Description
Global Marine Hybrid Propulsion Market Analysis and Forecast Report 2030
Product Overview
Marine propulsion is a device or method for generating the force for a ship or boat to travel over water. The design of a propulsion system relies on the scale, transport, and service of the ship. A familiar example of the marine propulsion system is Diesel Marine.
In almost all categories of boats, such as tugboats, cruise ships, sailboats, security ships, and leisure ships, hybrid systems such as diesel-electric maritime propulsions are used. In a complete electric sea launch system, the engine is explicitly connected to the generator. The overall performance of the vessel is increased by full electric marine propulsion.
By this, the environmental cost is also reduced. The full marine electrical launch system requires a range of motors and generators. The generator and electric engine transfer electric power from the motor to the propeller shaft.
Market Highlights
Global Marine Hybrid Propulsion Market is anticipated to exceed USD XXXX billion by 2030 from USD XXXX billion in 2019 at a CAGR of XX % throughout the forecast period, i.e., 2020-30.
The global Marine Hybrid Propulsion market is estimated to grow on the back of the following reasons. Factor such as an increase in worldwide ship sales and development and expansion in global trade in maritime is the main element leading to the expansion of the hybrid marine propulsion industry.
In addition, growing demand from developing countries for energy sources such as coal, petroleum products, iron, and steel drives market development. The increased use of inland waterways and technical developments such as the advanced fuel propulsion engine is expected to provide many new product opportunities and drive growth in the hybrid marine propulsion industry.
Global Marine Hybrid Propulsion Market Opportunity Analysis
Global Marine Hybrid Propulsion Market: Segments
Global Marine Hybrid Propulsion Market has been segmented based on type, and by ship type. It has been further segmented on the basis of region into North America, Europe, Asia-Pacific, Mid East, and Africa.
By Type (in %), Global Marine Hybrid Propulsion Market, 2019
The diesel-electric processor segment is anticipated to register of the volume share and is expected to grow at the highest CAGR.
Based on the type the market is bifurcated into: gas-electric, diesel-electric, and others.
A familiar example of the marine propulsion system is Diesel Marine. In almost all categories of boats, such as tugboats, cruise ships, sailboats, security ships, and leisure ships, hybrid systems such as diesel-electric maritime propulsions are used.
It is expected that a diesel-electric system will have a significant share of the market for the marine hybrid launch system by 2030. The highly efficient propeller’s silent propulsion function is responsible for the powerful position of this category. Its installation in the new ship is also cost-effective.
By Ship Type (in %), Global Marine Hybrid Propulsion Market, 2019
Defense segment is anticipated to register of the volume share
Based on the ship type the market is bifurcated into: Commercial, and Defense. The attribute to this growth can be explained by the rising demand by naval forces from various countries for various types of ships. Moreover, the growth of the market protection category is anticipated to drive the increased requirement for equipment of naval ships with modified anti-submarine warfare (ASW) systems.
Global Marine Hybrid Propulsion Market: Market Dynamics
Drivers
Oil and Gas exploration and other resources
Oil and gas exploration activities are being increased globally as oil and gas demand rises. Growing demand from developing countries for energy sources such as coal, petroleum products, iron, and steel drives market development.
The increased use of inland waterways and technical developments such as the advanced fuel propulsion engine is expected to provide many new product opportunities and drive growth in the hybrid marine propulsion industry.
Upsurge in Ship sales
Factor such as an increase in worldwide ship sales and development and expansion in global trade in maritime is the main element leading to the expansion of the hybrid marine propulsion industry.
Restraints
High cost
The increased cost to create and implement such systems will to some degree limit the market growth. Besides, alternative battery storage for energy storage is required for these applications. That often leads to a high cost for the carrier. In order to incorporate a marine hybrid propulsion system, a high degree of precautions is also needed. These factors may have a negative effect on the market.
Global Marine Hybrid Propulsion Market: Region
North America was the largest market accounting for of the total market volume share in 2019
Global Marine Hybrid Propulsion market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world is classified as Middle-East and Africa.
In the forecasted period, North America and Europe, which are very environmentally focused, are expected to dominate the global market for marine hybrid propulsion. In the Asia Pacific, however, the demand for marine hybrid propulsion is still not as robust in Europe and North America.
The ship and towage companies providing services in the sector are increasingly budgeting for traditional diesel hybrid propulsion systems. Several attractive technologically improved versions are planned to be introduced in the future.
Global Marine Hybrid Propulsion Market: Competitive Landscape
The analysis, design, and development of fuel-efficient hybrid power propulsion systems is carried out by most players in this industry. In order to maintain a competitive advantage in the market, they invest heavily in creating modern technologies. The players also think that they will bid for the highest market position with a balanced portfolio. For instance: –
Ocean Infinity has provided the Kongsberg Group the agreement for 5 autonomous underwater vehicle systems by HUGIN. These standalone sub-water systems are equipped with Kongsberg Maritime’s final-generation synthetic opening sonar HISAS 1032.
Global Marine Hybrid Propulsion Market: Impact of COVID- 19
The novel disease of corona virus has been recognized as a dominant international epidemic with profound effects on the world economy. The global pandemic not only came to China but spread throughout the global industrial sphere and caused tremendous disruption in the world of tourism, commerce, and shipping.
During the numerous national efforts to flatten the curve and control the spread of the fatal virus, the maritime sector, in particular, has been affected by disturbances in transport, vital shipping, and repair of ships, and construction of ships.
Global Marine Hybrid Propulsion market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- UK, Germany, France, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia-Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- India, China, South Korea, Malaysia, Japan, Indonesia, Australia, New Zealand, and Rest of Asia-Pacific
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR- North Africa, Israel, GCC, South Africa and Rest of Middle East and Africa
Key Players
General Electric Company (U.S.)
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Mitsubishi Heavy Industries
Torqeedo GmbH (Germany)
MAN Diesel & Turbo SE (Germany)
Siemens AG (Germany)
Rolls-Royce plc (U.K.)
Caterpillar Inc. (U.S.)
ABB Ltd. (Switzerland)
Schottel GmbH (Germany)
BAE Systems (U.K)
Other prominent players
Global Marine Hybrid Propulsion Market Report also contains an analysis on:
Marine Hybrid Propulsion Market by segment:
By Ship Type:
Commercial
Defense
By Type:
Gas-electric
Diesel-electric
others
Marine Hybrid Propulsion Market Size
Marine Hybrid Propulsion Market Dynamics
Supply and Demand
Current Issues/trends/challenges
Competition and Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
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