The alternative marine power market has been valued at US$ 812 million in the year 2021 and it is estimated to reach US$ 2082.29 million by the year 2027, with a CAGR of 12.5% from 2021 to 2026. Alternative marine power is an anti-pollution measure that helps in reducing air pollution generated from diesel generators by using shore electric power as a substitute; these are the main factors that have considerably increased the demand for Alternative marine power in the market, thereby driving the huge growth of the Alternative marine power market in the upcoming years
Market Drivers and Restraints:
The main factors that have considerably increased the demand for Alternative marine power in the market are mainly due to the Increasing environmental awareness that has compelled stakeholders in the alternate marine power landscape to adopt electric vessels. Stakeholders in the alternate marine power market are adopting electric vessels integrated with hybrid power and combined power source technology to reduce fossil fuel consumption; these are the main factors that have considerably increased the demand for Alternative marine power in the market, thereby driving the huge growth of the Alternative marine power market in the upcoming years
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The report is segmented as:
The alternative marine power Market is segmented on the basis of:
By Vessel (Container Vessels, Cruises, and Roll-on/Roll-off Ships),
By Power (Up to 2 MW, 2 MW – 5 MW, Above 5 MW)
The alternative marine power Market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, and the rest of the world. North America has the dominant share in Alternative marine power due to the increasing R&D to develop transmission cables that do not overheat the insulation surrounding the conductor these are the main factors that have considerably increased the demand for Alternative marine power in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Alternative marine power Market
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Impact of COVID-19 on the Market
Covid -19 pandemic has created huge losses in every sector across the world, and a temporary lack of growth in export and import activities, which has impacted the raise of Alternative marine power market growth. Due to covid-19 many companies have shut down and stopped their production and have decreased the availability of Alternative marine power. Due to the government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies. In recent days relaxation in restrictions by the government and people getting vaccinated to stop the spread of coronavirus are expected to raise the Alternative marine power market growth.
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