DUBLIN--(BUSINESS WIRE)--The "Hybrid and Full Electric Marine Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026" report has been added to ResearchAndMarkets.com's offering.
Hybrid and Full Electric Marine Propulsion Market - Overview
Marine propulsion is a mechanism or system used to generate thrust to move a ship or boat across water. The setup of a propulsion system depends on the vessel size, transport system, and type of operation. Diesel marine propulsion system is a common type of marine propulsion system. Hybrid systems, such as diesel-electric marine propulsion systems, are used in almost all types of vessels such as tugboats, ferries, Yachts, defense vessels, and recreational vessels. The engine is directly connected to the generator in a full electric marine propulsion system. Full electric marine propulsion enhances the overall efficiency of the vessel. It also reduces the carbon footprint. Full electric marine propulsion system consists of a series of motors and generators. Electric power is transmitted from the engine to the propeller shaft through the motor controller and electric motor.
Implementation of stringent regulations related to minimization of harmful carbon emissions is propelling the demand for fuel efficient propulsion systems such as hybrid and full electric marine propulsion systems. Increase in seaborne trade has resulted in spillage of marine fuel in the marine ecosystem. Therefore, governments of several countries are funding and supporting development and adoption of the latest technologies in marine propulsion systems.
Several firms are actively developing fuel-efficient marine propulsion systems. Rise in demand for small- and mid-size vessels with fuel-efficient propulsion systems used in inland waterways is expected to drive the global hybrid and full electric marine propulsion market during the forecast period. Developed as well as developing countries are investing significantly in the defense sector. Demand for hybrid and full electric marine propulsion systems in Asia Pacific is gaining momentum due to the rise in seaborne trade, increase in manufacture of new vessels, and rise in upgrade of existing vessels into hybrid or full electric propulsion ones.
This report analyzes and forecasts the hybrid and full electric marine propulsion market at the global, regional, and country level. The market has been forecast based on revenue (US$ Mn) and volume (units) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global hybrid and full electric marine propulsion market. It also covers impact of these drivers and restraints on demand for marine propulsion during the forecast period. The report also highlights opportunities in the hybrid and full electric marine propulsion market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global hybrid and full electric marine propulsion market. Porter's Five Forces model for the hybrid and full electric marine propulsion market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein propulsion type, vessel, power rating, RPM, and region/country are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides the actual size of the hybrid and full electric marine propulsion market for 2017 and estimated size from 2018 to 2026. The global hybrid and full electric marine propulsion market has been provided in terms of revenue. Market numbers have been estimated based on propulsion type, vessel, power rating, and RPM of the hybrid and full electric marine propulsion market. Market revenue and volume have been provided in terms of global, regional, and country level markets.
- Utilization of battery pack in ferries is more than that in other vessel types and is expected to increase during the forecast period
- European countries are focusing more on full electric marine vessels. At the global level, the hybrid and full electric marine propulsion market is expected to expand at a faster pace than the hybrid segment.
- Currently, Asia Pacific and Europe are leading regions in terms of installation of battery packs on marine vessels. The regions constitute more than 75% share of the global market. The trend is expected to continue during the forecast period.
- The hybrid and full electric marine hybrid propulsion market in Asia Pacific is expected to expand at a rapid pace in the near future
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