Marine Hybrid & Full Electric Propulsion - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Marine Hybrid & Full Electric Propulsion Market is accounted for $3.42 billion in 2020 and is expected to reach $7.87 billion by 2028 growing at a CAGR of 11.0% during the forecast period. The increase in adoption of hybrid propulsion systems in retrofit ships and the significant increase in sea trade are the major factors propelling the market growth. However, high initial investments and inadequate infrastructure are hindering the market growth.
Marine propulsion is used to generate thrust to propel a boat and ship across the water. The arrangement of the entire propulsion system relies on the type of operation, the system of transport, and the size of the vessel. However, almost all types of vessels such as recreational vessels, defense vessels, yachts, ferries, and tugboats employ hybrid systems to move. Diesel-electric marine propulsion systems are increasingly used in marine vessels.
Based on the propulsion, the full electric propulsion segment is estimated to have a huge demand due to the implementation of stringent regulations related to the minimization of harmful carbon emissions. Full electric marine propulsion enhances the overall efficiency of the vessel. It also reduces the carbon footprint.
By geography, the Asia Pacific is going to have lucrative growth during the forecast period. Investments in the shipping industry have increased significantly in the region over the past few years, due to the rise in sea trade in countries such as China and Japan.
Some of the key players profiled in the Marine Hybrid & Full Electric Propulsion Market include Wärtsilä, Torqeedo, STEYR MOTORS, Rolls-Royce plc, Masson Marine, Cummins, IHI Power Systems Co.,Ltd., General Electric, Fairbanks-Morse, MAN Energy Solutions, Caterpillar, BAE Systems, and AB Volvo.
Power Ratings Covered:
• Up to 1 Megawatt
• 1.1 Megawatt - 2 Megawatt
• 2.1 Megawatt - 3.5 Megawatt
• Above 3.5 Megawatt
• Liquefied Natural Gas (LNG)
• Other Fuels
Revolutions Per Minute (RPM) Covered:
• 0 RPM - 1,000 RPM
• 1,001 RPM - 2,500 RPM
• Above 2,500 RPM
• Hybrid Propulsion
• Full Electric Propulsion
End Users Covered:
• Cruise Ships
• Defense Vessels
• Offshore Support Vehicles
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
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- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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