LONDON--(BUSINESS WIRE)--The global hybrid electric marine propulsion engine market is projected to grow at a CAGR of more than 7% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global hybrid electric marine propulsion engine market for 2017-2021. Based on the end-users, the market is divided into commercial ship and leisure ship segments.
|The health and dynamics of the global hybrid electric marine propulsion engine market are significantly influenced by its performance and growth. Large commercial ships are gradually moving onto the use and adoption of hybrid-electric technology, which is more energy efficient and environment-friendly as compared with diesel propulsion engines.|
Technavio’s research study segments the global hybrid electric marine propulsion engine market into the following regions:
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Hybrid electric marine propulsion engine market in APAC
APAC occupies the largest segment of the hybrid electric marine propulsion engine market and is projected to hold on to its leading position during the forecast period. Therefore, engine manufacturers for commercial, leisure, and naval ships in the region have significant opportunities for growth and revenue addition.
“Countries in APAC, such as China, South Korea, and Japan, account for a greater concentration in the hybrid electric marine propulsion engine market. The revenue share of these countries account for nearly 88% of the total market earnings in APAC and more than 60% of the global earnings,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
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Hybrid electric marine propulsion engine market in EMEA
EMEA accounted for over 24% of the global hybrid electric marine propulsion engine market in 2016, becoming the second largest segment of the market. Europe leads the market in EMEA, with Germany being a pioneer in shipbuilding.
However, the European shipbuilders are slowly losing their market share to Asian shipyards. Hence, engine manufacturers based in Europe should implement strategies to start supplying engines to the dominant shipbuilding industry in APAC to regain its lost market share.
Hybrid electric marine propulsion engine market in the Americas
In the Americas, the hybrid electric marine propulsion engine market is highly reliant on the US, with Brazil showing considerable potential as an emerging market. The shipbuilding industry in the US includes the building of naval vessels for the US Navy and commercial US-flagged ships, including those built under the Jones Act.
“Brazil is a key nation where the investment in shipbuilding has increased substantially in the past years. Chile and Colombia are also potential markets in the region. These regions are likely to improve with the improvement of their port infrastructure and links between the terminals,” says Gaurav.
The top vendors in the global hybrid electric marine propulsion engine market highlighted in the report are:
- MAN Diesel & Turbo
- Mitsubishi Heavy Industries
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