All updated as on -
The marine power plant market anticipates a CAGR of 5.5% from 2023 to 2030.
One of the foundations of global trade is the marine transportation industry. Transportation by sea is thought to be less expensive than by rail and by road. Over the past ten years, there has been an increase in the demand for commercial cargo ships due to growing global trade, imports, and exports. It offers plenty of room for expansion for engine producers to create cutting-edge and economical marine engines. Marine engine manufacturers use a variety of growth methods to maintain their position in the expanding industry while taking advantage of the prospects. High-growth potential are presented by the increase in investments in shipbuilding and commercial goods transit in the important markets.Rising government measures to cut carbon emissions and speed up the generation of green energy are to blame for the market expansion. Additionally, there are huge potential opportunities due to the growing number of confirmed marine power plants operating in ocean currents and low-flow tidal streams around the world. Governments, top marine energy producers, and technology suppliers have made large investments with the goal of reducing the global carbon footprint of the energy sector by enabling the commercial production of ocean power. The market is expanding as a result of the increased global demand for electricity as well as advancements in the sector of power generation.
The expansion of this market is driven by the rising use of electronically controlled engines and common rail fuel systems in maritime power plants to improve fuel efficiency and lower engine emissions of SOx, NOx, and CO2. Additionally, the expansion of commercial shipping, the switch from conventional marine fuel to LNG for power generation, the expansion of marine diesel power plants and marine vessel power plants globally, as well as the expansion of cross-border trade and transportation of commodities, are all anticipated to increase demand for marine power plants on a global scale.
During the forecast period, there should be opportunities for market participants due to the significant rise in global LNG demand, the developing economies of China, Mexico, Brazil, and Saudi Arabia, and the installation of hydropower plants in ships that harness ocean energy (waves or tides) to produce electricity. The four largest manufacturers of marine power plants now on the market are Caterpillar, Cummins, MAN Diesel & Turbo, and Wärtsilä. The players previously listed have a wide range of products and extensive market knowledge. They are largely concentrating on maritime power generation and marine technology and building strategic alliances with the participants in various manufacturing industries and commodity dealers through collaboration, joint ventures, and partnerships. During the forecast period, it is anticipated that these strategic alliances between the producers and the consumers would generate expansion possibilities in the market. The main factors limiting the growth of the global market during the projection period are the high costs of marine power plants and the unstable price of crude oil.
Propulsion, application, and geography are the segments used to categorise the worldwide marine power plant market. The global market is divided into electric and conventional types of propulsion. Internal combustion engine (ICE), petrol engine and steam turbine are the additional segments within the typical type category. The global market has been divided into commercial ship, leisure ship, and other applications.
Report Coverage
Global Marine Power Plant research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Marine Power Plant report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Marine Power Plant competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Marine Power Plant market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Marine Power Plant market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Marine Power Plant market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Marine Power Plant market based on the below-mentioned segments:
Global Marine Power Plant Market, By Propulsion
Electric
Conventional Type
Global Marine Power Plant market, By Application
Commercial Ship
Leisure Ship
Others
Global Marine Power Plant market, Regional Analysis
One of the foundations of global trade is the marine transportation industry. Transportation by sea is thought to be less expensive than by rail and by road. Over the past ten years, there has been an increase in the demand for commercial cargo ships due to growing global trade, imports, and exports. It offers plenty of room for expansion for engine producers to create cutting-edge and economical marine engines. Marine engine manufacturers use a variety of growth methods to maintain their position in the expanding industry while taking advantage of the prospects. High-growth potential are presented by the increase in investments in shipbuilding and commercial goods transit in the important markets.Rising government measures to cut carbon emissions and speed up the generation of green energy are to blame for the market expansion. Additionally, there are huge potential opportunities due to the growing number of confirmed marine power plants operating in ocean currents and low-flow tidal streams around the world. Governments, top marine energy producers, and technology suppliers have made large investments with the goal of reducing the global carbon footprint of the energy sector by enabling the commercial production of ocean power. The market is expanding as a result of the increased global demand for electricity as well as advancements in the sector of power generation.
The expansion of this market is driven by the rising use of electronically controlled engines and common rail fuel systems in maritime power plants to improve fuel efficiency and lower engine emissions of SOx, NOx, and CO2. Additionally, the expansion of commercial shipping, the switch from conventional marine fuel to LNG for power generation, the expansion of marine diesel power plants and marine vessel power plants globally, as well as the expansion of cross-border trade and transportation of commodities, are all anticipated to increase demand for marine power plants on a global scale.
During the forecast period, there should be opportunities for market participants due to the significant rise in global LNG demand, the developing economies of China, Mexico, Brazil, and Saudi Arabia, and the installation of hydropower plants in ships that harness ocean energy (waves or tides) to produce electricity. The four largest manufacturers of marine power plants now on the market are Caterpillar, Cummins, MAN Diesel & Turbo, and Wärtsilä. The players previously listed have a wide range of products and extensive market knowledge. They are largely concentrating on maritime power generation and marine technology and building strategic alliances with the participants in various manufacturing industries and commodity dealers through collaboration, joint ventures, and partnerships. During the forecast period, it is anticipated that these strategic alliances between the producers and the consumers would generate expansion possibilities in the market. The main factors limiting the growth of the global market during the projection period are the high costs of marine power plants and the unstable price of crude oil.
Propulsion, application, and geography are the segments used to categorise the worldwide marine power plant market. The global market is divided into electric and conventional types of propulsion. Internal combustion engine (ICE), petrol engine and steam turbine are the additional segments within the typical type category. The global market has been divided into commercial ship, leisure ship, and other applications.
Report Coverage
Global Marine Power Plant research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Marine Power Plant report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Marine Power Plant competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Marine Power Plant market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Marine Power Plant Market from 2021 to 2030.
- Market Forecast for Marine Power Plant Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Marine Power Plant competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Marine Power Plant
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Marine Power Plant market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Marine Power Plant market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Marine Power Plant
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Marine Power Plant market based on the below-mentioned segments:
Global Marine Power Plant Market, By Propulsion
Electric
Conventional Type
Global Marine Power Plant market, By Application
Commercial Ship
Leisure Ship
Others
Global Marine Power Plant market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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