Marine Power Systems Market to grow at a CAGR of 3.63% from 2021 to 2026, Driven by the surge in commercial shipping - Technavio

NEW YORK, March 29, 2023 /PRNewswire/ -- The global marine power systems market size is estimated to grow by USD 331.81 million from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 3.63% during the forecast period. A major factor fueling the growth in the marine power systems market is the surge in commercial shipping. Global commercial shipping witnesses growth due to an increase in globalization. The global economies are interlinked. This directly affects global trade volumes. Global trade also rises along with economic expansion, in which maritime trade plays a major role. Due to the global demand and supply of commodities and manufactured goods, global economic expansion and development have provided enormous opportunities to the marine industry. The growth in the adoption of shipping and its importance to seaborne trade, along with the emergence of developing countries in shipbuilding and related activities, are expected to drive the demand for marine power systems. This, in turn, will contribute to the growth of the global marine power systems market during the forecast period. For more insights on the forecast market size (2021 to 2026) - Request a sample report

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Marine Power Systems Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on end-user (commercial ships, military vessels, underwater vehicles, leisure ships, and small recreational boats) and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth in the commercial ships segment will be significant for the market growth during the forecast period. Global container trade is believed to account for the majority of overall global seaborne trade. The fall in global fuel prices resulted in the growth of boating operators across the world, thereby driving the demand for deck machinery. 

Geography Overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global marine power systems market.

• APAC is estimated to account for 48% of the market growth during the forecast period. China, South Korea, and Japan are the key markets for marine power systems in the region. Market growth in this region is estimated to be faster than the growth of the market in other regions. The substantial investment and technology to increase their market shares will facilitate the marine power systems market growth in the region during the forecast period. 

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Marine Power Systems Market – Market Dynamics

Leading trends influencing the market 

The growing marine hybrid propulsion market is a marine power systems market trend that is expected to have a positive impact in the coming years. High pollution caused due to diesel propulsion engines has increased the use of hybrid marine propulsion engines in vessels. Maritime authorities and major ports globally have implemented standards for the vessels. This has compelled shipping operators to follow the emission guidelines of the respective areas. The collaboration between technology developers and vessel operators has led to the development of propulsion systems that offer increased power density along with fuel efficiency. The countries in APAC are expected to dominate in terms of investment growth. The development of hybrid marine propulsion systems offers marine engine manufacturers the potential to increase their revenue and market share, leading to the growth of the global marine power systems market.

Major challenges hindering the market growth

The collapse of the Greek shipbuilding industry will be a primary challenge for the marine power systems market during the forecast period. The Eurozone crisis of 2009 had a significant impact on the shipbuilding industry in Greece, which dominated the global shipping trade since the 1960s. The EU's stimulus package and the International Monetary Fund (IMF)'s bailout package have given a new lease of life to the nation. The nation faced the debilitating effects of surging borrowing costs and austerity measures related to previous EU bailouts. The situation in the Greek shipbuilding industry has negatively impacted the global shipping industry, especially the European market. This has affected the revenue of engine manufacturers. Thus, many manufacturers, especially the ones based in Europe, are compelled to arrive at strategies to expand their market presence.

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What are the key data covered in this Marine Power Systems Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the marine power systems market between 2022 and 2026
• Precise estimation of the size of the marine power systems market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the marine power systems market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of marine power systems market vendors

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Table of Contents     

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 12: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by End-user

• 5.1 Market segments
• Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
• Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)

• 5.2 Comparison by End-user 
• Exhibit 26: Chart on Comparison by End-user
• Exhibit 27: Data Table on Comparison by End-user

• 5.3 Commercial ships - Market size and forecast 2021-2026 
• Exhibit 28: Chart on Commercial ships - Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Commercial ships - Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Commercial ships - Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Commercial ships - Year-over-year growth 2021-2026 (%)

• 5.4 Military vessel - Market size and forecast 2021-2026 
• Exhibit 32: Chart on Military vessel - Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Military vessel - Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Military vessel - Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Military vessel - Year-over-year growth 2021-2026 (%)

• 5.5 Underwater vehicle - Market size and forecast 2021-2026 
• Exhibit 36: Chart on Underwater vehicle - Market size and forecast 2021-2026 ($ million)
• Exhibit 37: Data Table on Underwater vehicle - Market size and forecast 2021-2026 ($ million)
• Exhibit 38: Chart on Underwater vehicle - Year-over-year growth 2021-2026 (%)
• Exhibit 39: Data Table on Underwater vehicle - Year-over-year growth 2021-2026 (%)

• 5.6 Leisure ships - Market size and forecast 2021-2026 
• Exhibit 40: Chart on Leisure ships - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Data Table on Leisure ships - Market size and forecast 2021-2026 ($ million)
• Exhibit 42: Chart on Leisure ships - Year-over-year growth 2021-2026 (%)
• Exhibit 43: Data Table on Leisure ships - Year-over-year growth 2021-2026 (%)

• 5.7 Small recreational boats - Market size and forecast 2021-2026 
• Exhibit 44: Chart on Small recreational boats - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Data Table on Small recreational boats - Market size and forecast 2021-2026 ($ million)
• Exhibit 46: Chart on Small recreational boats - Year-over-year growth 2021-2026 (%)
• Exhibit 47: Data Table on Small recreational boats - Year-over-year growth 2021-2026 (%)

