Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Marine Power Systems Market size was over USD 5.18 billion in 2024 and is anticipated to cross USD 13.59 billion by 2037, growing at more than 7.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of marine power systems is estimated at USD 5.52 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.
Marine power systems Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Demand for Petroleum and Energy-Related Products Globally
- Rising Need to Fulfil Insufficient Electricity Supply in Developing Nations
Challenges
- High Early Setup Cost of Marine power systems
Marine power systems Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.7% |
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Base Year Market Size (2024) |
USD 5.18 billion |
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Forecast Year Market Size (2037) |
USD 13.59 billion |
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Regional Scope |
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Marine power systems Segmentation
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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Customize this ReportMarine power systems Industry - Regional Synopsis
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 estimated to dominate majority revenue share by 2037, 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.
Companies Dominating the Marine power systems Landscape
- Turbo SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Caterpillar Inc.
- Hyundai Heavy Industries Co., Ltd
- Cummins Inc.
- Mitsubishi Heavy Industries Ltd.
- Rolls-Royce Holdings plc
- MAN Energy Solutions SE
- Wärtsilä Oyj Abp
- Emerson Electric
- Schneider Electric
In the News
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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).
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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
- Report ID: 3847
- Published Date: Dec 24, 2024
- Report Format: PDF, PPT
