Marine power describes the energy producing process through oceans and it can also be termed as hydroelectricity. Through oceans huge amount of energy can be obtained as it is an accessible recourse to produce energy. Tidal power and wave power are different sources that encompass marine power. Various forms such as waves, salinity gradients, fluid flow, and thermal are sources to obtain energy that could produce electricity for house-holds and commercial purposes.

Market Dynamics

Marine power systems are devices and equipments assists to produce electricity via several sources available from oceans such as tidal power and wave power. Marine power systems have potential to substantially generate energy from waves which is impelling their adoption. Growing demand for power supply and insufficient electricity supply has augmented the growth of renewable source of energy. Energy prices are rising constantly, and renewable source of energy especially marine power can accumulate supernumerary power. This is driving the marine power systems market growth globally.. However, high early setup cost, transportation of power supply from source is costly affair and thus can sluggish growth of this market.

Market Classification

The market can be bifurcated on the basis of product, end user and geography. By product, marine power systems market can be segmented into electric power propulsion systems, hybrid systems, diesel propulsion systems and steam turbines propulsion systems. By end user, marine power systems market can be segmented into ocean-going ships, commercial vessels, pleasure craft and military vessels. On the basis of geography, the marine power systems market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Report Coverage

Market Participants

Some of the major players involved in marine power systems market include MAN Diesel and Turbo SE, Caterpillar Inc., Hyundai Heavy Industries Co., Ltd, Cummins Inc., Mitsubishi Heavy Industries Ltd., and Rolls-Royce Holdings plc among others.

Market Segmentation

Market By Product

• Hybrid Systems
• Electric Power Propulsion Systems
• Steam Turbines Propulsion Systems
• Diesel Propulsion Systems

Market By End User

• Ocean-going Ships
• Commercial Vessels
• Pleasure Craft
• Military Vessels

Market By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Chile
  • Rest of LATAM
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA