The titled, “Global Hybrid Electric Marine Propulsion Engine Market” report published by Adroit Market Research provides an extraordinary analysis for evaluating the Hybrid Electric Marine Propulsion Engine industry, highlighting opportunities and supporting strategic and skillful decision-making.
The global Hybrid Electric Marine Propulsion Engine Market is expected to reach a market value of USD 708.6 million by 2025 due to increasing penetration of hybrid engines especially in cargo ships. This surge in demand for hybrid marine propulsion engines is a result of reduction in operating and maintenance costs achieved through the installation of these systems. Along with cost reduction, deployment of hybrid propulsion engines is being adopted with a view to curb the destruction of marine environments caused by conventional mechanical propulsion systems. Rising growth of the global hybrid vessels market on account of increasing need to enhance the global maritime trade and cruise tourism industry is further supplementing the sales of electric propulsion engines.
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The competitive landscape of global hybrid electric marine propulsion engine market is highly fragmented owing to the presence of several local players.
Companies including in the Hybrid Electric Marine Propulsion Engine Market report:
- Caterpillar
- MAN Diesel & Turbo,
- Mitsubishi Heavy Industries,
- Rolls-Royce,
- Wartsila Finland Oy,
- Cummins, Hybrid Marine,
- STEYR Motors,
- Elco Motor Yachts,
- Oceanvolt,
- Beta Marine,
- Leonardo DRS
- GE
Shipping is very important to the world economy as it is a critical mode of distribution of goods between different regional markets. It is a vital cog in international import and export infrastructure. However, the shipping industries are facing mounting pressures to reduce its emissions of greenhouse gases such as carbon dioxide which are causing the destruction of the marine ecosystem. The shipping industry contributes ~3% of global emission of CO2 gases. The hybrid systems are an environment friendly substitute with low exhaust emissions. This has pushed the cargo carriers to adopt hybrid electric propulsion systems as an appropriate solution to replace the mechanical propulsion systems and decrease overall CO2 emissions.
In a hybrid electric propulsion system, the energy transmission is electrical and the propulsion and thruster are variably electrically driven. This results in significant reductions in the fuel consumption especially in vessels with capacities below 150 kW. These cost reductions offered by the hybrid systems present the vessel owners better profit-making proposition as compared to the diesel driven propulsion systems. The ever-increasing demand to reduce fuel consumption and maintenance expenditures has led to a widespread adoption of these systems. Hybrid vessels with capacities less than 150 kW are expected to account for a major sales share since most recreational boats, small cruise ships, ferries and yacht owners are preferring hybrid propulsion engines to achieve cost reduction.
On the basis of end users, the commercial segment is estimated to offer lucrative prospects in the coming years. The intensive adoption of hybrid electric marine propulsion engines in commercial vessels such as cargo ships, and transport ferries with a view to reduce operational costs have assisted the rapid growth of this segment. Rapid growth of the global tourism industry has led to the production of new and technologically advanced ships which has further boosted the demand for hybrid engines. The commercial segment is anticipated to project the highest CAGR of more than 6% during the forecast period.
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Geographically, Asia Pacific region is anticipated to observe the fastest growth during the forecast period. This growth is facilitated by the growing number of cargo vessels to support the large-scale expansion of trade in this region. Asia Pacific is a rapidly developing economic region engaged in large scale import and export. The increasing demand for cost effective hybrid solution coupled with rising government initiatives to curb emission levels are the primary factors supporting the market in this region.
**Key Segments of the Global Hybrid Electric Marine Propulsion Engine Market:
1] Type Overview, 2013-2025 (Unit) (USD million)
- < 150 kW
- 151-500 kW
- 501-750 kW
2] Applications Overview, 2013-2025 (Unit) (USD million)
- Commercial
- Leisure
3] Regional Overview, 2013-2025 (Units) (USD million)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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**Major Points from TOC of the Hybrid Electric Marine Propulsion Engine Industry:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
- Research approach
- Scope, definition, and assumptions
- Data sources
Chapter 3 Hybrid Electric Marine Propulsion Engine Market Outlook
Chapter 4 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Capacity
- <150 kW
- 151-500 kW
- 501-750 kW
Chapter 5 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Application
- Commercial
- Leisure
Chapter 6 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Region
Chapter 7 Industry Structure
Chapter 8 Company Profiles
…Continued
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Global Hybrid Electric Marine Propulsion Engine Market Share Report, 2020-2027 The GMI Research speculates that the Hybrid Electric Marine Propulsion Engine Market is beholding acceleration in demand over the forecast period.
