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Global Marine Hybrid And Full Electric Propulsion Market Report 2024, Forecast To 2033

23 Sep, 2024

The marine hybrid and full electric propulsion market has grown significantly, rising from $4.07 billion in 2023 to $4.56 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. This growth is attributed to increased global trade, rising fuel costs, and the economic benefits of reduced fuel consumption. The market is projected to expand to $7.31 billion by 2028, at a CAGR of 12.5%. Key drivers of future growth include increased maritime trade, local manufacturing, and heightened awareness of environmental impacts. Major trends include advancements in battery technology, renewable energy, and innovations in propulsion systems.

Major Driver In The Marine Hybrid And Full Electric Propulsion Market

The marine hybrid and full electric propulsion market is anticipated to grow with the rise in maritime trade. The shift towards hybrid and electric propulsion systems supports fuel efficiency and reduced emissions. Maritime trade is projected to grow annually by over 2% from 2024 to 2028. The marine hybrid and full electric propulsion market is expected to expand to $1.2 billion in 2024 and $2 billion by 2028, up from $1 billion in 2023.

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Marine Hybrid And Full Electric Propulsion Market Competitive Landscape

Siemens AG, Caterpillar Inc., AB Volvo, ZF Friedrichshafen AG, Cummins Inc., BAE Systems PLC, Rolls-Royce plc, Danfoss, Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, WEG S.A., MAN Diesel & Turbo SE, Kongsberg Gruppen, Schottel GmbH, General Electric Company, Heesen Yachts, Steyr Motors GmbH, Mitsubishi Heavy Industries Ltd., Aspin Kemp and Associates Inc., IHI Power Systems Co.,Ltd., Beta Marine Ltd., Masson Marine, Korindo Energy

Key Marine Hybrid And Full Electric Propulsion Market Trend

The marine hybrid and full electric propulsion market is developing innovative hybrid diesel-electric propulsion systems to improve fuel efficiency and reduce emissions. Elcome International, a UAE-based maritime company, introduced a new hybrid diesel-electric boat propulsion system in March 2022. This system combines smaller, more efficient diesel engines with electric motors to lower fuel consumption and maintenance costs while offering quiet, emission-free operation in sensitive environmental areas.

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Marine Hybrid And Full Electric Propulsion Market Segmentation

The marine hybrid and full electric propulsion market covered in this report is segmented –
1) By Type: Hybrid Propulsion, Full Electric Propulsion
2) By Ship Type: Naval Ships, Yachts, Platform Supply Vessel, Cruise Liner, Other Ship Types
3) By Application: Tugboats, Ferries, Defense Vessels, Other Applications
By Geography:The regions covered in the marine hybrid and full electric propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. Asia-Pacific was the largest region in the marine hybrid and full electric propulsion market in 2023.

The Marine Hybrid And Full Electric Propulsion Global Market Report 2024 furnishes information about the global marine hybrid and full electric propulsion market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.