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Implementation of stringent regulations related to minimization of harmful carbon emissions is propelling the demand for fuel efficient propulsion systems such as hybrid and full electric marine propulsion systems. Increase in seaborne trade has resulted in spillage of marine fuel in the marine ecosystem. Therefore, governments of several countries are funding and supporting development and adoption of the latest technologies in marine propulsion systems.
Several firms are actively developing fuel-efficient marine propulsion systems. Rise in demand for small- and mid-size vessels with fuel-efficient propulsion systems used in inland waterways is expected to drive the global Hybrid and Full Electric Marine Propulsion Market during the forecast period. Developed as well as developing countries are investing significantly in the defense sector. Demand for hybrid and full electric marine propulsion systems in Asia Pacific is gaining momentum due to the rise in seaborne trade, increase in manufacture of new vessels, and rise in upgrade of existing vessels into hybrid or full electric propulsion ones.
This report analyzes and forecasts the hybrid and full electric marine propulsion market at the global, regional, and country level. The market has been forecast based on revenue (US$ Mn) and volume (units) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global hybrid and full electric marine propulsion market. It also covers impact of these drivers and restraints on demand for marine propulsion during the forecast period. The report also highlights opportunities in the hybrid and full electric marine propulsion market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global hybrid and full electric marine propulsion market. Porter’s Five Forces model for the hybrid and full electric marine propulsion market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein propulsion type, vessel, power rating, RPM, and region/country are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global hybrid and full electric marine propulsion market by segmenting it in terms of propulsion type, vessel, power rating, RPM, and region. In terms of propulsion type, the hybrid and full electric marine propulsion market has been classified into hybrid vessel and full electric vessel. Based on vessel, the market has been divided into tugboats & OSVs, ferries, defense vessels, yachts, cruise ships, and others (fishing vessels, water sports, underwater vehicles (AUV), and workboats. In terms of power rating, the market has been segregated into up to 1 MW, 1.1-2 MW, 2.1-3.5 MW, and above 3.5 MW. Based on RPM, the market has been segregated into 0-1,000 RPM, 1,001-2,500 RPM, and above 2,500 RPM. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for marine propulsion in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the hybrid and full electric marine propulsion market for 2017 and estimated size from 2018 to 2026. The global hybrid and full electric marine propulsion market has been provided in terms of revenue. Market numbers have been estimated based on propulsion type, vessel, power rating, and RPM of the hybrid and full electric marine propulsion market. Market revenue and volume have been provided in terms of global, regional, and country level markets.
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The report comprises profiles of major companies operating in the global hybrid and full electric marine propulsion market. Key players operating in the hybrid and full electric marine propulsion market include Cummins Inc., Caterpillar Inc., AB Volvo Penta, BAE Systems, Wärtsilä Corporation, Rolls Royce Plc., Niigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S., GE, STEYR MOTORS GmbH, MAN Diesel & Turbo SE, and Torqeedo GmbH. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global hybrid and full electric marine propulsion market has been segmented as follows:
Global Hybrid and Full Electric Marine Propulsion Market, by Propulsion Type
- Full Electric Vessel
- Hybrid Vessel
Global Hybrid and Full Electric Marine Propulsion Market, by Vessel
- Tugboats & OSVs
- Ferries
- Defense Vessels
- Yachts
- Cruise Ships
- Others (Fishing Vessels, Underwater Vehicles [AUV], and Water Sports)
Global Hybrid and Full Electric Marine Propulsion Market, by Power Rating
- Up to 1 MW
- 1-2 MW
- 1-3.5 MW
- Above 3.5 MW
Global Hybrid and Full Electric Marine Propulsion Market, by RPM
- 0-1000 RPM
- 1001-2500 RPM
- Above 2500 RPM
Global Hybrid and Full Electric Marine Propulsion Market, by Region
- North America
- S.
- Canada
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Key Takeaways
- Utilization of battery pack in ferries is more than that in other vessel types and is expected to increase during the forecast period
- European countries are focusing more on full electric marine vessels. At the global level, the hybrid and full electric marine propulsion market is expected to expand at a faster pace than the hybrid segment.
- Currently, Asia Pacific and Europe are leading regions in terms of installation of battery packs on marine vessels. The regions constitute more than 75% share of the global market. The trend is expected to continue during the forecast period.
- The hybrid and full electric marine hybrid propulsion market in Asia Pacific is expected to expand at a rapid pace in the near future
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