Marine Hybrid & Full Electric Propulsion Market: Introduction
In terms of value, the global marine hybrid & full electric propulsion market is expected to reach US$ 7.8 Bn by 2030, expanding at a CAGR of ~9% during the forecast period. Based on volume, the global marine hybrid & full electric propulsion market is estimated to reach 975 units by 2030, expanding at a CAGR of ~9% during the forecast period. Based on propulsion, the hybrid propulsion segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 2,857.9 Mn in 2019 and is expected to create an incremental opportunity of US$ 4,434.3 Mn during the forecast period.
This can be ascribed to the increase in incorporation of hybrid propulsion systems in old as well as new marine vessels. In terms of end use, the ferries segment held a significant share of the global marine hybrid & full electric propulsion market in 2019. It is likely to continue its dominance during the forecast period. Market share of the segment is anticipated to rise to 33.36% by 2030. Demand for ferries is high across the world, as they can carry passengers as well as vehicles.
Get PDF sample for Industrial Insights and business Intelligence –https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=78469
In terms of power rating, the 2.1 MW – 3.5 MW segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment constituted prominent share of 46.23% of the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 1,388.7 Mn in 2019 and is projected to reach US$ 3,555.4 Mn by 2030. Based on RPM, the 1,001 RPM – 2,500 RPM segment accounted for significant share of 65.03% of the global marine hybrid & full electric propulsion market in 2019. The segment is anticipated to create an incremental opportunity of US$ 2,773.4 Mn during the forecast period. The demand for tugboats, yachts, ferries, and cruise ships with RPM of 1,001 RPM – 2,500 RPM has been rising since the past few years, due to increase in sea trade and tourism.
In terms of fuel, the diesel segment led the global marine hybrid & full electric propulsion market with 76.74% share in 2019. The segment is anticipated to create an incremental opportunity of US$ 3,683.2 Mn during the forecast period. Diesel is a commonly used fuel in the marine industry, due to its ease of availability and cost-effectiveness. Asia Pacific is projected to be a highly lucrative region of the global marine hybrid & full electric propulsion market during the forecast period. Asia Pacific held 40.81% share of the global marine hybrid & full electric propulsion market in 2019. The market in the region is likely to create an incremental opportunity of US$ 1,225.8 Mn during the forecast period.
Make an Enquiry before Buying –https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=78469
Major Drivers of Marine Hybrid & Full Electric Propulsion Market
The implementation of stringent government regulations to reduce carbon emissions across the globe is likely to boot the demand for marine hybrid & full electric propulsion during the forecast period. Ships run on bunker fuel, which causes high level of pollution. Furthermore, greenhouse gases are a major concern across the globe. Every year, air pollutants such as carbon monoxide, nitrogen oxide, sulfur oxide, and particulate matter are released in large amounts into the environment. Governments of various countries across the world are enacting rules and regulations to reduce pollution. For instance:
- In 2017, the U.S. Government and the Government of Canada passed bills to formulate fuel-sulfur limits and NOx emissions in emission control areas in North America. These areas include coastal waters of up to 200 nautical miles from coasts of Alaska and Hawaii.
- Vessels entering these areas must meet the requirement that fuel-sulfur concentrations should not exceed 0.10 weight%. Engines above 130 kW installed on vessels built since 2000 must be certified to meet appropriate emission standards corresponding to the building date of vessels. Engines installed on new and modified vessels are subject to the Annex VI Tier III NOx standards.
From January 1, 2020, member countries of the European Union have to ensure that ships in all European Union waters use fuels with sulfur content of no more than 0.5%. Furthermore, all ships passing through these NOx emission control areas must use defined mandatory engine standards or equivalent NOx emission reduction technologies to comply with stringent NOx emission levels. Hybrid and full electric vessels can play a major role in reducing pollution, as these vessels run on electricity. Thus, implementation of stringent government regulations to lower emissions is estimated to drive the global marine hybrid & full electric propulsion market during the forecast period.
Prominent Developments in Global Marine Hybrid & Full Electric Propulsion Market
On July 16, 2020, BAE Systems announced that it had been awarded a US$ 32 Mn prototype agreement by the U.S. Army’s Rapid Capabilities and Critical Technologies Office (RCCTO) to integrate a Hybrid Electric Drive (HED) system onto a Bradley Fighting Vehicle. The company also announced, along with its teammate QinetiQ that it will use an existing Bradley Fighting Vehicle as the test bed for integrating the HED technology under the Combat Vehicle Power and Energy architecture and mobility capabilities development program. In June 2020, Caterpillar announced that it had acquired select assets from Marble Robot, Inc., a San Francisco, California-based robot and autonomy technology solutions company. It also declared that the acquisition was part of the company’s automation and autonomy strategy and demonstrates commitment to the next generation of jobsite solutions.
Request Customization –https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=78469
Competition Landscape of Marine Hybrid & Full Electric Propulsion Market
The market dynamics are dependent on long-term contracts, goodwill of companies, and product portfolio. Large number of shipping companies operate in the marine hybrid & full electric propulsion market. However, shipping companies prefer hybrid or full eclectic prolusion system, due to changing pollution norms and better fuel efficiency. Major players operating in the global marine hybrid & full electric propulsion market are Cummins Inc, General Electric, Caterpillar, BAE Systems, AB Volvo, IHI Power Systems Co.,Ltd., Fairbanks Morse, Masson Marine, Wärtsilä Corporation, Rolls-Royce plc., STEYR MOTORS GmbH , MAN Diesel & Turbo SE, and Torqeedo GmbH.
Get Trending Report:
Forklift Battery Market– Forklift Battery Market is expected to surpass the value US$ 43.1 Bn by 2031, expanding at a CAGR of 6.8% during the forecast period 2022-2031
FPSO Market – FPSO Market is projected to cross US$ 14.63 Bn by 2031, expanding at a CAGR of 11.9% during the forecast period 2021 -2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Nikhil Sawlani Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Blog: https://tmrblog.com Email: email@example.com