The global marine hybrid propulsion market share was USD 3.93 billion in 2021. The market is expected to grow from USD 4.60 billion in 2022 to USD 9.99 billion by 2029 at a CAGR of 11.71% in the 2022-2029 period. This information is provided by Fortune Business Insights™, in its report titled, “Marine Hybrid Propulsion Market, 2022-2029.”
Driving Factors
Growing Demand for Electric Propulsion Technology from Shipbuilding Industry to Drive Growth
Marine hybrid propulsions are basically utilized in merchant ships, recreational boats, and naval ships. The electric propulsion system utilizes diesel generators and gas turbines. Diesel generators primarily produce three-phase electricity. It offers electric power motors to rotate propellers. The electric propulsion technology aids to decline the undesirable noise created by marine engines and eradicates the requirement for gearboxes and clutches. This is expected to bolster the marine hybrid propulsion market growth.
Regional Insights
Europe to Dominate Backed by Increasing Marine Trade Activities
Europe held the largest marine hybrid propulsion market share and was valued at USD 1.11 billion in 2020. The augmented quantity of ships owing to the surging international seaborne trade resulted in growing demand for propulsion systems and propellers throughout Europe.
Asia Pacific is predicted to display the highest growth during the forecast period.
List of Key Players Covered in the Report
- ABB Ltd. (Switzerland)
- BAE Systems (U.K.)
- Caterpillar Inc. (U.S.)
- General Electric Company (U.S.)
- MAN Diesel & Turbo SE (Germany)
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128
