Machinery

Global Marine Hybrid Propulsion Market Outlook, Opportunities And Strategies

November 12, 2021 by The Business Research Company

Learn about the global marine hybrid propulsion market through The Business Research Company, which provides information on marine hybrid propulsion market size, marine hybrid propulsion market drivers and restraints, marine hybrid propulsion market players, the COVID-19 impact on the marine hybrid propulsion market, and more.

The global marine hybrid propulsion market is expected to grow from $2.88 billion in 2020 to $3.10 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth in the marine hybrid propulsion market is mainly due to the increase in international trade, expanding shipbuilding industry, rising demand for electric propulsion technology, and rising shift from conventional to hybrid propulsion units. The market is expected to reach $5.02 billion in 2025 at a CAGR of 12.8%.

An increase in international trade is expected to drive innovation in marine hybrid propulsion manufacturing, thus driving the market during the forecast period.

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The marine hybrid propulsion market consists of sales of marine hybrid propulsion systems by entities (organizations, sole traders, and partnerships) that manufacture marine hybrid propulsion systems. Hybrid propulsion is a propulsion system for a vehicle that involves two or more sources of propulsion in one design usually that can be used collectively or alternately. Hybrid propulsion improves the fuel efficiency of vessels with variable power demand such as tug boats, fishing vessels, and others.

Global marine hybrid propulsion market segments include:

By Propulsion Type: By Propulsion Type, Diesel-Electric, Parallel Hybrid, Serial Hybrid, Full Electric, Gas Turbine, Fuel Cell

By Ship Type: Anchor Handling Tug Supply Vessels, Platform Supply Vessels, Yachts, Motor Ferry, Cruise Liner, Others

By Power Rating: 0-300 KW, 301-500KW, 501KW-800KW

By Application: Commercial, Logistics, Offshore Drilling, Naval, Others

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe was the largest region in the marine hybrid propulsion market in 2020

The launch of integrated propulsion systems has emerged as a key trend in the marine hybrid propulsion market. Major players operating in the marine hybrid propulsion field are focusing on introducing new hybrid propulsion systems to improve performance, environmental compatibility, and propulsion system versatility.

TBRC’s marine hybrid propulsion market report covers:

Major Market Players: BAE Systems, Schottel, MAN Energy Solutions, Siemens, ABB Ltd, General Electric Company, Steyr Motors, Mitsubishi Heavy Industries, Torqeedo, and Wartsila Corporation.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)

The Marine Hybrid Propulsion Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides marine hybrid propulsion market overviews, analyzes and forecasts market size, share, marine hybrid propulsion market players, marine hybrid propulsion market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s marine hybrid propulsion market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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