Marine Hybrid Propulsion Market – Industry Trends, Size, Growth Insight, Share, Emerging Technologies, Share, Competitive, Regional, And Global Industry Forecast To 2027

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Marine Hybrid Propulsion market – Industry Trends, Size, Growth Insight, Share, Emerging Technologies, Share, Competitive, Regional, And Global Industry Forecast To 2027

Theglobal ''marine hybridpropulsion market'' is anticipated to gain momentum in the coming years onaccount of the advent of technologically advanced fuel-driven system forgenerating thrust to move naval vessels into the water. As per a recent reportby 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 PropulsionSystem) 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 RegionalForecasts, 2020-2027,” the value of this market was USD 3.53 billion inthe year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion bythe end of 2027.

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The Report Answers theFollowing Queries:

What is the nature of the market for marine hybrid propulsion?
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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 HybridAutomotive Technology to Add Impetus

Theimposition of stringent regulations on sea emissions is a major factor boostingthe global marine hybrid propulsion market growth. This, coupled with therising switch towards environment-friendly hybrid variety from fuel-basedconventional propulsion will also add impetus to the market in the forecastperiod. Additionally, the rising operational performance of naval vessels willalso boost this market. Furthermore, nowadays, battery-powered storage systemsare used as backup units for propulsion system that will help imitate the externalload of the engines used in ships and vessels, thereby reducing the consumptionof fuel. This will further add impetus to this market in the coming years.

Onthe contrary, factors such as the high cost of installation and maintenance maypose a major challenge to the market in the coming years. Additionally, thecurrent COVID-19 pandemic has propelled all businesses on waterbodies to atemporary halt, therefore having a major impact on economy. This, coupled withthe increasing adoption rate of propulsion systems running on diesel may hamperthe market growth in the long run owing to the high price of diesel.Nevertheless, the increasing procurement of offshore vessel support fromcompanies dealing with shipbuilding and increasing expenditure on small cargoships are likely to help create new growth opportunities to this market in thecoming years.

Segment

Diesel-electric SegmentEarned Dominance Owing to Fuel-efficient Technology

Onthe basis of segmentation by type, the diesel-electric segment earned thehighest marine hybrid propulsion market share in 2019. This is accountable tothe fact that diesel-electric propulsion is efficient in technology and ishighly adopted in naval vessels. However, the gas-electric propulsion segmentis likely to emerge as the dominant segment in the coming years on account ofits growing use in anchor handling supply vessels.

Regional Analysis-

Increasing Procurement of Offshore Vessel Support to Help NorthAmerica Emerge Dominant

Geographically,North America earned a revenue of USD 1.01 billion in the year 2019 and earnedthe largest marine hybrid propulsion market share. This is attributed to therising procurement of offshore vessel support for Canada and the U.S. Themarket in Europe will rank second on account of the presence of majormanufacturing bases such as Rolls Royce, General Electric Company, and BAESystems. Furthermore, this market in Asia Pacific is expected to exhibit thefastest CAGR in the coming years on account of the expansion of theshipbuilding industry in India and China.

Marine Hybrid Propulsion Market report Focus on:

Extensive product offerings
Customer research services
Robust research methodology
Comprehensive reports
Latest technological developments
Value chain analysis
Potential Market opportunities
Growth dynamics
Quality assurance
Post-sales support
Regular report updates

Reasons to Purchase this Report:

Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
Identifies market restraints and boosters.
Identifies all the possible segments present in the market to aid organizations in strategic business planning.

Key Questions Answered:

Why Choose Fortune Business Insights?
What are the key demands and trends shaping the market?
What are the key opportunities in the market?
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

Browse Summary of this Research Report with Detailed Table ofContent:

https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128

Competitive Landscape-

Companies Focusing onFuel Efficiency to Gain Competitive Edge

Mostof the players operating in this market are engaging in the research,designing, and development of hybrid propulsion systems that are fuelefficient. They are also investing heavily on the development of advancedmaterials to gain a competitive edge in the market. Furthermore, the playersbelieve that a diverse portfolio will help them compete for the top position inthe market.

Major Industry Developments of this Market include:

March 2019 – CWIND and ØRSTED entered into ajoint venture for delivering propulsion systems for the Surface Effect Ship.

List of the LeadingCompanies 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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