Marine Power Systems Market size was over USD 4.81 billion in 2023 and is projected to exceed USD 12.62 billion by 2036, growing at over 7.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of marine power systems is assessed at USD 5.11 billion. The growth of the market can be attributed to the increasing demand for petroleum and energy-related products across the globe, and rising need to fulfil the insufficient electricity supply in developing nations. The daily demand for crude oil around the world was approximately 100 million barrels/day in 2019, up from 99 million barrels/day in 2018 and 96 million barrels/day in 2017 respectively. Along with these, surge in floating, production, storage and offloading of vessels, and growing use of tidal and wave power for producing electricity are also expected to drive market growth in the forthcoming years. Furthermore, escalating advancements to develop improved technology for generating marine power, and spiraling use of turbochargers in marine auxiliary engines for decreasing operational costs are projected to offer ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
7.7% |
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Base Year Market Size (2023) |
USD 4.81 billion |
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Forecast Year Market Size (2036) |
USD 12.62 billion |
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Regional Scope |
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The marine power systems market is segmented by product type into internal lighting, navigation lighting, communication, surveillance system, engine control, and others, out of which, the navigation lighting segment is anticipated to hold the largest share in the global marine power systems market. This can be accounted to the high usage of navigation lights as a position or running light to gather information about the position, heading and status of a vessel, spacecraft or aircraft. Additionally, on the basis of application, small recreational boats segment is predicted to observe notable growth during the forecast period owing to the rising use of boats for non-commercial purposes for promoting psychological changes spanning health and wellness, and growing trend of boating among people living in developed countries.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Application |
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APAC Market Statistics
Regionally, the global marine power systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is predicted to dominate majority revenue share by 2036, ascribed to growing investments in marine power sector by several countries in the region. In addition, availability of inexpensive labor in nations, such as China and India, is also expected to boost the market growth in the region in the upcoming years.
Moreover, the marine power systems market in Europe is also projected to grab a notable share during the forecast period ascribing to the rising energy demand, and strong footprint of market players in the region. According to the European Union, the final energy consumption in the EU in 2019 was 935 Mtoe. Oil and gas accounted for the biggest share of 37 percent in the structure of final energy consumed that year.
July 2021- Hyundai Motor announced that it will produce hydrogen fuel cell system technology for marine vessel propulsion systems by signing a memorandum of understanding (MoU) with Hyundai Global Service and Korea Register (KR).
October 2020- Cummins introduced Onan C-Power QSB7E generator for recreational marine market. The product is available in both 50 and 60 Hz models.
Author Credits: Dhruv Bhatia
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