Global Marine Hybrid Propulsion Market: Overview
Marine hybrid propulsion systems are progressively surfacing as one of the most favored clean propulsion systems worldwide and are being utilized in numerous vessel categories. There efficient and clean mechanism is one of the key benefits of using hybrid propulsion systems, which considerably reduces emissions in comparison to conventional propulsion systems. Traits such as emission-free operations, less fuel consumption, and silent maneuvering have encouraged towage and vessel operators to spend on this technology.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Marine Hybrid Propulsion Market: Growth Factors
The rise in sales and production of ships across the world and the increase in international seaborne trade are the major factors contributing to the growth of the marine hybrid propulsion market. Moreover, the rise in the need for resources such as coal, crude oil, iron, and steel from the developing nations is driving the growth of the market. Nevertheless, strict environmental regulations & rules and huge capital spending needed to install new manufacturing facilities may impede the market growth. Regardless of these obstacles, the increase in the use of inland waterways and technological advancements, such as novel alternative fuel propulsion engine, are anticipated to offer several avenues for new products and propel the growth of the marine hybrid propulsion market.
Global Marine Hybrid Propulsion Market: Segmentation
The worldwide marine hybrid propulsion market can be bifurcated based on end-use, RPM, product type, stroke, power ratings, and geography. The end-user segment of the market can be divided into offshore support vessels, tugboats, defense vessels, ferries, cruise ships, and a yacht. The RPM segment of the marine hybrid propulsion market can be segmented into above 2,500 RPM, 1,001 to 2,500 RPM, and 0 to 1,000 RPM. The product type segment of the market can be categorized into parallel electric, serial hybrid, and diesel-electric. The stroke segment of the marine hybrid propulsion market can be classified into four strokes and two strokes. The power rating segment of the market can be diversified into Above 801 kW, 501 to 800 kW, 301 to 500 kW, and 0 to 300 kW. Geographically, the worldwide marine hybrid propulsion market can be divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Global Marine Hybrid Propulsion Market: Regional Analysis
North America and Europe are deemed to be the biggest markets for the marine hybrid propulsion systems. Nevertheless, Asia Pacific is expected to surface as one of the major markets for this technology. The extremely environment-conscious North America and Europe are anticipated to dominate the worldwide marine hybrid propulsion market in the coming period. On the contrary, the marine hybrid propulsion market in the Asia Pacific is yet not as flourished as in Europe and North America. The vessel and towage operators offering services in this area are progressively budging to hybrid propulsion systems from conventional diesel. Various attractive technologically enhanced models are anticipated to be launched in the future.
Global Marine Hybrid Propulsion Market: Competitive Players
The key players in the worldwide marine hybrid propulsion market include General Electric, Volvo Penta, Rolls-Royce plc, MAN Diesel & Turbo SE, BAE Systems plc, Caterpillar Inc., Siemens AG, SCHOTTEL Group, and Aspin Kemp & Associates.
Global Marine Hybrid Propulsion Market: Regional Segment Analysis
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