Global Alternate Marine Power Market: Key
Highlights
·
The
global alternate marine power market was
valued at ~US$ 720 Mn in 2018 and is anticipated
to expand at a CAGR of 10.5% during the forecast period.
·
Among the
vessels, the others segment held a dominant share of the global alternate
marine power market in 2018. The segment includes ferries, Ro-Pax,
and tugs. Growth of the others segment can be attributed to the rising demand
for merchant vessels employed to carry passengers, cargo, and vehicles.
·
In terms
of capacity, the 2 MW – 5 MW segment accounted for a major share of the global
alternate marine power market in 2018. Surge in the demand for
shore-side electric power to containers and cruises at berth is anticipated to
fuel the segment during the forecast period.
·
The
alternate marine power market in Asia Pacific is likely to expand at a
significant pace during the forecast period, owing to rapid urbanization and
industrialization in the region.
Key Drivers of Global Alternate Marine Power Market
·
Emission
of greenhouse gases (GHGs) in and around port areas is becoming a major concern
across the globe. Every year, a large amount of air pollutants, such as carbon
monoxide, nitrogen oxides, sulfur oxides, and particulate matter, are released
at ports and nearby areas.
·
Ships run
on bunker fuel, which is one of the most polluting fuels. A large number of
ships and trucks visit ports every day. This causes significant increase in the
prevalence of respiratory diseases and cancer, and it also results in the
degradation of water quality.
·
As per 2014 Clean
Power Transport Directive, all trans-European core ports of the European Union
are required to provide alternate marine power as a substitute for oil from 2025.
·
Furthermore,
shipping companies have to pay energy taxes on electricity, while ships at
berth are plugging into alternate marine power systems. According to the New
Energy Taxation Directive 2018, all taxes are exempted on
electricity utilization from alternate marine power systems.
·
Alternate
marine power systems provide electricity as a substitute for diesel, which
reduces greenhouse gas (GHG) emissions
·
Thus,
stringent government regulations are driving the global alternate marine power
market.
·
Moreover,
significant increase in globalization and industrialization has created high
demand for sea trade, owing to the low cost of transportation. This is
projected to drive the global alternate marine power market during the forecast
period.
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Europe to Lead Global Alternate Marine Power Market
·
Europe
led the global alternate marine power market in 2018, due to
increase in investments toward the expansion and up-gradation of existing
ports, especially in countries such as Sweden, Finland, and Germany.
·
Rise in
efforts to improve air quality by reducing greenhouse gas (GHG) emissions at
ports, and increase in the demand to reduce logistic costs are likely to boost
the alternate marine power market in the region during the forecast period.
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Major Developments in Global Alternate Marine Power
Market
·
In August
2019, MacGregor completed the acquisition of the marine and offshore
businesses of TTS Group. The deal was finalized in February 2018, and
was valued at approximately US$ 96 Mn.
·
In March
2019, Cavotec SA bagged a contract for the installation of an alternate
marine power system. The order was valued at approximately US$ 12 Mn.
The system is expected to be operational by 2020.
·
In November
2018, Siemens signed a contract with MV WERFTEN Wismar GmbH to install
a turnkey Siharbor onshore power supply (OPS) system.
The system would be used to build ‘Global-class’ cruise ships. The
order covers all components required for powering ships and grid connections.
It also includes the completion of substations and transformers, and
installation of medium-voltage switch gears.
·
In September
2018, ABB Ltd. was awarded a contract to deliver the new shore-to-ship
technology to Her Majesty’s Naval Base (HMNB) in Portsmouth, the U.K. HMNB
Portsmouth accommodates almost 66% of the U.K. Navy’s surface fleet, including
Queen Elizabeth-class aircraft carriers, Fishery Protection Squadron, vessels,
and frigates.
·
In 2017, Vancouver
Fraser Port Authority awarded a contract to ABB to provide a technology
solution that would enable the supply of shore power to the GCT Delta port of
GCT Global Container Terminals Inc., which is located in Canada.
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Global Alternate Marine Power Market: Competition
Landscape
·
The
global alternate marine power market is led by multinational players operating
across the globe.
·
Prominent
players operating in the global alternate marine power market are ABB Ltd., Cavotec SA, Schneider Electric,
Nidec ASI, MacGregor, PowerCon, Siemens, ESL Power Systems, Inc., VINCI
Energies, Danfoss, Ratio Electric B.V., Piller Group GmbH, Wartsila, and Wabtec
Corporation.
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