The latest report on Alternate Marine Power Market by Infinium Global Research gives complete coverage of the Alternate Marine Power Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Alternate Marine Power such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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The Rising Marine Pollution Worldwide is a Major Factor Contributing to the Growth of the Alternate Marine Power Industry
Alternate marine power is an anti-pollution measure that helps to reduce air pollution generated from diesel generators. It uses shore electric power as a substitute. It is used at the port when a ship is halting. This reduces emissions from ships by a huge amount. It is also known as cold ironing. It provides power for lights, air-conditioners, refrigerators, and other equipment on ships.
The rising marine pollution worldwide is a major factor contributing to the growth of the alternate marine power market. A study says that a ship produces more carbon dioxide per mile and gallon of fuel as compared to a car. Further, the major contributors to air pollution in coastal areas are ships and vessels. The rising rules and regulations for pollution reduction caused by ships and vessels contribute to the growth of alternate marine power market.
In addition, the rising environmental awareness led to a rise in demand for the alternate marine power market. Additionally, the adoption of electric vessels integrated with hybrid power and combined power source technology will reduce fossil fuel consumption. Hence market players are focused on manufacturing alternate marine power systems that run on efficient batteries. This will augment the growth of the market.
On the flip side, huge investments to set up equipment for alternate marine power system hamper the growth of alternate marine power market. Moreover, technological advancement in the marine industry creates fruitful opportunities for the growth of the alternate marine power market.
Geographically, the global alternate marine power market is divided into North America, Asia-Pacific, Europe, and the Rest of the World. North America is anticipated to have a dominant share in the global alternate marine power market. The increasing movement of goods and passengers through ports in the United States lead to a surge in the number of ships. And the rising air pollution at ports stimulates the demand for the alternate marine power market in North America.
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Huge Investments to Set Up Equipment for Alternate Marine Power System Hamper the Growth of Alternate Marine Power Industry
Europe is expected to grow in the global alternate marine power market with a healthy CAGR over the forecast period. The rising focus on the development of alternative fuel as a substitute for fossil oil sources used in energy supply to transport in the European territory contribute to the growth of alternate marine power market in Europe. Asia-Pacific region has fruitful opportunities in the global alternate marine power market. The increasing trade activities in India and China and the growing economies of the countries in Asia-Pacific contribute to the growth of alternate marine power market in the Asia-Pacific region.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Alternate Marine Power.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.