Mn
Market Forecast (Value) in 2034: US$ 2.2 Bn
Growth Rate (CAGR): 8.1%
Forecast Period: 2024-2034
Historical Data Available for: 2020-2022
Quantitative Units: US$ Mn/Bn for Value
Market Analysis: Segment analysis, regional level analysis, qualitative analysis including drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.
Competition Landscape: Market share analysis by company (2023), company profiles, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials.
Format: Electronic (PDF) + Excel
The global alternate marine power market (marché alternatif de l'énergie marine) is poised for substantial growth, driven by environmental regulations and technological advancements in alternative energy systems, promising a more sustainable future for maritime transportation.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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