The global ''marine hybrid propulsion market'' is anticipated to gain momentum in the coming years on account of the advent of technologically advanced fuel-driven system for generating thrust to move naval vessels into the water. As per a recent report by Fortune Business Insights, titled, “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System) By Deadweight (Less Than 5K DWT, 5K-10K DWT , and More than 10K DWT), By Ship Type (Anchor Handling Tug Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs), By Installation (Line Fit and Retrofit) and Regional Forecasts, 2020-2027,” the value of this market was USD 3.53 billion in the year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion by the end of 2027.
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The Report Answers the Following Queries:
- What is the nature of the market for marine hybrid propulsion?
- How will medical tourism aid in expansion of the market?
- What are the key industry developments of the market for marine hybrid propulsion?
- What is the nature of the market for marine hybrid propulsion?
Drivers & Restraints-
Development of Hybrid Automotive Technology to Add Impetus
The imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth. This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period. Additionally, the rising operational performance of naval vessels will also boost this market. Furthermore, nowadays, battery-powered storage systems are used as backup units for propulsion system that will help imitate the external load of the engines used in ships and vessels, thereby reducing the consumption of fuel. This will further add impetus to this market in the coming years.
On the contrary, factors such as the high cost of installation and maintenance may pose a major challenge to the market in the coming years. Additionally, the current COVID-19 pandemic has propelled all businesses on waterbodies to a temporary halt, therefore having a major impact on economy. This, coupled with the increasing adoption rate of propulsion systems running on diesel may hamper the market growth in the long run owing to the high price of diesel. Nevertheless, the increasing procurement of offshore vessel support from companies dealing with shipbuilding and increasing expenditure on small cargo ships are likely to help create new growth opportunities to this market in the coming years.
Segment
Diesel-electric Segment Earned Dominance Owing to Fuel-efficient Technology
On the basis of segmentation by type, the diesel-electric segment earned the highest marine hybrid propulsion market share in 2019. This is accountable to the fact that diesel-electric propulsion is efficient in technology and is highly adopted in naval vessels. However, the gas-electric propulsion segment is likely to emerge as the dominant segment in the coming years on account of its growing use in anchor handling supply vessels.
Regional Analysis-
Increasing Procurement of Offshore Vessel Support to Help North America Emerge Dominant
Geographically, North America earned a revenue of USD 1.01 billion in the year 2019 and earned the largest marine hybrid propulsion market share. This is attributed to the rising procurement of offshore vessel support for Canada and the U.S. The market in Europe will rank second on account of the presence of major manufacturing bases such as Rolls Royce, General Electric Company, and BAE Systems. Furthermore, this market in Asia Pacific is expected to exhibit the fastest CAGR in the coming years on account of the expansion of the shipbuilding industry in India and China.
Marine Hybrid Propulsion Market report Focus on:
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- What Factors are estimated to drive and restrain the market growth
Browse Summary of this Research Report with Detailed Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128
Competitive Landscape-
Companies Focusing on Fuel Efficiency to Gain Competitive Edge
Most of the players operating in this market are engaging in the research, designing, and development of hybrid propulsion systems that are fuel efficient. They are also investing heavily on the development of advanced materials to gain a competitive edge in the market. Furthermore, the players believe that a diverse portfolio will help them compete for the top position in the market.
Major Industry Developments of this Market include:
March 2019 – CWIND and ØRSTED entered into a joint venture for delivering propulsion systems for the Surface Effect Ship.
List of the Leading Companies Operating in the Marine Hybrid Propulsion Market are:
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Caterpillar Inc. (The U.S.)
- Wartsila Corporation (Finland)
- Rolls-Royce plc (The U.K.)
- Torqeedo GmbH (Germany)
- Schottel GmbH (Germany)
- BAE Systems (The U.K.)
- General Electric Company (The U.K.)
- Siemens AG (Germany)
- ABB Ltd. (Switzerland)
- Steyr Motors GmbH (Austria)
- MAN Diesel & Turbo SE (Germany)
- Others
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The global ''marine hybrid propulsion market'' is anticipated to gain momentum in the coming years on account of the advent of technologically advanced fuel-driven system for generating thrust to move naval vessels into the water.
As per a recent report by Fortune Business Insights, titled, “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System) By Deadweight (Less Than 5K DWT, 5K-10K DWT , and More than 10K DWT), By Ship Type (Anchor Handling Tug Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs), By Installation (Line Fit and Retrofit) and Regional Forecasts, 2020-2027,” the value of this market was USD 3.53 billion in the year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion by the end of 2027.
Browse Summary of this Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128
The imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth.
This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period.
Additionally, the rising operational performance of naval vessels will also boost the market for marine hybrid propulsion.
Furthermore, nowadays, battery-powered storage systems are used as backup units for the propulsion systems that will help imitate the external load of the engines used in ships and vessels, thereby reducing the consumption of fuel.
This will further add impetus to the market for marine hybrid propulsion in the coming yearThe global marine hybrid propulsion market is anticipated to gain momentum in the coming years on account of the advent of the technologically advanced fuel-driven system for generating thrust to move naval vessels into the water.
The Report Answers the Following Queries:What is the nature of the market for marine hybrid propulsion?How will medical tourism aid in the expansion of the market?What are the key industry developments of the market for marine hybrid propulsion?What is the nature of the market for marine hybrid propulsion?Drivers & Restraints-Development of Hybrid Automotive Technology to Add ImpetusSome of the Key Players of the Marine Hybrid Propulsion Market include: Mitsubishi Heavy Industries, Ltd. (Japan)Caterpillar Inc. (The U.S.)Wartsila Corporation (Finland)Rolls-Royce plc (The U.K.)Torqeedo GmbH (Germany)Schottel GmbH (Germany)BAE Systems (The U.K.)General Electric Company (The U.K.)Siemens AG (Germany)And Many Others.About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions.
