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

Marine power systems and equipment technology refers to the technology used to generate and distribute power for ships, boats, and other marine vessels. The goal of marine power systems is to provide reliable and efficient power to the vessel, while also meeting the specific power requirements of the vessel's equipment and systems. Also, governments around the world are implementing regulations to reduce emissions from ships and boats has led to increased demand for cleaner and more efficient marine power systems and equipment. In addition, the global demand for marine transportation is increasing, driven by population growth, urbanization, and global trade. This growth is leading to an increase in the need for efficient and reliable marine power systems and equipment.

The Marine Power Systems and Equipment Market is expected to grow at a strong CAGR of 5% during the forecast period owing to the increasing demand for marine transportation along with the growing awareness of the carbon emission from ships & boats which has led to an increased demand for cleaner and more efficient marine power systems and equipment. Moreover, advances in technology have made it possible to develop more efficient and reliable marine power systems and equipment. For example, the development of fuel cells and waste heat recovery systems has made it possible to provide clean and efficient power for marine vessels.

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.

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.

For a better understanding of the market adoption of the marine power systems and equipment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. 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. Governments in the region are investing in infrastructure development to support the growth of the maritime industry and improve regional connectivity, which is creating new opportunities for the marine power and equipment market.

Some of the major players operating in the market include: Caterpillar, MITSUBISHI HEAVY INDUSTRIES, LTD., MAN Energy Solutions SE, General Electric, Wartsila, ABB, Hyundai Heavy Industries Co., Schneider Electric, Rolls-Royce plc, and Cummins Inc.