Global Marine Hybrid Propulsion Market Trends And Strategies Of Major Players In The Marine Hybrid Propulsion Market 2021-2030
29 Jul, 2021
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 Size And Drivers:
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 contributing to the growth of the marine hybrid propulsion market.
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Trends In The Global Marine Hybrid Propulsion Market
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. For instance, in November 2020, Havyard, a Norwegian shipbuilding group announced that its new hydrogen propulsion system for large ocean-going ships should be completed next year as a potential alternative fuel to help reduce its carbon footprint. It has developed a ship’s propulsion systems with integrated LH2 tank and fuel cells.
Global Marine Hybrid Propulsion Market Segments:
The global marine hybrid propulsion market is further segmented based on propulsion type, ship type, power rating, application and geography.
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 global marine hybrid propulsion market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the marine hybrid propulsion market in 2020.
Read More On The Report For The Global Marine Hybrid Propulsion Market At:https://www.thebusinessresearchcompany.com/report/marine-hybrid-propulsion-global-market-report
Marine Hybrid Propulsion Global Market Report 2021 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 and growth for the global marine hybrid propulsion market, marine hybrid propulsion market share, marine hybrid propulsion market players, marine hybrid propulsion market segments and geographies, marine hybrid propulsion market’s leading competitors’ revenues, profiles and market shares. The marine hybrid propulsion market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.