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The Marine Power Systems Market size of the market is forecasted to increase by USD 3.42 billion, at a CAGR of 3.49% between 2023 and 2028. The growth of the market hinges on multiple factors. Chief among these are the rise in commercial shipping activities, driven by global trade expansion and the need for efficient logistics solutions. Concurrently, there is a notable uptick in naval vessel construction and deployment, reflecting heightened defense expenditures worldwide. Furthermore, the market is bolstered by the increasing demand for floating production storage and offloading (FPSO) vessels, particularly in offshore oil and gas operations. These vessels are pivotal in enabling cost-effective extraction and storage capabilities in remote and deep-sea locations. Together, these trends underscore a dynamic market landscape shaped by diverse sectors, each contributing to the overall expansion and resilience of the industry on a global scale.
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Marine power systems refer to technologies and equipment used to generate, distribute, and store electrical power for ships, boats, offshore platforms, and other applications. With increasing power supply shortages at sea, there is a growing demand for marine power systems that can provide reliable and efficient power solutions. Marine power generation methods include motor generators, fuel-based engines, and renewable energy sources such as waves, wind, and solar energy. Floating production platforms are increasingly being used to harness wave and wind energy, while ships and boats are turning to motor generators and fuel-based engines for power. Distribution equipment, such as transformers and switchgear, play a crucial role in transmitting electrical power from the source to the end-user. Auxiliary power systems, including lighting and other non-essential power needs, are also an essential part of marine power systems. The market is driven by the need for efficient and sustainable power solutions for ships, boats, and offshore platforms.
In addition, key players in the market include shipbuilders, naval architects, equipment makers, and service providers. The market is expected to grow significantly due to the increasing adoption of renewable energy sources and the decommissioning of fossil fuel-based power systems. Energy storage systems are also gaining popularity in the market, as they provide a more stable and reliable power source, reducing the reliance on fuel-based engines. The market for marine power systems is expected to grow at a steady pace in the coming years, driven by the increasing demand for power in the shipping industry and the shift towards renewable energy sources.
The surge in commercial shipping is driving the market growth. Globalization has led to an increase in commercial shipping. Transportation of goods via sea mainly takes place in the form of containers. The products are categorized into less-container-load and full-container-load. Ship tankers transport goods such as oil, grain, and coal in bulk. Therefore, tankers are ideal for transporting heavy and bulky goods and products that involve longer lead times.
Further, shipping of commercial goods has many advantages. Ships use less fuel when compared to trucks and trains, thereby producing fewer amounts of carbon dioxide. They also produce less noise pollution. Moreover, there are fewer accidents in ship transport when compared to trucks and trains, which makes them a safer mode of transport. The rise in the adoption of shipping and its importance to seaborne trade, along with the emergence of developing countries in shipbuilding and related activities, are expected to drive the demand for marine power systems. These factors will contribute to the growth of the market during the forecast period.
The growing marine hybrid propulsion market is a key trend in the market. High pollution caused by diesel propulsion engines has led to an increase in the use of hybrid marine propulsion engines in vessels. Maritime authorities and major ports across the world have implemented standards for vessels. As a result, shipping operators have to follow the emission guidelines. For instance, new regulations by the International Maritime Organization (IMO) came into effect in 2015.
In addition, China and other APAC countries, such as Indonesia and Australia, are expected to make significant investments in the hybrid tugboats and offshore support vessels segment. South America is another region to adopt hybrid vessels due to the development of offshore hydrocarbon basins in the region. Thus, the development of hybrid marine propulsion systems offers marine engine manufacturers the potential to increase their revenue and market share. This, in turn, will drive the growth of the market during the forecast period.
The collapse of the Greek shipbuilding industry is challenging market growth. The Eurozone crisis of 2009 had a major impact on the shipbuilding industry in Greece. The industry is facing a threat from countries such as China, Japan, and Korea, which have low labor costs. Greek shipyards offer higher wages than their competitors. The high labor cost has compelled ship owners to place orders with shipyards based in APAC.
