LONDON--(BUSINESS WIRE)--The global hybrid electric marine propulsion engine market is poised to grow by USD 1.77 billion during 2020-2024, progressing at a CAGR of over 8% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Hybrid Electric Marine Propulsion Engine Market Analysis Report by Application (Commercial and Leisure), Geographic Segmentation (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the stringent emission regulations. In addition, the volatility in crude oil and natural gas prices is anticipated to boost the growth of the hybrid electric marine propulsion engine market.
Marine propulsion engines that run on diesel, emit pollutants such as carbon oxide, sulfur oxide, hydrocarbon, nitrous oxide, and particulate matter. The emission of these pollutants accelerates the rate of ozone depletion and global warming. The International Convention for the Prevention of Pollution from Ships or MARPOL addresses these issues and ensures compliance with the Environmental Protection Agency (EPA)’s air quality standards. The air pollution from marine vessels is addressed by the Annex VI of the MARPOL convention, which imposes limits on nitrous oxide emissions. This is encouraging marine vessel fleet operators to adopt hybrid electric propulsion, gas turbine propulsion, and LNG fuel options. This, in turn, is propelling the demand for hybrid electric marine propulsion engines. Thus, the implementation of stringent emission regulations is expected to drive market growth during the forecast period.
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Major Five Hybrid Electric Marine Propulsion Engine Market Companies:
AB Volvo operates the business under various segments such as Industrial Operations and Financial Services. The company offers Hybrid IPS propulsion system, which provides enhanced onboard comfort and boat handling characteristics. It is designed to enable zero emissions operation for marine vessels.
BAE Systems Plc
BAE Systems Plc offers products through the following business units: Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company offers hybrid electric marine propulsion systems, which includes products such as HybriGen Assist, HybriGen Power, and HybriGen power and propulsion.
Beta Marine Ltd.
Beta Marine Ltd. operates under Products business segment. The company offers products such as beta 105T engine with twin hybrid motor/generator and beta 50 engine with single hybrid motor/generator. They are also providing products such as beta generating sets, inland waterway engines, seagoing engines, and others.
Caterpillar Inc. offers products through the following business segments: Construction Industries, Resource Industries, Energy & Transportation, and Financial Products Segment. The company offers Cat Powered Marine Hybrid System, which is a complete hybrid propulsion package.
Cummins Inc. offers products through the following business segments: Engine, Distribution, Components, Power Systems, and Electrified Power. The company offers marine diesel electric engines.
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Hybrid Electric Marine Propulsion Engine Market Application Outlook (Revenue, USD Billion, 2020-2024)
Hybrid Electric Marine Propulsion Engine Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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