Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Shipboard Power System Market - A Global and Regional Analysis: Focus on End User, Component, Power Output, and Region - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The shipboard power system market is undergoing significant growth, propelled by various key factors and market drivers. In an optimistic scenario, the market is evaluated at a valuation of $1.78 billion in 2024 and is projected to expand at a CAGR of 7.33% to reach $3.61 billion by 2034.
The systems and technologies used to produce, distribute, and control electrical power on ships are included in the shipboard power systems market. This market is essential to the maritime sector since it makes a variety of on-board systems, such as auxiliary services, navigation, and propulsion, possible to operate. The worldwide movement to lower greenhouse gas emissions and boost energy efficiency has resulted in a recent change in power systems towards more sustainable and efficient ones. The market is made up of a variety of parts, including power conversion systems, energy storage systems, generators, and power distribution systems. Over the next several years, the shipboard power systems market is expected to increase significantly due to the growing need for electrification in maritime operations.
The market for shipboard power systems is expected to develop due to a number of important factors, such as the growing use of electric and hybrid propulsion systems, stricter environmental restrictions, and improvements in renewable energy integration. Ship power systems have become cleaner and more efficient as a result of environmental restrictions designed to lower greenhouse gas emissions. Improvements in power distribution and management technologies have also made shipboard power operations more dependable and efficient.
Asia Pacific is the market leader for shipboard power management systems because of its enormous investments in port infrastructure, strong economic growth, and maritime activity. Leading nations in this regard are South Korea, Japan, and China, whose shipbuilding industries are growing and whose strict environmental laws encourage the use of sophisticated power management systems. This sector is further supported by government incentives and subsidies for green maritime technologies, which also ensure that international standards are met and improve operating efficiency.
Furthermore, government programs are essential for supporting the SDV market. The expansion of the market in the United States is largely dependent on federal and state regulations that support electric and driverless vehicles as well as large financing for smart infrastructure initiatives.
The European Union incentivizes car manufacturers to incorporate SDV technologies into their vehicles through its strict CO2 emission rules and extensive smart mobility policies, such the European Green Deal. Aiming to dominate the electric and autonomous car sectors in Asia, China's government is investing heavily in 5G infrastructure to facilitate vehicle-to-everything (V2X) connectivity, as well as providing large subsidies and tax breaks.
Product/Innovation Strategy:
The global shipboard power system market has been extensively segmented based on various categories, such as end user, component, and power output. This can help readers get a clear overview of which segments account for the largest share and which ones are well-positioned to grow in the coming years.
Competitive Strategy:
A detailed competitive benchmarking of the players operating in the shipboard power system market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Some of the prominent companies in this market are:
- Siemens
- Schneider Electric
- ABB
- Wartsila
- Blueday Technology
Key Questions Answered in this Report:
- What are the main factors driving the demand for the shipboard power system market?
- What are the major patents filed by the companies active in the shipboard power system market?
- Who are the key players in the shipboard power system market, and what are their respective market shares?
- What partnerships or collaborations are prominent among stakeholders in the global shipboard power system market?
- What are the strategies adopted by the key companies to gain a competitive edge in the shipboard power system market?
- What is the futuristic outlook for the shipboard power system market in terms of growth potential?
- What is the current estimation of the global shipboard power system market, and what growth trajectory is projected from 2024 to 2034?
- Which application and product segment is expected to lead the market over the forecast period 2024-2034?
- Which regions demonstrate the highest adoption rates for the shipboard power system market, and what factors contribute to their leadership?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 100 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $1.78 Billion |
| Forecasted Market Value (USD) by 2034 | $3.61 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Markets: Industry Outlook
1.1 Trends: Current and Future Impact Assessment
1.2 Supply Chain Overview
1.3 R&D Review
1.3.1 Patent Filing Trend by Country, by Company
1.4 Overall Market Landscape
1.5 Market Dynamics Overview
2. Shipboard Power System Market (by Application)
2.1 Application Segmentation
2.2 Application Summary
2.3 Shipboard Power System Market (by End User)
2.3.1 Commercial ships
2.3.2 Military Vessels
2.3.3 Underwater Vehicles
2.3.4 Leisure Ships
2.3.5 Small Recreational Boats
3. Shipboard Power System Market (by Product)
3.1 Product Segmentation
3.2 Product Summary
3.3 Shipboard Power System Market (by Component)
3.3.1 Transformers
3.3.2 Switchgear Devices
3.3.3 Frequency Converters
3.3.4 Cables and Accessories
3.3.5 Others
3.4 Shipboard Power System Market (by Power Output)
3.4.1 Up to 30 MVA
3.4.2 30-60 MVA
3.4.3 Above 60 MVA
4. Shipboard Power System Market (by Region)
5. Companies Profiled
- General Electric
- Siemens
- Schneider Electric
- ABB(Hitachi)
- Eaton
- VINCI Energies
- Wartsila
- Danfoss
- Wabtec Corporation
- Cavotec
- Hyundai Electric and Energy Systems Co.
- Ingeteam Corp.
- ESL Power Systems
- Blueday Technology
- Watts Marine
For more information about this report visit https://www.researchandmarkets.com/r/dfcqpi
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