ID: MRFR/E&P/6877-HCR | 100 Pages | Published By Anshula Mandaokar on March 2023
Marine Power Plant Market is expected to be valued at USD 16 Billion, with a CAGR of 3.50% Forecast by 2027
Marine power plant market has projected CAGR of 3.5% during the forecast period, 2019–2025.
The marine transport sector acts as a pillar of international trade. The cost of transportation via sea is considered cheaper than that of rail and road transport. With increasing international trade, imports, and exports, the demand for commercial cargo ships has increased in the past decade. It provides ample growth opportunities for engine manufacturers to produce innovative and cost-efficient marine engines. Looking at the opportunities, marine engine manufacturers adopt various growth strategies to sustain themselves in the growing market. The rise in investments in shipbuilding and commercial freight transport in the key markets offers high-growth opportunities.The market growth attributes to rising government initiatives to reduce carbon footprints and accelerate green energy production. Also, the rising numbers of verified marine power plants worldwide that aim to operate cost-efficiently with low-flow tidal streams and ocean currents offer significant growth opportunities. Substantial investments by governments and leading marine energy producers & technology providers with the mission to minimize the global carbon footprint of the energy industry by enabling commercial power production from the ocean. Moreover, the rising global demand for power and improvements in the power generation segment drives the market's growth.
The increasing deployment of electronically control engine and common rail fuel system in marine power plants to enhance fuel efficiency and to reduce the emissions of SOx, NOx, and CO2 emissions from engine drives the growth of this market. Moreover, the growth of commercial shipping, adoption of LNG over conventional marine fuel for power generation, the growing marine vessel power plant and marine diesel power plants globally, along with the rising cross-country commodity trade and transportation are also expected to drive the demand for marine power plants in the global market.
The Prominent Players in the global marine power plant market include Caterpillar Inc. (US), Cummins (US), Hyundai Heavy Industries Co., Ltd. (South Korea), MAN Energy Solution (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (UK), Wärtsilä Oyj Abp (Finland), DAIHATSU DIESEL MFG. CO., LTD. (Japan), Doosan Infracore (South Korea), Fairbanks Morse (US), Hydraulic Marine Systems Inc. (US), Masson Marine (France), Samsung Heavy Industries (US), Siemens AG (Germany), and Mercury Marine (US).
The significant increase in the demand for LNG globally, developing economies of China, Mexico, Brazil, and Saudi Arabia, and deployment of hydro power plants in ships that use energy of oceans (waves or tides) to generate electricity are expected to create opportunities for players operating in the global market during the forecast period. Caterpillar, Cummins, MAN Diesel & Turbo, and Wärtsilä are the major marine power plant companies operating in the global market. The players mentioned above have rich product portfolio and vast industry experience. They are primarily focusing on marine power generation and marine technology and forming strategic partnerships through collaboration, joint venture, and partnership with the players across various manufacturing industries and commodity traders. These strategic partnerships between the manufacturers and the end users are expected to create growth opportunities in the market during the forecast period. The high prices of marine power plant and volatile crude oil prices are the major factors restraining the growth of global market during the forecast period.
Segmentation: Global Marine Power Plant Market
The global marine power plant market is segmented based on propulsion, application, and region. By propulsion, the global market is segmented as electric and conventional type. Whereas, the conventional type segment is further segmented into internal combustion engine (ICE), gas engine, and steam turbine. By application, the global market has been segmented into commercial ship and leisure ship, and others.
Geographically, the global marine power plant market has been categorized as Asia-Pacific, North America, Europe, and the rest of the world (RoW). Whereas, RoW is further segmented into two regions such as the Middle East & Africa and South America. Asia-Pacific is anticipated to hold the largest share and is expected to witness the highest growth rate than Europe and North America during the forecast period with the presence of several marine power plant industry, large consumer base, developing transportation and logistics sector, growing consumption of natural gas and availability of inexpensive labor in China and India. Furthermore, growing governments initiative to promote India as the world’s most preferred hub for manufacturing by 2025 is also contributing to the growth of this market in Asia-Pacific during the forecast period. However, the market in Europe is growing at significant rate during the forecast period. This growth is due to growing ocean energy development, hybrid marine power plants and rising investment for the development of commercial scale power plants across the country. According to the new report from Renewable UK, marine energy industry is projected to be worth Euro 6.1 billion (around USD 6.69 billion) in the UK economy by 2035 and displacing up to half of a million tons of CO2 every year by 2020.
The report for global marine power plant market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|CAGR||3.5% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Propulsion, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Caterpillar Inc. (US), Cummins (US), Hyundai Heavy Industries Co., Ltd. (South Korea), MAN Energy Solution (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Rolls-Royce plc (UK), Wärtsilä Oyj Abp (Finland), DAIHATSU DIESEL MFG. CO., LTD. (Japan), Doosan Infracore (South Korea), Fairbanks Morse (US), Hydraulic Marine Systems Inc. (US), Masson Marine (France), Samsung Heavy Industries (US), Siemens AG (Germany), and Mercury Marine (US)|
|Key Market Opportunities||
|Key Market Drivers||
The market growth rate in the years ahead can be 3.5%.
The global market for marine power plant can witness massive growth by 2027.
Doosan Infracore (South Korea), Fairbanks Morse (US), Caterpillar Inc. (US), MAN Energy Solution (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Mercury Marine (US), Wärtsilä Oyj Abp (Finland), Hyundai Heavy Industries Co., Ltd. (South Korea), Samsung Heavy Industries (US), Rolls-Royce plc (UK), Hydraulic Marine Systems Inc. (US), Masson Marine (France), Siemens AG (Germany), Cummins (US), DAIHATSU DIESEL MFG. CO., LTD. (Japan), are the notable companies in the global market.
The considerable surge in the demand for LNG, rising demand across the developing countries like Mexico, China, Saudi Arabia and Brazil, along with the surging deployment of hydro power plants in ships are the chief growth-inducing factors in the market.
Most of the notable companies in the market have a robust product portfolio as well as rich industry experience. These players are mostly focused on marine power generation along with marine technology. They form strategic partnerships via joint venture, partnership and collaboration with vendors across manufacturing industries as well as commodity traders.