The global ''marine hybrid propulsion market'' is anticipated to gain momentum in the coming years on account of the advent of technologically advanced fuel-driven system for generating thrust to move naval vessels into the water. As per a recent report by Fortune Business Insights, titled, “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System) By Deadweight (Less Than 5K DWT, 5K-10K DWT , and More than 10K DWT), By Ship Type (Anchor Handling Tug Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs), By Installation (Line Fit and Retrofit) and Regional Forecasts, 2020-2027,” the value of this market was USD 3.53 billion in the year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion by the end of 2027.
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The global ''marine hybrid propulsion market'' is anticipated to gain momentum in the coming years on account of the advent of technologically advanced fuel-driven system for generating thrust to move naval vessels into the water.
As per a recent report by Fortune Business Insights, titled, “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System) By Deadweight (Less Than 5K DWT, 5K-10K DWT , and More than 10K DWT), By Ship Type (Anchor Handling Tug Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs), By Installation (Line Fit and Retrofit) and Regional Forecasts, 2020-2027,” the value of this market was USD 3.53 billion in the year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion by the end of 2027.
We understand that this health crisis has brought an unprecedented impact on businesses across industries.
Drivers & Restraints- Development of Hybrid Automotive Technology to Add ImpetusThe imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth.
This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period.
Nevertheless, the increasing procurement of offshore vessel support from companies dealing with shipbuilding and increasing expenditure on small cargo ships are likely to help create new growth opportunities to this market in the coming years.
The imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth.
This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period.
Additionally, the rising operational performance of naval vessels will also boost the market for marine hybrid propulsion.
Furthermore, nowadays, battery-powered storage systems are used as backup units for the propulsion systems that will help imitate the external load of the engines used in ships and vessels, thereby reducing the consumption of fuel.
This will further add impetus to the market for marine hybrid propulsion in the coming yearThe global marine hybrid propulsion market is anticipated to gain momentum in the coming years on account of the advent of the technologically advanced fuel-driven system for generating thrust to move naval vessels into the water.
The Report Answers the Following Queries:What is the nature of the market for marine hybrid propulsion?How will medical tourism aid in the expansion of the market?What are the key industry developments of the market for marine hybrid propulsion?What is the nature of the market for marine hybrid propulsion?Drivers & Restraints-Development of Hybrid Automotive Technology to Add ImpetusSome of the Key Players of the Marine Hybrid Propulsion Market include: Mitsubishi Heavy Industries, Ltd. (Japan)Caterpillar Inc. (The U.S.)Wartsila Corporation (Finland)Rolls-Royce plc (The U.K.)Torqeedo GmbH (Germany)Schottel GmbH (Germany)BAE Systems (The U.K.)General Electric Company (The U.K.)Siemens AG (Germany)And Many Others.About Us: Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions.