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.
Competitive Landscape
Some Major Key Players In The Shipboard Power System Market:
- 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
- Other Market Players
Market Segmentation:
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.
Based On The Component, The Cables And Accessories Segment Is Accounted As A Major Contributor To The Shipboard Power System Market
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.
Commercial Ships Segment To Witness Growth At A Rapid Rate
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.
In The Region, The Asia Pacific Shipboard Power System Market Holds A Significant Revenue Share
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.
Recent Development:
- In Oct 2024, GE Aerospace's LM2500 was selected to power the Indian Navy's Next Generation Missile Vessels (NGMV) constructed by Cochin Shipyard Limited in Kochi, India. GE Aerospace will deliver six LM2500 marine gas turbine engine kits for assembly and testing by Hindustan Aeronautics Limited (HAL) Industrial and Marine Gas Turbine Division in Bangalore, India. Furthermore, GE Aerospace will provide its composite base and enclosure, along with a complete set of gas turbine auxiliary systems.
Shipboard Power System Market Report Scope :
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 1.8 Bn |
|
Revenue Forecast In 2034 |
USD 3.4 Bn |
|
Growth Rate CAGR |
CAGR of 6.8% from 2025 to 2034 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
|
Historic Year |
2021 to 2024 |
|
Forecast Year |
2025-2034 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, Power Output, Indication, And End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
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. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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