The report titled, “Global Hybrid Electric Marine Propulsion Engine Market” published by Adroit Market Research provides an extraordinary analysis for evaluating the Hybrid Electric Marine Propulsion Engine industry, highlighting opportunities and supporting strategic and skillful decision-making in between 2018-2025
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The global Hybrid Electric Marine Propulsion Engine Market is expected to reach a market value of USD 708.6 million by 2025 due to increasing penetration of hybrid engines especially in cargo ships. This surge in demand for hybrid marine propulsion engines is a result of reduction in operating and maintenance costs achieved through the installation of these systems. Along with cost reduction, deployment of hybrid propulsion engines is being adopted with a view to curb the destruction of marine environments caused by conventional mechanical propulsion systems. Rising growth of the global hybrid vessels market on account of increasing need to enhance the global maritime trade and cruise tourism industry is further supplementing the sales of electric propulsion engines.
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The competitive landscape of global hybrid electric marine propulsion engine market is highly fragmented owing to the presence of several local players.
***Companies including in the Hybrid Electric Marine Propulsion Engine Market report:
Caterpillar
MAN Diesel & Turbo,
Mitsubishi Heavy Industries,
Rolls-Royce,
Wartsila Finland Oy,
Cummins, Hybrid Marine,
STEYR Motors,
Elco Motor Yachts,
Oceanvolt,
Beta Marine,
Leonardo DRS
GE
Shipping is very important to the world economy as it is a critical mode of distribution of goods between different regional markets. It is a vital cog in international import and export infrastructure. However, the shipping industries are facing mounting pressures to reduce its emissions of greenhouse gases such as carbon dioxide which are causing the destruction of the marine ecosystem. The shipping industry contributes ~3% of global emission of CO2 gases. The hybrid systems are an environment friendly substitute with low exhaust emissions. This has pushed the cargo carriers to adopt hybrid electric propulsion systems as an appropriate solution to replace the mechanical propulsion systems and decrease overall CO2 emissions.
In a hybrid electric propulsion system, the energy transmission is electrical and the propulsion and thruster are variably electrically driven. This results in significant reductions in the fuel consumption especially in vessels with capacities below 150 kW. These cost reductions offered by the hybrid systems present the vessel owners better profit-making proposition as compared to the diesel driven propulsion systems. The ever-increasing demand to reduce fuel consumption and maintenance expenditures has led to a widespread adoption of these systems. Hybrid vessels with capacities less than 150 kW are expected to account for a major sales share since most recreational boats, small cruise ships, ferries and yacht owners are preferring hybrid propulsion engines to achieve cost reduction.
On the basis of end users, the commercial segment is estimated to offer lucrative prospects in the coming years. The intensive adoption of hybrid electric marine propulsion engines in commercial vessels such as cargo ships, and transport ferries with a view to reduce operational costs have assisted the rapid growth of this segment. Rapid growth of the global tourism industry has led to the production of new and technologically advanced ships which has further boosted the demand for hybrid engines. The commercial segment is anticipated to project the highest CAGR of more than 6% during the forecast period.
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Geographically, Asia Pacific region is anticipated to observe the fastest growth during the forecast period. This growth is facilitated by the growing number of cargo vessels to support the large-scale expansion of trade in this region. Asia Pacific is a rapidly developing economic region engaged in large scale import and export. The increasing demand for cost effective hybrid solution coupled with rising government initiatives to curb emission levels are the primary factors supporting the market in this region.
**Key Segments of the Global Hybrid Electric Marine Propulsion Engine Market:
1] Type Overview, 2013-2025 (Unit) (USD million)
< 150 kW
151-500 kW
501-750 kW 2] Application Overview, 2013-2025 (Unit) (USD million) Commercial
Leisure 3] Regional Overview, 2013-2025 (Units) (USD million) North America
U.S.
Canada
Europe
Spain
UK
Italy
France
Germany
Rest of Europe
Asia-Pacific
China
India
South East Asia
Japan
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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**Major Points from TOC of the Hybrid Electric Marine Propulsion Engine Industry:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Research approach
Scope, definition, and assumptions
Data sources
Chapter 3. Hybrid Electric Marine Propulsion Engine Market Outlook
Introduction
Key trends
Market drivers
Market restraints
Market opportunities
Porter’s Five Forces’ analysis
Value chain analysis
Chapter 4 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Capacity
<150 kW
151-500 kW
501-750 kW Chapter 5 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Application Commercial
Leisure
Chapter 6 Global Hybrid Electric Marine Propulsion Engines Market Overview, by Region Chapter 7 Industry Structure Chapter 8 Company Profiles …Continued About Us: Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
Contact Info:
Name: Ryan Johnson
Email: sales@adroitmarketresearch.com
Organization: Adroit Market Research
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Source: MarketersMedia
Release ID: 419784
