The global marine hybrid propulsion market size 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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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)
The report focuses on global major leading industry players of market providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. This report focuses on Marine Hybrid Propulsion Market Trend, volume and value at global level, regional level and company level. From a global perspective, this report represents overall Marine Hybrid Propulsion Market Size by analysing historical data and future prospect.
With tables and figures helping analyse worldwide Amphibious Vehicle Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
As stated in the report North America holds a significant share in the market. The trend is unlikely to change and North America may continue holding its position. The growth witnessed is attributable to high presence of key developers in nations such as Canada and U.S.
The Asia Pacific Marine Hybrid Propulsion Market is expected to expand at a promising CAGR during the forecast period. The constantly improving healthcare infrastructure in the region is expected to contribute to Asia Pacific market expansion.
The analysis conducted in the report is based on industry leading tools and techniques. The report prepared by Fortune Business Insights, offers innovative strategies based on various analysis. The information offered is collected from reliable primary and secondary sources. The report also provides information about key companies operating in the market.
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.
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.
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.
Key Questions Answered:
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- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth
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.
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