The global hybrid and full electric marine propulsion market bearsa fairly fragmented vendor landscape, says Transparency Market Research (TMR)in a recently published report. This is solely because of the existence oflarge, medium, and small scale players in the market. BAE Systems, WartsillaCorporation, AB Volvo Penta, Niigata Power Systems, and Fairbanks Morse Engineare the leading companies in the global hybrid and full electric marinepropulsion market.
In this highly fragmented market, larger companies are trying to adoptsome strategic alliances to gain better growth opportunities. These players arefollowing vast regulations and requirements for ensuring reliability and safetyof their products. Medium-sized vendors in the global hybrid and full electricmarine propulsion market are looking out for opportunities to collaborate withlarger players for improving their revenue indexes. Established companies areinvesting more in adopting marine propulsion technology, specificallyrenewable/hybrid technology for impelling their growth meter in the market. Thecompetition is further getting intensified with the entry of numerous localplayers who are focusing hard on delivering quality services.
According to experts from TMR, the global hybrid and full electricmarine propulsion market is expected to gain revenue worth US$7,516.7 mn by theend of 2026. The market stood at US$3,247.4 mn in 2017. Experts project thisgrowth to occur at a promising CAGR of 9.8% during the forecast period from2018 to 2026.
Among the various propulsion types inthe market, demand for hybrid vessel segment is expected to boost the globalhybrid and full electric marine propulsion market during the forecast period.This is because of high utilization of solar and renewable energy as storageoption in hybrid vessels. Region wise, Europe is expected to account for adominant share in the global hybrid and full electric marine propulsion marketin the coming years. This is attributed to the increasing promotion about thedevelopment of carbon-free fuel efficient marine systems in the region.
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=58002
RisingUsage of Ferries for Transportation Purposes to Boost Market
Marine propulsion is a system or mechanism which is employed forgenerating thrust to move boat or ship across water. In hybrid and fullelectric marine propulsion systems, mostly battery packs are used for thepropulsion. The minor difference between these two types of propulsions includethe source of power for generating the propulsion. In full electric marinevessels, complete propulsion is made by the usage of rechargeable batteries. Onthe other hand, in hybrid marine vessels, alternate fuel such as LNG and Dieselas well as battery are utilized to make the propulsion. Such USPs are drivingthe global hybrid and full electric marine propulsion market. Along with this,governments’ stringent regulations in pertaining carbon emissions along withoil spillage are augmenting demand in the global hybrid and full electricmarine propulsion market.
More Trending Reports
Furthermore, increasing number of marine ships for various operationsand rising usage of ferries in coastal waterways are also boosting the globalhybrid and full electric marine propulsion market. Apart from these, rapidincorporation of advanced technologies in marine propulsion systems is alsofueling growth in the global hybrid and full electric marine propulsion market.
Volatility in Costs of Crude Oil and Regulations inMarine Fuel Emissions Hinders Market’s Growth
A few major challenges hindering the growth of the global hybrid andfull electric marine propulsion market include the volatile prices of crude oiland governments’ strict rules against marine fuel emissions. Nonetheless, thesluggish growth rate of the market is compensated by persistent demand forlow-priced LNG and natural gas for making the propulsion in hybrid vessels.Such factors are believed to help overcome this challenge in the near future.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=58002<ype=S
AboutUs
TransparencyMarket Research is a next-generation market intelligence provider, offeringfact-based solutions to business leaders, consultants, and strategyprofessionals.
Our reportsare single-point solutions for businesses to grow, evolve, and mature. Ourreal-time data collection methods along with ability to track more than onemillion high growth niche products are aligned with your aims. The detailed andproprietary statistical models used by our analysts offer insights for makingright decision in the shortest span of time. For organizations that requirespecific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of rightsense of fact-oriented problem solving methodologies and leveraging existingdata repositories.
TMRbelieves that unison of solutions for clients-specific problems with rightmethodology of research is the key to help enterprises reach right decision.
Contact
90 StateStreet, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