Moreover, the situation in the Greek shipbuilding industry has impacted the global shipping industry, especially in Europe. This has negatively affected the revenue of engine manufacturers. Hence, many manufacturers based in Europe are adopting strategies to expand their market presence. Such factors are anticipated to become a major challenge for the growth of the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Daihatsu Diesel Mfg. Co. Ltd. - The company offers high-performance engines, electronic propulsion systems, and dual-fuel engines. Under the Marine-use Engines segment, the company manufactures internal combustion engines for marine.
Hyundai Electric and Energy Systems Co. Ltd. - The company offers electrical systems such as marine switchgear, marine distribution transformers, and rotating machines for marine.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The internal lighting segment will account for a significant share of market growth during the forecast period. Internal lighting refers to the products and technologies used to provide lighting solutions within marine vessels. These systems are designed to illuminate the interior spaces of ships, boats, and other marine structures.
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The internal lighting segment was valued at USD 6.93 billion in 2018. Some of the commonly used products in this segment include light emitting diode (LED) lighting, fluorescent lighting, incandescent lighting, and halogen lighting. The specific product offerings and market dynamics within the internal lighting segment of the market may evolve over time, influenced by technological advancements, regulatory requirements, and market demand. These factors will drive the growth of this segment during the forecast period.
The commercial ships segment will account for a significant share of market growth during the forecast period. Marine transport is the most cost-effective way to transport manufactured goods and commodities across the world in bulk. Commercial ships are used for seaborne trade to transmit goods either through containers or cargo ships. Global container trade is considered to account for the majority of overall global seaborne trade. The fall in global fuel prices has resulted in the growth of boating operators across the world, thereby driving the demand for deck machinery. These factors will drive the growth of this segment during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Countries such as China, South Korea, and Japan are the major contributors to the market in APAC. The region is projected to continue to lead position in the market during the forecast period. Therefore, engine manufacturers for commercial, leisure, and naval ships in the region have significant growth opportunities. The shift in the mass production of goods to Asia due to comparative cost advantages has been fueled by the increasing size of container ships. The growth in global trade has led to an increase in the demand for new ships, especially container vessels and tankers, which can transport oil, natural gas, and mineral ores.
The market research and growth report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Marine power systems refer to technologies and equipment used to generate, distribute, and utilize electrical power on ships and boats. With increasing power supply shortages at sea, there is a growing demand for marine power systems that can provide reliable and efficient power solutions. These systems can be categorized into motor generators, fuel-based engines, and alternative power sources such as hydropower, tidal power, and wave power. Floating production platforms and ships are major applications for marine power systems. Motor generators are commonly used for marine propulsion systems, while auxiliary power units provide electricity for lighting, cargo handling, and other onboard needs.
Moreover, fuel-based engines, including diesel electric and nuclear engines, are widely used for commercial passenger ships, cruise ships, and cargo vessels. Alternative power sources, such as chemical energy and electrical power from the ocean, are gaining popularity due to their potential to reduce fuel consumption and emissions. Hydropower, tidal power, wave power, salinity gradients, and fluid flow are some of the potential power sources being explored for marine applications. Marine power systems are essential for various commercial purposes, including fuel ships and petroleum exploration and production.
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Market Scope |
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Report Coverage |
Details |
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Page number |
196 |
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Base year |
2023 |
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Historic period |
2018- 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.49% |
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Market growth 2024-2028 |
USD 3.42 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.32 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
China, US, Germany, South Korea, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, Atlas Marine Systems, Caterpillar Inc., Cummins Inc., Daihatsu Diesel Mfg. Co. Ltd., ENAG SAS, EnerSys, Enpro Inc., General Electric Co., Hydraulic Marine Systems Inc., Hyundai Electric and Energy Systems Co. Ltd., Ingeteam Corp. S.A., MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., NEWMAR, Perkins Engines Co. Ltd., Rolls Royce Holdings Plc, Siemens AG, Wartsila Corp., and Yamaha Corp. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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