Alternate Marine Power Market is anticipated to expand at a CAGR of 10.5% during the forecast period 2019 - 2027

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Alternate Marine Power MarketGlobal
Industry Analysis, Size, Share, Growth, Trends
and Forecast, 2027
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Global Alternate Marine Power Market Key
Highlights

• The global alternate marine power market was
  valued at US 720 Mn in 2018 and is anticipated
  to expand at a CAGR of 10.5 during the forecast
  period.
• Among the vessels, the others segment held a
  dominant share of the global alternate marine
  power market in 2018. The segment includes
  ferries, Ro-Pax, and tugs. Growth of the others
  segment can be attributed to the rising demand
  for merchant vessels employed to carry
  passengers, cargo, and vehicles.
• In terms of capacity, the 2 MW 5 MW segment
  accounted for a major share of the global
  alternate marine power market in 2018. Surge in
  the demand for shore-side electric power to
  containers and cruises at berth is anticipated to
  fuel the segment during the forecast period.
• The alternate marine power market in Asia Pacific
  is likely to expand at a significant pace during
  the forecast period, owing to rapid urbanization
  and industrialization in the region.

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• Key Drivers of Global Alternate Marine Power
  Market
• Emission of greenhouse gases (GHGs) in and around
  port areas is becoming a major concern across the
  globe. Every year, a large amount of air
  pollutants, such as carbon monoxide, nitrogen
  oxides, sulfur oxides, and particulate matter,
  are released at ports and nearby areas.
• Ships run on bunker fuel, which is one of the
  most polluting fuels. A large number of ships and
  trucks visit ports every day. This causes
  significant increase in the prevalence of
  respiratory diseases and cancer, and it also
  results in the degradation of water quality.
• As per 2014 Clean Power Transport Directive, all
  trans-European core ports of the European Union
  are required to provide alternate marine power as
  a substitute for oil from 2025.
• Furthermore, shipping companies have to pay
  energy taxes on electricity, while ships at berth
  are plugging into alternate marine power systems.
  According to the New Energy Taxation
  Directive 2018, all taxes are exempted on
  electricity utilization from alternate marine
  power systems.
• Alternate marine power systems provide
  electricity as a substitute for diesel, which
  reduces greenhouse gas (GHG) emissions
• Thus, stringent government regulations are
  driving the global alternate marine power market.
• Moreover, significant increase in globalization
  and industrialization has created high demand for
  sea trade, owing to the low cost of
  transportation. This is projected to drive the
  global alternate marine power market during the
  forecast period.

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Major Developments in Global Alternate Marine
Power Market

• In August 2019, MacGregor completed the
  acquisition of the marine and offshore businesses
  of TTS Group. The deal was finalized in
  February 2018, and was valued at approximately
  US 96 Mn.
• In March 2019, Cavotec SA bagged a contract for
  the installation of an alternate marine power
  system. The order was valued at approximately US
  12 Mn. The system is expected to be operational
  by 2020.
• In November 2018, Siemens signed a contract with
  MV WERFTEN Wismar GmbH to install a turnkey
  Siharbor onshore power supply (OPS) system.
  The system would be used to build Global-class
  cruise ships. The order covers all components
  required for powering ships and grid connections.
  It also includes the completion of substations
  and transformers, and installation of
  medium-voltage switch gears.
• In September 2018, ABB Ltd. was awarded a
  contract to deliver the new shore-to-ship
  technology to Her Majestys Naval Base (HMNB) in
  Portsmouth, the U.K. HMNB Portsmouth accommodates
  almost 66 of the U.K. Navys surface fleet,
  including Queen Elizabeth-class aircraft
  carriers, Fishery Protection Squadron, vessels,
  and frigates.
• In 2017, Vancouver Fraser Port Authority awarded
  a contract to ABB to provide a technology
  solution that would enable the supply of shore
  power to the GCT Delta port of GCT Global
  Container Terminals Inc., which is located in
  Canada.

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