The Global Alternative Marine Power Market was worth US$ 1020 million in 2023 and is predicted to reach US$ 2080 million by 2029, with a CAGR of 15.18% between 2024-2029.
Alternative Marine Power is an anti-pollution measure that assists in the decrease in air pollution generated by diesel generators. It uses electrical power at the dock as a substitute. It is used in the harbor when a ship stops. This considerably reduces emissions from ships. It is also known as cold pressing. It powers lights, air conditioners, refrigerators, and other equipment onboard ships. Alternative marine energy is the provision of electrical power on land to a ship that goes out to sea at the dock, while its auxiliary and main engines are turned off during the loading and unloading of cargo. The use of alternative marine energy minimizes greenhouse gas (GHG) emissions by providing clean electricity for emergency equipment while the ship is docked.
Market Growth:
In recent years, there has been a hike in investment to modernize ports. This includes infrastructure improvements related to energy, ICT/digital infrastructure, intermodal/multimodal terminals, transport connectivity, environmental footprint reduction infrastructure, and other basic infrastructure. Europe is supposed to account for more than 3,000 ports, including seaports and inland ports, by the end of 2025. The governments of European countries plan to install alternative marine energy systems in all ports in the region. Furthermore, the Chinese government projects that 90% of ships will visit the country's main ports using land-based power by 2020. Thus, renovating ports offers a lucrative opportunity for the global alternative marine energy market.
Market Drivers:
Greenhouse gas (GHG) emissions in and around port areas are becoming a major concern around the world. The boats run on bunker fuel, which is one of the most polluting fuels. Large numbers of ships and trucks visit the ports every day. This becomes the cause of a significant increase in the prevalence of respiratory diseases and cancer and also leads to a degradation of water quality. Alternative marine energy systems provide electricity instead of diesel, reducing greenhouse gas (GHG) emissions. Furthermore, a significant increase in globalization and industrialization has created a strong demand for maritime trade, due to the low cost of transport. This is expected to boost the global alternative marine energy market during the outlook period.
Market Restraints:
The initial investment costs required to build alternative land-side marine power systems, the operating costs of these systems, and the costs required to modify vessels for the alternative marine power systems are high. This is likely to make an impact on the global alternative marine power market during the forecast period. The cost of converting a vessel is between US $ 2 million and US$ 6 million. The cost of transporting electricity from a local grid to a port terminal varies between US$ 300,000 and US$ $ 4 million per vessel, depending on the type of vessel, voltage, frequency, electricity demand, and location of the port. The initial cost includes the installation of high-voltage power transformers, distribution and control panels, electrical distribution systems, etc. The ROI associated with alternate marine power systems is low, and the payback period is over a few years
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
15.18% |
Segments Covered |
By Vessel, Power Requirement, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
ABB Ltd., Cavotec SA, Schneider Electric, Nidec ASI, MacGregor, PowerCon, Siemens, ESL Power Systems, Inc., VINCI Energies, Danfoss, Ratio Electric B.V., Piller Group GmbH, Wartsila, and Wabtec Corporation, and Others. |
Market Segmentation:
The Global Alternative Marine Power Market Report includes the segmentation of regions:
North America is expected to have a dominant share of the global market. The increasing flow of goods and passengers through US ports has resulted in an increase in the number of ships. And growing air pollution at ports is driving demand for the alternative marine power market in North America. Europe is forecasted to grow in the global market with a healthy CAGR during the forecast period. The growing emphasis on the development of alternative fuels as a substitute for fossil oil sources used in the energy supply of transport on European territory contributes to the growth of the alternative marine energy market in Europe. The Asia-Pacific region offers fruitful opportunities in the global alternative marine power market. Growing business activities in India and China and growing economies in Asia-Pacific countries are contributing to the growth of an alternative marine power market in the Asia-Pacific region. During the predicted period, the Middle Eastern countries promise high market potential.
Market Key Players:
Noticeable players operating in the Global Alternate Marine Power Market are
Market Recent Developments:
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