• 5.8 Market opportunity by End-user 
• Exhibit 48: Market opportunity by End-user ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview 
• Exhibit 49: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation 
• Exhibit 50: Chart on Market share by geography 2021-2026 (%)
• Exhibit 51: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison 
• Exhibit 52: Chart on Geographic comparison
• Exhibit 53: Data Table on Geographic comparison

• 7.3 APAC - Market size and forecast 2021-2026 
• Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

• 7.4 Europe - Market size and forecast 2021-2026 
• Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)

• 7.5 North America - Market size and forecast 2021-2026 
• Exhibit 62: Chart on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on North America - Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on North America - Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on North America - Year-over-year growth 2021-2026 (%)

• 7.6 South America - Market size and forecast 2021-2026 
• Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)

• 7.7 Middle East and Africa - Market size and forecast 2021-2026 
• Exhibit 70: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

• 7.8 China - Market size and forecast 2021-2026 
• Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

• 7.9 US - Market size and forecast 2021-2026 
• Exhibit 78: Chart on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on US - Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on US - Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on US - Year-over-year growth 2021-2026 (%)

• 7.10 Germany - Market size and forecast 2021-2026 
• Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
• Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
• Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)

• 7.11 South Korea - Market size and forecast 2021-2026 
• Exhibit 86: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
• Exhibit 87: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
• Exhibit 88: Chart on South Korea - Year-over-year growth 2021-2026 (%)
• Exhibit 89: Data Table on South Korea - Year-over-year growth 2021-2026 (%)

• 7.12 Japan - Market size and forecast 2021-2026 
• Exhibit 90: Chart on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 91: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
• Exhibit 92: Chart on Japan - Year-over-year growth 2021-2026 (%)
• Exhibit 93: Data Table on Japan - Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography 
• Exhibit 94: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 95: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape
• Exhibit 96: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 97: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 98: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 99: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 100: Matrix on vendor position and classification

• 10.3 Caterpillar Inc.
• Exhibit 101: Caterpillar Inc. - Overview
• Exhibit 102: Caterpillar Inc. - Business segments
• Exhibit 103: Caterpillar Inc. - Key offerings
• Exhibit 104: Caterpillar Inc. - Segment focus

• 10.4 Cummins Inc.
• Exhibit 105: Cummins Inc. - Overview
• Exhibit 106: Cummins Inc. - Business segments
• Exhibit 107: Cummins Inc. - Key offerings
• Exhibit 108: Cummins Inc. - Segment focus

• 10.5 Daihatsu Diesel Mfg. Co. Ltd. 
• Exhibit 109: Daihatsu Diesel Mfg. Co. Ltd. - Overview
• Exhibit 110: Daihatsu Diesel Mfg. Co. Ltd. - Business segments
• Exhibit 111: Daihatsu Diesel Mfg. Co. Ltd. - Key offerings
• Exhibit 112: Daihatsu Diesel Mfg. Co. Ltd. - Segment focus

• 10.6 Fairbanks Morse LLC
• Exhibit 113: Fairbanks Morse LLC - Overview
• Exhibit 114: Fairbanks Morse LLC - Product / Service
• Exhibit 115: Fairbanks Morse LLC - Key offerings

• 10.7 Hyundai Electric and Energy Systems Co. Ltd. 
• Exhibit 116: Hyundai Electric and Energy Systems Co. Ltd. - Overview
• Exhibit 117: Hyundai Electric and Energy Systems Co. Ltd. - Product / Service
• Exhibit 118: Hyundai Electric and Energy Systems Co. Ltd. - Key offerings

• 10.8 MAN Energy Solutions SE 
• Exhibit 119: MAN Energy Solutions SE - Overview
• Exhibit 120: MAN Energy Solutions SE - Product / Service
• Exhibit 121: MAN Energy Solutions SE - Key offerings

• 10.9 Mitsubishi Heavy Industries Ltd. 
• Exhibit 122: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 123: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 124: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 125: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 126: Mitsubishi Heavy Industries Ltd. - Segment focus

• 10.10 Rolls Royce Holdings Plc 
• Exhibit 127: Rolls Royce Holdings Plc - Overview
• Exhibit 128: Rolls Royce Holdings Plc - Business segments
• Exhibit 129: Rolls Royce Holdings Plc - Key news
• Exhibit 130: Rolls Royce Holdings Plc - Key offerings
• Exhibit 131: Rolls Royce Holdings Plc - Segment focus

• 10.11 Siemens AG
• Exhibit 132: Siemens AG - Overview
• Exhibit 133: Siemens AG - Business segments
• Exhibit 134: Siemens AG - Key news
• Exhibit 135: Siemens AG - Key offerings
• Exhibit 136: Siemens AG - Segment focus

• 10.12 Wartsila Corp
• Exhibit 137: Wartsila Corp - Overview
• Exhibit 138: Wartsila Corp - Business segments
• Exhibit 139: Wartsila Corp - Key offerings
• Exhibit 140: Wartsila Corp - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 141: Inclusions checklist
• Exhibit 142: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 143: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 144: Research methodology
• Exhibit 145: Validation techniques employed for market sizing
• Exhibit 146: Information sources

• 11.5 List of abbreviations 
• Exhibit 147: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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