Global Alternate Marine Power Market Outlook 2034: Expanding from US$ 273.8 Million to US$ 2.2 Billion with an 8.1% CAGR

The global alternate marine power market was valued at $273.8M in 2023 and is projected to grow at an 8.1% CAGR, reaching $2.2B by 2034

WILMINGTON, DE, UNITED STATES, December 13, 2024 /EINPresswire.com/ -- The global alternate marine power (AMP) market was valued at US$ 273.8 million in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.1% from 2024 to 2034, reaching a market size of US$ 2.2 billion by 2034. This growth is driven by several factors, including an increased focus on environmental sustainability, investment in green shipping, and innovation in alternative energy systems for marine vessels.

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Analyst Viewpoint

The primary driver behind the growth of the AMP market is the increasing focus on environmental sustainability. The marine industry is under mounting pressure to reduce emissions and operational costs. In response, stakeholders in the sector are moving away from traditional fossil fuels and exploring alternative marine power solutions to help mitigate the environmental impact of shipping.

A surge in investment in green shipping has further fueled the adoption of eco-friendly marine power solutions. This transformation is spurred by efforts to implement more sustainable shipping channels, which aligns with the global push towards reducing carbon footprints. In this context, key players in the industry are focusing on developing advanced energy storage systems to improve fuel efficiency, while also integrating next-generation fuels to contribute to the goal of zero greenhouse gas emissions in marine operations.

Market Introduction

Alternate Marine Power (AMP) refers to the use of alternative energy sources for ship propulsion, onboard electricity generation, and supporting various systems on board. These renewable power sources, including wind, solar, hydrogen fuel cells, and batteries, are gradually replacing traditional marine fuels to power vessels more sustainably.

AMP solutions help reduce reliance on diesel generators, mitigating air pollution and carbon emissions. Wind propulsion systems, a key component of AMP, harness the power of wind energy to assist with ship movement. Electric marine propulsion is becoming increasingly important, driven by the depletion of fossil fuels and rising fuel costs. These renewable energy systems offer a more sustainable solution for the future of marine transportation.

Hybrid-powered ships, equipped with solar panels and wind turbines alongside conventional energy sources, are a significant trend. These vessels help reduce harmful emissions and lower fuel consumption, making them a popular choice in the market. Another notable innovation is the development of hydrogen fuel cells, which only emit water and oxygen, marking a major step forward in sustainable vessel operations.

Key Drivers of Growth

Focus on Environmental Sustainability The maritime industry is striving to reduce its environmental impact, particularly in terms of greenhouse gas (GHG) emissions. International shipping, which accounted for 2% of global energy-related CO2 emissions in 2022, is a significant contributor to global pollution. To counter this, the industry is investing in research and development (R&D) for alternative fuel propulsion systems. In May 2024, Cochin Shipyard Limited (CSL) received an international order to build a hybrid service operation vessel (SOV) for North Star Shipping, a UK-based offshore renewable operator. Such electrification projects are boosting the adoption of carbon-neutral fuels and propelling market growth.

Green Shipping Investment Green shipping is transforming the marine sector by encouraging sustainable practices to minimize environmental impact. With global trade expected to grow by 2.3% in 2024 and 3.3% in 2025, the demand for green shipping solutions is rising. A notable example is the launch of Europe’s first scheduled feeder network by X-Press Feeders in July 2024, where vessels are powered by green methanol, reducing GHG emissions by up to 65%. This investment is driving the demand for alternate marine power solutions.

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Regional Outlook

North America led the AMP market in 2023 and is expected to maintain its dominance throughout the forecast period. The region’s emphasis on sustainable biofuels is boosting market growth. For instance, Holland America Line, a US-based cruise line, began a biofuel test in May 2024, utilizing 100% low-carbon intensity biofuel for its flagship vessel while sailing in Norway’s World Heritage Fjords.

In Asia Pacific, the increasing deployment of hybrid vessels is contributing to the region's growing share in the AMP market. A significant development occurred in January 2024 when AtoB@C Shipping launched Ecomar, a plug-in hybrid vessel in India, showcasing the region’s commitment to sustainable maritime solutions.

Key Players in the Market

Several companies are leading the charge in the development of alternate marine power systems and renewable energy solutions. These include:

PRYSMIAN S.p.A.
Sumitomo Electric Industries, Ltd.
Nexans
LS Cable & System Ltd.
NKT A/S
These key players are focusing on upgrading power grid infrastructures and supporting the transition to renewable energy sources. They play a crucial role in developing high-voltage systems and subsea cables that enable more efficient use of alternative marine power technologies.

Recent Developments

In May 2024, Nexans began installing high-voltage alternating current (HVAC) onshore cables as part of the Celtic Interconnector project, which will link the power grids of Ireland and France through a subsea cable.
Prysmian Group was awarded a contract in 2023 for the installation of HVAC export cables for the Calvados offshore wind farm in France, further promoting the use of renewable energy in the marine sector.
Market Segmentation

The AMP market is segmented by vessel type, power requirement, and region:

Vessel Types: Container Vessels, Cruises, Roll-on/Roll-off Ships, Others
Power Requirements: Up to 2 MW, 2 MW-5 MW, Above 5 MW
Regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Conclusion

The Alternate Marine Power market is poised for significant growth as environmental sustainability becomes a key focus in the maritime industry. With increasing investments in green shipping and continued innovation in alternative power technologies, the sector is set to transition towards more sustainable practices. The AMP market's projected growth, from US$ 273.8 million in 2023 to US$ 2.2 billion by 2034, reflects the growing adoption of eco-friendly solutions in global shipping and marine operations.

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