Analysis on New Product Launches in Covid-19 Related Markets-Global Hybrid Electric Marine Propulsion Engine Market 2020-2024 | Evolving Opportunities with AB Volvo and BAE Systems Plc | Technavio

Technavio has announced its latest market research report titled Global Hybrid Electric Marine Propulsion Engine Market 2020-2024 (Graphic: Business Wire)

LONDON--()--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".

https://www.technavio.com/report/hybrid-electric-marine-propulsion-engine-market-industry-analysis

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.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

Major Five Hybrid Electric Marine Propulsion Engine Market Companies:

AB Volvo

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.

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.

Cummins Inc. offers products through the following business segments: Engine, Distribution, Components, Power Systems, and Electrified Power. The company offers marine diesel electric engines.

Register for a free trial today and gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Hybrid Electric Marine Propulsion Engine Market Application Outlook (Revenue, USD Billion, 2020-2024)

  • Commercial
  • Leisure

Hybrid Electric Marine Propulsion Engine Market Geographic Outlook (Revenue, USD Billion, 2020-2024)

  • North America
  • APAC
  • Europe
  • South America
  • MEA

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Related Reports on Industrial Include:

Automotive Engine Market – Global Automotive Engine Market by fuel type (gasoline engine and diesel engine) and arrangement of cylinder (in-line engine, v-type engine, and flat engine).

Automotive Engine Cylinder Block Market – Global Automotive Engine Cylinder Block Market by engine type (in-line engine, V-type engine, and flat engine) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com

Release Summary

The hybrid electric marine propulsion engine market size will grow by USD 1.77 billion during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com