Global Shipboard Power System Market Size is valued at USD 1.8 Bn in 2024 and is predicted to reach USD 3.4 Bn by the year 2034 at a 6.8% CAGR during the forecast period for 2025-2034.
The shipboard power systems market encompasses the technologies and systems used to generate, distribute, and regulate electrical power on ships. Since it enables the operation of numerous onboard systems, including propulsion, navigation, and auxiliary services, this market is crucial to the shipping industry. Power systems have recently shifted to more sustainable and efficient ones as a result of the global push to reduce greenhouse gas emissions and increase energy efficiency.
The market for shipboard power systems is anticipated to grow substantially over the next years as a result of the increasing demand for electrification in marine activities. Furthermore, the market for shipboard power systems is anticipated to rise as a result of several significant factors, including increased usage of hybrid and electric propulsion systems, more stringent environmental regulations, and advancements in the utilization or integration of renewable energy sources.
Additionally, shipboard power operations are more reliable and efficient due to advancements in power distribution and management technologies. Consequently, it is expected that this will accelerate the growth of the shipboard power systems market. However, there are substantial upfront expenditures associated with the integration and installation of ship power systems. Some stakeholders, especially smaller shipowners and operators, may be discouraged by this initial cost, which would limit their capacity to implement modern power solutions.
Some Major Key Players In The Shipboard Power System Market:
The Shipboard Power System market is segmented based on component, Power Output, indication, and end-user. Based on component, the market comprises Transformers, Switchgear Devices, Frequency Converters, Cables and Accessories, Others. By Power Output, the market is segmented into Up to 30 MVA, 30-60 MVA, and Above 60 MVA. By end-user, the market consists of Commercial ships, Military Vessels, Underwater Vehicles, Leisure Ships, and Small Recreational Boats.
The cables and accessories are expected to hold a major global market share in 2024 driven by modern ships' growing electrification and complexity. The need for high-performance cables and related parts has increased as ships depend more on sophisticated power systems to support propulsion, automation, communication, and navigation. Specialized ship-grade materials have been adopted since these systems need cables that can survive difficult ship environments, including high humidity, salt corrosion, and extreme temperatures. Furthermore, the demand for sophisticated cable networks that can manage larger voltages and data transfer is being fueled by the push for greener, more energy-efficient ships, such as electric and hybrid models.
The commercial ships are expected to hold a major global market share. This market is expanding as a result of the growing need for international trade and effective commodities transportation. There is a sizable market for ship power systems since commercial ships need dependable and effective power systems to maintain continuous operations. Additionally, technological developments have made this shift even easier. For larger commercial ships, such as passenger ferries and cargo ships, electric propulsion has become more feasible due to advancements in battery technology, energy storage, and power management systems.
The Asia Pacific Shipboard Power System market is expected to register the highest market share in revenue in the near future. The market's growth in the region is mostly reliant on state and federal laws that encourage electric and driverless cars as well as significant funding for smart infrastructure projects. Asia Pacific is also estimated to grow with a rapid growth in the global Shipboard Power System market due to its robust economic growth, maritime activities, and massive investments in port infrastructure. Leading countries in this area are China, Japan, and South Korea, whose shipbuilding sectors are expanding and whose stringent environmental regulations promote the deployment of advanced power management systems. Government subsidies and incentives for green maritime technologies, which also guarantee adherence to international standards and boost operational effectiveness, further encourage this industry.
