Global Advanced Marine Power Supply Market: Snapshot
Power supply is a device that transfers energy from a power source to an electrical load. Prominent power supply products that are used in marine environment include switch mode power supply (SMPS), uninterrupted power supply (UPS), battery, and inverter. The prominent marine applications where power supply products are used are internal lighting, navigation lighting, and communication radar among others. The major function of the marine power supply is to provide power supply to all the equipment available on the vessels or ships. From the safety and security point of view, immersed computing designs and the marine power architectures require strong and powerful supply of power sources, giving rise to the marine power supply market.
The global advanced marine power supply market has witnessed improved traction in the past few years, thanks to the massive rise in the number of vessels across the world. There has been significant increase in number of aircraft carriers and increasing expenditure of military naval vessels. In Addition, the demand for renewable energy sources to power ships has also increased, resulting in the growth of the advanced marine power supply market. One of the major parameter that restricts the growth of the advanced marine power supply market is the high maintenance cost of ships and wear and tear of power supply products.
The global advanced marine power supply market was valued at US$ 4310.8 Mn in 2016 and is anticipated to increase at a CAGR of 4.7% from 2017 to 2025.
Communication and Internal Lighting to Emerge as Key Applications
The global advanced marine power supply market is segmented on the basis of devices, power supply source and application. By device, the global advanced marine power supply market is bifurcated into battery switch mode power supply (SMPS), uninterrupted power supply (UPS), inverters, batteries, and others. On the basis of power supply source, the global advanced marine power supply market is segmented into direct power supply and renewable power supply.
Further, the application segmentation includes internal lighting, navigation lighting, communication, surveillance system, and engine control. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators augmenting the growth of advanced marine power supply market during the forecast period. Among these, communication and internal lighting are the key applications supplementing the growth of advanced marine power supply market.
Asia Pacific and Europe to Present Promising Growth Opportunities
Geographically, the advanced marine power supply market has been covered in the report for regions such as North America, Europe, Asia Pacific, Middle East and Africa, and South America. In 2016, Asia Pacific occupied the largest share of the market. This can be attributed to the growing cross border e-commerce market. Some of the major countries that drives the e-commerce market in Asia Pacific region are Japan, China, and South Korea. Increase in cross-border trade along with increase in ship owners are increasing the demand for marine power supply devices in Asia-Pacific.
Europe acquired the second largest share of the global advanced marine power supply market in 2016. Moreover, advanced marine power supply market in Europe is expected to expand at a decent growth rate during the forecast period. The growth in the Europe market will be primarily driven by digitization that increases operational efficiency, reduces cost, better communication among marine stakeholders and other marine applications. Some of the major countries that drive marine power supply market in Europe region are U.K. Germany, and France.
Some of the leading players in global advanced marine power supply market are Emerson Electric Company, Schneider Electric SE, ABB Ltd, Exide Industries Ltd, EnerSys, HBL Power Systems Ltd, Systems Sunlight S.A., Eaton Corporation Plc, Powerbox International AB, ENAG, Marine Electric Systems Inc. Newmar, and Analytic Systems among others.
The increasing demand for Ship Vessels Worldwide to Augment Advanced Marine Power Supply Market Growth
The rapidly increasing demand for ship vessels worldwide is primarily driving the global advanced marine power supply market. Power supply is a device used for moving energy from a power source to an electrical burden. Conspicuous power supply items that are utilized in marine climate incorporate continuous power supply (UPS), switch mode power supply (SMPS), battery, and inverter. The unmistakable marine applications where power supply items are utilized are inward lighting, route lighting, and correspondence radar among others. The significant capacity of the marine power supply is to give power supply to all the gear accessible on the vessels or boats. From the wellbeing and security perspective, submerged processing plans and the marine power designs require solid and powerful supply of power sources, offering lucrative growth opportunities for the marine power supply market.
The worldwide market for advanced marine power supply is predominantly determined because of the rising number of vessels across the world and the expanding consumption of military and naval force of a few nations on submarines and ships. In Addition, the rising interest for sustainable power sources to power ships is likewise assuming a critical part in the positive extension of the worldwide advanced marine power supply market.
Applications like interior lighting, route lighting, correspondence, observation framework, and motor control, are in extraordinary interest and are prompting promising development roads for the general market. Regardless of for the most part sure development openings, notwithstanding, the high support cost of boats and mileage of marine power supply items is one of the key factors that confines the general development of the market partially. In any case, organizations could profit by open private association arrangements like the Global Industry Alliance, which was framed to diminish the ozone harming substance discharge and advance low carbon marine transportation.
Global Advanced Marine Power Supply Market: Overview
This report provides an analysis of the global advanced marine power supply market for the period of 2015 to 2025, wherein the period from 2017 to 2025 comprises the forecast period and 2016 is the base year. Data for 2015 is provided as historical information. The report covers all the major trends and technologies playing a major role in the growth of the advanced marine power supply market over the forecast period. It also highlights various drivers, restraints and opportunities expected to influence the market’s growth during the said period. The study provides a holistic perspective on the market’s growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America. Advanced marine power supply market has wide applications and used in internal lighting, navigation lighting, communication, surveillance system, engine control and others.
The market overview section of the report showcases the market dynamics and trends such as the drivers, restraints and opportunities that influence the current nature and future status of this market. The report also provides value chain analysis and key market indicators for the advanced marine power supply market. The advanced marine power supply market estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological and legal factors along with the current market dynamics affecting the market growth.
Global Advanced Marine Power Supply Market: Segmentation
The global advanced marine power supply market is segmented on the basis of devices, power supply source, and application. By devices, the global advanced marine power supply market is segmented in terms of battery, switch mode power supply (SMPS), uninterrupted power supply (UPS), inverters, others. Further, the power supply source segmentation includes direct power supply and renewable power supply. On the basis of application, the advanced marine power supply market is segmented into internal lighting, navigation lighting, communication, surveillance system, engine control, others. The report covers the analysis of these segments across all geographies, along with qualitative analysis for key market indicators supplementing the growth of advanced marine power supply market during the forecast period.
Geographically the report classifies the global advanced marine power supply market into North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and South America. We have analysed the regions in terms of revenue. Region wise prominent countries covered in the report include the following – the U.S., Canada, Germany, the U.K., France, China, Japan, South Korea, India, GCC (six middle east countries: Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman), South Africa, and Brazil.
Global Advanced Marine Power Supply Market: Competitive Dynamics
The report also includes competitive profiling of the key players associated with the advanced marine power supply market around the globe. The important business strategies adopted by them, their market positioning, financials, SWOT analysis and recent developments have also been identified in the research report. The competitive landscape section of the report also gives an overview about the major contributing regions/countries by these key players in order to strengthen their market position in the future.
Growing number of vessels and the increasing expenditure on submarines and ships by military and navy across emerging economies, are forcing companies to develop marine power supply devices to continue the profitability of the market. Some of the major players in global advanced marine power supply market are Emerson Electric Company, Schneider Electric SE, ABB Ltd, Exide Industries Ltd, EnerSys, HBL Power Systems Ltd, Systems Sunlight S.A., Eaton Corporation Plc, Powerbox International AB, ENAG, Marine Electric Systems Inc. Newmar, and Analytic Systems among others. Details such as financials, business strategies, SWOT analysis, recent developments, and other such strategic information pertaining to these players has been duly provided as part of company profiling.
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