This is mainly due to their execution on offshore vessels, efficient navigation of ships, cost-effectiveness, and enhanced safety of the marine ecosystem.Request a free sample of this reportIntroduction of the MarketHybrid propulsion is a system applied in vehicles and involves two or more propulsion sources across one design used together or alternately.
The engine is a mixture of diesel engines and electricity-powered propulsion systems that optimize engine operation while minimizing emissions.Leading Players of the Market:ABB Ltd.Caterpillar Inc.BAE Systems PlcMitsubishi Heavy industries, Ltd.Siemens AGGeneral Electric CompanyTorqeedo GmbHSchottel GmbHWartsila CorporationRolls-Royce PlcHybrid Electric Marine Propulsion Engine Market Dynamics The drivers responsible for the growth in the global hybrid electric marine propulsion engine market includes the augmenting endorsement of fuel-effective systems, less operating cost owing to their lower fuel usage, decreased operating expenditure, and intensified implementation of shops and ferries to transport in coastal waterways.
In accordance with the United Nations Conference on Trade and Development (UNCTAD), in 2019, the worldwide commercial shipping fleet expanded by 4.1%, with the global maritime trade predicting to reach nearly 3.4% annual growth from 2019 to 2024.However, as per the market research, inflated costs associated with the manufacturing and maintenance of these systems may hinder market growth.
Additionally, the surging prominence and acceptance of diesel-based systems will curb the hybrid electric marine propulsion engine market share.Type Segment DriversBased on the type, diesel-electric is predicted to dominate the market over the forecast period.
This is mainly because of their aggravating employment in naval vessels and large ships led by high dependability, fuel proficiency, and less emission during functioning.Ship Type Segment DriversOn the basis of ship type, the anchor handling tug supply (AHTS) vessel is forecasted to attain a higher share owing to their robust demand in oil drilling application and growing utilization in the form of Emergency Response and Rescue Vessel (ERRV).
Hybrid Electric Marine Propulsion Engine Industry research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period.
Get FREE Sample Report Before Buying @ https://www.upmarketresearch.com/home/requested_sample/4530 UpMarketResearch offers a latest published report on “Global Hybrid Electric Marine Propulsion Engine Market Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report.
Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
The numerical data is backed up by statistical tools such as SWOT analysis, BCG matrix, SCOT analysis, PESTLE analysis and so on.
The statistics are represented in graphical format for a clear understanding on facts and figures.
The generated report is firmly based on primary research, interviews with top executives, news sources and information insiders.
The Hybrid And Full Electric Marine Propulsion Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hybrid and full electric marine propulsion market include AB Volvo Penta, BAE Systems, Caterpillar Inc., Cummins Inc., Fairbanks Morse Engine, GE, MAN Diesel & Turbo SE, Masson-Marine S.A.S, Niigata Power Systems Co., Ltd., Rolls Royce Plc., STEYR MOTORS GmbH, Torqeedo GmbH, and Wärtsilä Corporation.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hybrid And Full Electric Marine Propulsion Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/hybrid-and-full-electric-marine-propulsion-market/download-sampleMarket DynamicsThe increasing number of marine ships for operational purpose inside and outside a country is boosting the demand for fuel-efficient marine propulsion systems.
Increasing usage of ferries for transportation purposes in coastal waterways is fuelling the market growth.
Increasing investment for the development of fuel-efficient marine propulsion systems owing to the implementation of strict regulations around the emission control areas (ECA) across the globe is further fuelling the demand in the market.
