Marine Power Systems and Equipment Market Share

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.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of marine power systems is assessed at USD 5.11 billion.

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. The market growth is driven by increasing demand for petroleum and energy-related products globally, and rising need to fulfil insufficient electricity supply in developing nations.

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.

The major players in the market are Turbo SE, Caterpillar Inc., Hyundai Heavy Industries Co., Ltd, Cummins Inc., Mitsubishi Heavy Industries Ltd., and others.

Marine Power Systems and Equipment Market Share