Press release
Alternate Marine Power Market Outlook 2034: Global Industry Poised for Significant Growth from USD 273.8 Million in 2023 to USD 2.2 Billion by 2034 at an 8.1% CAGR
Growing emphasis on environmental sustainability and increasing investments in green shipping are key factors driving the market. The marine industry is actively seeking solutions to reduce operational costs, lower carbon emissions, and transition from fossil fuels to alternative energy sources.
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Rising concerns over climate change and air pollution are pushing the marine industry toward sustainable alternatives. The focus on zero greenhouse gas (GHG) emissions has led to the adoption of hybrid energy systems, wind-assisted propulsion, battery storage, and hydrogen fuel cells.
Key industry players are investing in energy storage solutions to improve the efficiency of large vessels, ensuring compliance with environmental regulations while enhancing overall operational efficiency.
Market Introduction
Alternate Marine Power (AMP) refers to non-traditional energy sources used to propel ships, power onboard systems, and support maritime operations. These include:
Shore-to-ship power (cold ironing): Ships switch to shore electricity while docked, reducing emissions.
Wind-assisted propulsion: Wind turbines and sails generate propulsion energy.
Solar power: Photovoltaic panels supplement onboard electricity needs.
Hydrogen fuel cells: These offer zero-emission power for auxiliary systems.
Battery storage: Used in hybrid vessels to optimize fuel efficiency.
AMP adoption is rising due to depleting fossil fuel reserves, fluctuating oil prices, and stringent emission norms. Hybrid-powered vessels, which combine conventional fuels with renewable energy sources, are gaining popularity as they offer reduced fuel consumption and lower environmental impact.
Key Market Drivers
Increase in Focus on Environmental Sustainability
The maritime industry is adopting pollution control measures to lower its carbon footprint. According to the International Energy Agency (IEA), international shipping accounted for 2% of global energy-related CO2 emissions in 2022.
In May 2024, Cochin Shipyard Limited (CSL) secured an international order from the UK-based North Star Shipping to build a hybrid service operation vessel (SOV).
Investment in low-carbon propulsion systems is rising as global maritime regulations become more stringent.
Surge in Investments in Green Shipping
Green shipping promotes sustainable fuel usage and eco-friendly operations to minimize environmental impact. The rise in global trade is accelerating the shift toward low-emission vessel technologies.
According to the OECD, global trade is expected to grow by 2.3% in 2024 and 3.3% in 2025-more than double the 1% growth rate recorded in 2023.
In July 2024, X-Press Feeders launched Europe's first scheduled feeder network using green methanol, cutting greenhouse gas emissions by up to 65%.
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Regional Outlook
North America: The Leading Region
North America held the largest market share in 2023 and is expected to maintain its dominance due to:
High adoption of sustainable biofuels in maritime operations.
Increase in hybrid vessel deployments in the U.S. and Canada.
Example: In May 2024, Holland America Line began a long-term biofuel test on its flagship Rotterdam, using 100% low-carbon biofuel in Norwegian waters.
Asia Pacific: A Growing Market
Asia Pacific is experiencing rising hybrid vessel adoption due to government initiatives and shipbuilding advancements.
In January 2024, AtoB@C Shipping, a subsidiary of ESL Shipping, introduced Ecomar, a plug-in hybrid vessel in India.
Key Market Players & Competitive Landscape
Major players in the Alternate Marine Power market include:
PRYSMIAN S.p.A.
Sumitomo Electric Industries, Ltd.
Nexans
LS Cable & System Ltd.
NKT A/S
These companies are focusing on developing power grid infrastructure, renewable energy integration, and innovative marine power solutions.
Recent Developments
May 2024 - Nexans began installing high-voltage alternating current (HVAC) onshore cables for the Celtic Interconnector project, linking Ireland and France via a subsea power cable.
2023 - Prysmian Group awarded a contract to The Correll Group for HVAC export cable installation at the Calvados offshore wind farm (France).
Market Segmentation
The market is segmented based on vessel type, power requirement, and region:
By Vessel Type
Container Vessels
Cruises
Roll-on/Roll-off Ships
Others
By Power Requirement
Up to 2 MW
2 MW - 5 MW
Above 5 MW
By Region
North America (U.S., Canada)
Europe (Germany, U.K., France, Italy, Russia & CIS)
Asia Pacific (Japan, China, India, ASEAN)
Latin America (Brazil, Mexico)
Middle East & Africa (South Africa, GCC)
Conclusion
The Alternate Marine Power (AMP) market is on a strong growth trajectory, driven by environmental regulations, rising investments in green shipping, and technological advancements in renewable marine energy.
North America remains the dominant market, while Asia Pacific is witnessing rapid growth due to the adoption of hybrid vessels.
The increasing deployment of sustainable biofuels, hydrogen fuel cells, and shore-to-ship power solutions will further drive market expansion.
Major players such as PRYSMIAN S.p.A. and Nexans are actively investing in marine electrification and infrastructure development to support global sustainability goals.
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