Marine Power Systems and Equipment Market Size

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.