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Report Attribute |
Specifications |
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Market Size Value In 2024 |
USD 1.8 Bn |
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Revenue Forecast In 2034 |
USD 3.4 Bn |
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Growth Rate CAGR |
CAGR of 6.8% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Power Output, Indication, And End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
General Electric, Siemens, Eaton, ESL Power Systems, Inc., Blueday Technology, VINCI Energies, Schneider Electric, Cavotec SA, Hyundai Electric and Energy Systems Co. Ltd., ABB (Hitachi), Wärtsilä, Danfoss, Wabtec Corporation, Ingeteam Corp. S.A., Watts Marine, and Others. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Shipboard Power System Market Snapshot
Chapter 4. Global Shipboard Power System Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2034
4.8. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.9. Use/impact of AI on Shipboard Power System Market Industry Trends
4.10. Global Shipboard Power System Market Penetration & Growth Prospect Mapping (US$ Mn), 2021-2034
Chapter 5. Shipboard Power System Market Segmentation 1: By Component, Estimates & Trend Analysis
5.1. Market Share by Component, 2024 & 2034
5.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following Component:
5.2.1. Transformers
5.2.2. Switchgear Devices
5.2.3. Frequency Converters
5.2.4. Cables and Accessories
5.2.5. Others
Chapter 6. Shipboard Power System Market Segmentation 2: By Power Output, Estimates & Trend Analysis
6.1. Market Share by Power Output, 2024 & 2034
6.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following Power Output:
6.2.1. Up to 30 MVA
6.2.2. 30-60 MVA
6.2.3. Above 60 MVA
Chapter 7. Shipboard Power System Market Segmentation 3: By End User, Estimates & Trend Analysis
7.1. Market Share by End User, 2024 & 2034
7.2. Market Size Revenue (US$ Million) & Forecasts and Trend Analyses, 2021 to 2034 for the following End User:
7.2.1. Commercial ships
7.2.2. Military Vessels
7.2.3. Underwater Vehicles
7.2.4. Leisure Ships
7.2.5. Small Recreational Boats
Chapter 8. Shipboard Power System Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. Global Shipboard Power System Market, Regional Snapshot 2024 & 2034
8.2. North America
8.2.1. North America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
8.2.1.1. US
8.2.1.2. Canada
8.2.2. North America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.2.3. North America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
8.2.4. North America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by End User, 2021-2034
8.3. Europe
8.3.1. Europe Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
8.3.1.1. Germany
8.3.1.2. U.K.
8.3.1.3. France
8.3.1.4. Italy
8.3.1.5. Spain
8.3.1.6. Rest of Europe
8.3.2. Europe Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.3.3. Europe Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
8.3.4. Europe Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by End User, 2021-2034
8.4. Asia Pacific
8.4.1. Asia Pacific Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
8.4.1.1. India
8.4.1.2. China
8.4.1.3. Japan
8.4.1.4. Australia
8.4.1.5. South Korea
8.4.1.6. Hong Kong
8.4.1.7. Southeast Asia
8.4.1.8. Rest of Asia Pacific
8.4.2. Asia Pacific Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.4.3. Asia Pacific Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
8.4.4. Asia Pacific Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by End User, 2021-2034
8.5. Latin America
8.5.1. Latin America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Country, 2021-2034
8.5.1.1. Brazil
8.5.1.2. Mexico
8.5.1.3. Rest of Latin America
8.5.2. Latin America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.5.3. Latin America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
8.5.4. Latin America Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by End User, 2021-2034
8.6. Middle East & Africa
8.6.1. Middle East & Africa Wind Turbine Rotor Blade Market Revenue (US$ Million) Estimates and Forecasts by country, 2021-2034
8.6.1.1. GCC Countries
8.6.1.2. Israel
8.6.1.3. South Africa
8.6.1.4. Rest of Middle East and Africa
8.6.2. Middle East & Africa Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Component, 2021-2034
8.6.3. Middle East & Africa Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by Power Output, 2021-2034
8.6.4. Middle East & Africa Shipboard Power System Market Revenue (US$ Million) Estimates and Forecasts by End User, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. General Electric
9.2.1.1. Business Overview
9.2.1.2. Key Component/Service Overview
9.2.1.3. Financial Performance
9.2.1.4. Geographical Presence
9.2.1.5. Recent Developments with Business Strategy
9.2.2. Siemens
9.2.3. Schneider Electric
9.2.4. ABB(Hitachi)
9.2.5. Eaton
9.2.6. VINCI Energies
9.2.7. Wärtsilä
9.2.8. Danfoss
9.2.9. Wabtec Corporation
9.2.10. Cavotec SA
9.2.11. Hyundai Electric and Energy Systems Co. Ltd.
9.2.12. Ingeteam Corp. S.A.
9.2.13. ESL Power Systems, Inc.
9.2.14. Blueday Technology
9.2.15. Watts Marine
9.2.16. Other Key Players
Segmentation of Shipboard Power System Market-
Shipboard Power System Market By Component-
Shipboard Power System Market By Power Output-
Shipboard Power System Market By End-User-
Shipboard Power System Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
