Alternate marine power is generated from diesel by using shore electric power as a substitute. It is used when the ship halts at a port to prevent the ship engines, which work on diesel, from unnecessary usage. Alternate marine power helps in the reduction of emission from ships to a greater extent; this whole process is also known as cold ironing. Alternate marine power is essential in conditions when the ships get loaded or unloaded on a port.
The alternate marine power market is segmented depending on its various characteristics. By vessel, it is segregated into container vessels, cruises, roll-on/roll-off ships, and others. On the basis of power requirement, it is categorized into 2MW, 2MW-5MW, and above 5MW.
Rise in usage of shore-side electric power to container and cruises led to increased demand for alternate marine power. Furthermore, alternate marine power systems are used as a substitute for diesel for electricity purposes.
COVID-19 impact analysis
- The outbreak of the COVID-19 pandemic is anticipated to affect the activities of the transportation and marine industries, which is likely to see a temporary downfall.
- Most of the companies are postponing new contracts and increasing the lead time for material procurement, thus negatively impacting the marine transportation, which will further hinder alternate marine power market.
- As more than 50% of the activities in transportation are on halt during this pandemic situation, the market growth is anticipated to decline.
- In addition, restrictions imposed by the government on export and import activities hamper the market growth.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The alternate marine power system is eco-friendly and leads to no emission, thus is beneficial for the environment. This acts as a major driving force of the global alternate marine power market. In addition, large number of trucks and ships, which port every single day leads to an increase in demand for alternate marine power. The alternate marine power helps in reducing costs for companies, as they have to pay large taxes on electricity, hence adapting alternate marine power system, which is beneficial for them. Alternate marine power is further used as a substitute for diesel with low greenhouse gases emission. Furthermore, rapid industrialization and globalization have led to surge in demand for sea trade with the low cost of transportation. This is anticipated to increase the demand for alternate marine power during the forecast period. However, the major restraint of the alternate marine power industry is the high initial investment.
Key benefits of the report
- This study presents the analytical depiction of the alternate marine power market industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the market.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Alternate Marine Power Market Report Highlights
By Vessels Type
By Power Requirements
Key Market Players
ESL power system, VINCI Energies SA, ABB ltd, Cavvotec SA, Wabtec Corporation, Siemen AG, Danfoss a/s, Piller Group GmbH, Nidec ASI, Power Con