Shipboard Power System Market Attracts Investment in Marine Electrification and Power Conversion Systems

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Shipboard Power System Market- (By Component (Transformers, Switchgear Devices, Frequency Converters, Cables and Accessories, Others), By Power Output (Up to 30 MVA, 30-60 MVA, Above 60 MVA), By End-User (Commercial Ships, Military Vessels, Underwater Vehicles, Leisure Ships, Small Recreational Boats)), Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Shipboard Power System Market is valued at USD 1.8 Bn in 2024, and it is expected to reach USD 3.4 Bn by the year 2034 , with a CAGR of 6.8% during the forecast period of 2025-2034.

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Electrical power generation, distribution, and regulation systems on ships are all included in the shipboard power systems market. This market plays a vital role in the maritime sector, as it facilitates the operation of various onboard systems, including propulsion, navigation, and auxiliary services. As a result of the global movement to lower greenhouse gas (GHG) emissions and boost energy efficiency, power systems have lately changed to more efficient and sustainable ones. Due to the growing need for electrification in shipping activities, the market for shipboard power systems is expected to expand significantly over the coming years. In addition, a number of important reasons, such as the stricter environmental restrictions, growing use of electric and hybrid propulsion systems, and improvements in the integration of renewable energy sources, are likely to drive the shipboard power systems market growth.

List of Prominent Players in the Shipboard Power System Market:
• General Electric
• Siemens
• Eaton
• ESL Power Systems, Inc.
• Blueday Technology
• VINCI Energies
• Schneider Electric
• Cavotec SA
• Hyundai Electric and Energy Systems Co. Ltd.
• ABB (Hitachi)
• Wärtsilä
• Danfoss
• Wabtec Corporation
• Ingeteam Corp. S.A.
• Watts Marine
• Others

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Market Dynamics:
Drivers-
Shipowners and operators are being forced to embrace cleaner and more sustainable power solutions by the strict rules enforced by governments and international maritime organizations throughout the world to cut emissions and lessen the environmental effects of the shipping industry. This will accelerate the expansion of the ship power system market. Additionally, the ship industry's growing emphasis on renewable energy sources is propelling the uptake of ship power systems. Clean and sustainable alternatives to conventional fossil fuel-based power generation are provided by renewable energy technologies like solar and wind. Furthermore, there are now more chances to implement ship power systems due to the growing interest in electric propulsion systems for ships. Benefits of electric propulsion include lower maintenance costs, better mobility, and less pollution.

Challenges:
Installing and integrating ship power systems comes with significant upfront costs. This upfront expense would deter some stakeholders, particularly smaller shipowners and operators, which would restrict their ability to execute contemporary power solutions. Additionally, the sea environment poses special technological difficulties for electricity systems. For maritime power systems to operate dependably and effectively, strong and specialized designs are needed due to factors including vibrations, corrosive environments, and the limited space on board vessels. Moreover, the adoption of ship power solutions may also be limited by the availability of appropriate infrastructure, such as offshore wind farms or charging stations for electric ships.

Regional Trends:
The Asia Pacific Shipboard Power System market is anticipated to register a major market share in terms of revenue. Significant financing for smart infrastructure projects and state and federal regulations that support electric and significant vehicles are key factors driving the market's expansion. Furthermore, without government assistance, the SDV market cannot be sustained. Besides, over the projection period, Asia Pacific is expected to increase at the fastest rate, propelled by the thriving shipbuilding sector and the growing need for new vessels in nations like China, Japan, and South Korea. The market for ship power systems is expanding in this region due to the region's robust industrial base and government programs that support sustainable energy sources.

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Recent Development:
• In Oct 2024, GE Aerospace's LM2500 was selected to power the Indian Navy's Next Generation Missile Vessels (NGMV) constructed by Cochin Shipyard Limited in Kochi, India. GE Aerospace will deliver six LM2500 marine gas turbine engine kits for assembly and testing by Hindustan Aeronautics Limited (HAL) Industrial and Marine Gas Turbine Division in Bangalore, India. Furthermore, GE Aerospace will provide its composite base and enclosure, along with a complete set of gas turbine auxiliary systems.

Segmentation of Shipboard Power System Market-
By Component-
• Transformers
• Switchgear Devices
• Frequency Converters
• Cables and Accessories
• Others
By Power Output-
• Up to 30 MVA
• 30-60 MVA
• Above 60 MVA
By End-User-
• Commercial ships
• Military Vessels
• Underwater Vehicles
• Leisure Ships
• Small Recreational Boats
By Region-
North America-
• The US
• Canada
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Mexico
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/shipboard-power-system-market/3065

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This release was published on openPR.