Fairfield Market Research Alternate Marine Power Market Size, Share,Growth, Trends, 2029

Alternate Marine Power Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Energy & Natural Resources

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Demand to Curb Pollution Give Global Alternate Marine Power Market a Thrust

The swelling shipping activity has drawn a lot of flak for the pollution it causes, making the shipping companies and port authorities turn their attention to alternate marine power (AMP). Giant vessels cause heavy air and noise pollution while idling and berthing. This anti-pollution measure has been in the limelight as cities and towns with ports are constantly trying to reduce the hazardous effects of pollution caused by the activity. Fairfield Market Research anticipates that the global alternate marine power market will flourish as stringent laws continue to govern the shipping industry.

Alternate marine power refers to supplying the berthed ships with land-based electricity, which eliminates the need to burn heavy fuels on-board. This process is also called “cold ironing” or shore power. Globally, alternate marine power equipped ports deliver consistent power to cruise vessels, container ships Ro/Pax and Ro/Ro ferries. Thus, reducing emissions from ships while berthed. As the global activities enter a new period of environment-friendly initiatives, the shipping industry too has been re-evaluating its power usage. As a result, several ports are gearing up to provide the best possible solutions to reducing air pollution characterized by high sulphur and carbon dioxide content by offering AMP solutions.

Legal Requirements Push Vessel Owners and Port Authorities to Invest in Alternate Marine Power

The global alternate marine power market has been steadily witnessing investments as the shipping industry is making constant efforts to adhere to legal frameworks. For the fiercely consumer-driven industry such as cruise lines and ferry companies, it has become imperative to offset the damage they cause to the marine life and to the areas around their operation. As these usually operate around urban areas, cruise and ferry companies along with ports are investing in shore power systems due to legal requirements.

According to Cavotec SA by 2025 all ports must equip their berths with alternative marine power or shore power according to the 2014/94/EU directive on the Deployment of Alternative Fuel Infrastructure. Similarly, in California, by 2027 vessels berthing at ports have to use shore power as per the mandate dictated by Air Resources Board. Such mandates are expected to draw heavy investments in building an infrastructure to support the shipping activity that is needed for transportation, trade, and leisure.

Alternate marine power along with the port cost increases the overall capital cost of the fleet owners. In order to receive, shore power, the vessel must be equipped with an auxiliary engine (AE), onboard transformer, other retrofit installations in order to receive shore power. Average capital costs for a port, which is equipped with the delivery of alternate marine power to small, medium, and large fleets ranges between US$ 60,000-80,000 per berth per year.

Amendments to Safety of Life at Sea (SOLAS) Treaty to Ramp Up Usage of AMP

According to International Maritime Organisation (IMO), carbon emissions account for about 3% of the total CO2 emissions. Concentrated around the coastlines and detrimental to marine life, the European Parliament estimates that the percentage could be as high as 17% by 2050. With these glaring statistics, demand for shore-side power has witnessed a surge of about 70% report IMO. To promote the uptake of cold ironing techniques IMO has been thoroughly invested in drafting amendments to the Safety of Life at Sea (SOLAS) treaty at the convention. Thus, efforts to make greener solutions safer and sustainable are expected to augment the global alternate marine power market in the coming five years.

Container Vessels to Remain Main Users of Alternate Marine Power

Fairfield Market Research estimates that container ships will be the leading end users of alternate marine power in the next five years. Despite COVID-19 and restrictions on trade, container vessels have a bright future as maritime trade depends on them. As the shipping industry limps back to normalcy since mid-2020, the demand for supporting container ships at ports with alternate marine power will give this segment an impetus. According to the United Nations Conference on Trade and Development, about 80% of the goods traded across the globe depend on maritime transport. The authority also states that 60% of the trade carried out globally depends on containers. These statistics indicate that the container ship segment will continue to retain its lead as trade remains an indispensable activity as manufacturing picks pace in the post-pandemic world.

North America

Developed regions are expected to dominate the global alternate marine power market between 2021 and 2026. According to US EPA, shore power is primarily being adopted in European and North American ports. For instance, Cavotec’s presence in Europe has allowed the deployment of automated mooring and shore power system that has set a precedent for several ports. A strong regulatory framework and higher awareness about the harmful impact of berthing is expected to bode well for these regional markets.

Meanwhile, other parts of the globe are also looking at adopting shore side power systems. The Port of Shenzen, in Asia Pacific, offers subsidies to vessels that use shore power or low-sulphur fuels while berthing.

Key Players in Global Alternate Marine Power Market to Focus on Research, Development, and Installations

Some of the key players operating in the global alternate marine power market are Piller Group GmbH, ABB Ltd., Schneider Electric, Cavotec SA, Nidec ASI, MacGregor, PowerCon, Siemens, ESL Power Systems, Inc., Danfoss, VINCI Energies, Wartsila, Ratio Electric B.V., and Wabtec Corporation.

In 2018, the Port of Los Angeles and Cavotec collectively installed the first port in the world that will enable in-service container vessels to use alternate marine power system. The installation was done at Los Angeles port, California, the U.S. A year later, in August 2019, Nidec ASI installed a power management system on the mega Yacht Wider 165. This has been designed to enhance the power management on the vessel with zero-emission mode that allows the yacht to operate on battery power.

Key Elements Included In The Study: Global Alternate Marine Power Market

  • Alternate Marine Power Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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