Marine Power Systems and Equipment Market: Current Analysis and Forecast (2022-2028)

Report Description

Marine Power Systems and Equipment Market was valued at USD 340.6 million in 2021 & is expected to grow at a CAGR of 5.0% from 2022-2028. The marine power and equipment market is growing due to several factors, including increasing marine transport, tourism, and technological advancements. As the world becomes more interconnected and people travel more, there is an increased demand for boats, ferries, and other marine vessels to transport people and goods. This has led to a surge in marine transport, which in turn has driven the demand for marine power and equipment. In addition, technological advancements in the marine power and equipment industry have also played a significant role in the growth of this market. For example, advancements in propulsion systems, engines, and generators have made marine vessels more efficient and eco-friendlier, which has attracted more customers. Moreover, the development of advanced communication systems and navigation tools has made marine transport safer and more reliable, further contributing to the growth of the market. Overall, the combination of increasing marine transport, tourism, and technological advancements has created a favorable environment for the growth of the marine power and equipment market. As these factors continue to drive demand for marine power and equipment, it is expected that the market will continue to expand in the coming years.

Some of the major players operating in the market include Caterpillar, MITSUBISHI HEAVY INDUSTRIES, LTD., MAN Energy Solutions SE, General Electric, Wärtsilä, ABB, Hyundai Heavy Industries Co., Schneider Electric, Rolls-Royce plc, and Cummins Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the surveillance held a dominating share of the market in 2021”

Based on type, the market is segmented into communication systems, navigation lighting, surveillance systems, and internal lighting. The surveillance system segment is expected to hold a significant market share during the forecast period owing to the increasing demand for safety and security in the maritime industry. Also, Governments around the world are implementing regulations to improve safety and security in the maritime industry, which is driving the adoption of surveillance systems. For example, the International Maritime Organization (IMO) has set guidelines for the installation of surveillance systems on board ships to enhance security and safety. Further, Advancements in technology are also contributing to the growth of surveillance systems in the marine power and equipment market. Artificial intelligence and machine learning are being used to develop more advanced and effective surveillance systems that can detect and respond to threats in real time. Additionally, the increasing use of wireless communication and cloud-based technologies is making it easier to monitor and control marine power and equipment from a distance.

“Amongst applications, the underwater AUV segment is expected to register significant CAGR during the forecast period”

Based on application, the market is segmented into on-water commercial and high-end leisure, underwater AUV, and small recreational boats. The underwater autonomous underwater vehicle segment is expected to register significant CAGR during the forecast period due to their ability to work independently and suitability to operate at larger depths, anti-submarine warfare, surveillance, and countermeasure operation along with the increasing demand for subsea inspection, maintenance, and repair (IMR) operations. In addition, advancements in technology, such as the development of advanced sensors and navigation systems, are also contributing to the growth of the UUV market. These technologies enable UUVs to perform more complex tasks, such as mapping and data collection, which are in high demand in various industries, such as oil and gas, defence, and scientific research.

“Asia-Pacific dominated the marine power systems and equipment market in 2021.”

Asia-Pacific dominated the marine power systems and equipment market in 2021 due to the increasing maritime trade and transportation in the region leading to a growing demand for marine power and equipment, including propulsion systems, engines, and generators. Growing offshore oil and gas exploration and production activities in the region are also driving the demand for marine power and equipment, such as subsea equipment, floating production storage and offloading (FPSO) vessels, and offshore wind turbines. The region is rich in oil and gas resources, and the increasing exploration and production activities are creating new opportunities for the marine power and equipment market. Government initiatives and investments in infrastructure development projects, such as ports, harbours, and waterways, are also driving the demand for marine power and equipment.

Marine Power Systems and Equipment Market Report Coverage

 Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global marine power systems and equipment market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Marine Power Systems and Equipment Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global marine power systems and equipment market were the three major steps undertaken to create and analyze the adoption of marine power systems and equipment in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global marine power systems and equipment market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the marine power systems and equipment market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the marine power systems and equipment market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the marine power systems and equipment market. Further, we conducted factor analysis using dependent and independent variables such as the type and application of the marine power systems and equipment market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the marine power systems and equipment market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marine power systems and equipment market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the marine power systems and equipment market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global marine power systems and equipment market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global marine power systems and equipment market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global marine power systems and equipment market.

The main Objective of the Global Marine Power Systems and Equipment Market Study

The current & future market trends of the global marine power systems and equipment market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the marine power systems and equipment market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type and application.
• Define and analysis of the regulatory framework for the marine power systems and equipment
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the marine power systems and equipment market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the marine power systems and equipment market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team