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Marine Hybrid Propulsion Market Segmentation: by Ship Type (Commercial, and Defense); By Type (Gas-Electric, Diesel-Electric, and Others); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa) - Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
Marine Hybrid Propulsion Market is anticipated to exceed USD 8.8 billion by 2030 from USD 2.9 billion in 2019 at a CAGR of 10.60% throughout the forecast period, i.e., 2020-30.
Marine propulsion is a device or method for generating the force for a ship or boat to travel over water. The design of a propulsion system relies on the scale, transport, and service of the ship. A familiar example of the marine propulsion system is Diesel Marine. In almost all categories of boats, such as tugboats, cruise ships, sailboats, security ships, and leisure ships, hybrid systems such as diesel-electric maritime propulsions are used. In a complete electric sea launch system, the engine is explicitly connected to the generator. The overall performance of the vessel is increased by full electric marine propulsion. By this, the environmental cost is also reduced. The full marine electrical launch system requires a range of motors and generators. The generator and electric engine transfer electric power from the motor to the propeller shaft.
Marine Hybrid Propulsion Market is expected to project a notable CAGR of 10.60% in 2030.
Global Marine Hybrid Propulsion Market is anticipated to exceed USD 8.8 billion by 2030 from USD 2.9 billion in 2019 at a CAGR of 10.60% throughout the forecast period, i.e., 2020-30. The global Marine Hybrid Propulsion market is estimated to grow on the back of the following reasons. Factor such as an increase in worldwide ship sales and development and expansion in global trade in maritime is the main element leading to the expansion of the hybrid marine propulsion industry. In addition, growing demand from developing countries for energy sources such as coal, petroleum products, iron, and steel drives market development. The increased use of inland waterways and technical developments such as the advanced fuel propulsion engine are expected to provide many new product opportunities and drive growth in the hybrid marine propulsion industry.
Source: Fatpos Global
The global Marine Hybrid Propulsion Market has been segmented based on type, and by ship type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The diesel-electric processor segment is anticipated to register the volume share and is expected to grow at the highest CAGR
Based on the type the market is bifurcated into gas-electric, diesel-electric, and others.
A familiar example of the marine propulsion system is Diesel Marine. In almost all categories of boats, such as tugboats, cruise ships, sailboats, security ships, and leisure ships, hybrid systems such as diesel-electric maritime propulsions are used. It is expected that a diesel-electric system will have a significant share of the market for the marine hybrid launch system by 2030. The highly efficient propeller's silent propulsion function is responsible for the powerful position of this category. Its installation in the new ship is also cost-effective.
The defense segment is anticipated to register the volume share
Based on the ship type the market is bifurcated into Commercial and Defense. The attribute to this growth can be explained by the rising demand by naval forces from various countries for various types of ships. Moreover, the growth of the market protection category is anticipated to drive the increased requirement for equipment of naval ships with modified anti-submarine warfare (ASW) systems.
Oil and Gas exploration and other resources
Oil and gas exploration activities are being increased globally as oil and gas demand rises. Growing demand from developing countries for energy sources such as coal, petroleum products, iron, and steel drives market development. The increased use of inland waterways and technical developments such as the advanced fuel propulsion engine are expected to provide many new product opportunities and drive growth in the hybrid marine propulsion industry.
Upsurge in Ship sales
Factor such as an increase in worldwide ship sales and development and expansion in global trade in maritime is the main element leading to the expansion of the hybrid marine propulsion industry.
High cost
The increased cost to create and implement such systems will to some degree limit the market growth. Besides, alternative battery storage for energy storage is required for these applications. That often leads to a high cost for the carrier. To incorporate a marine hybrid propulsion system, a high degree of precautions is also needed. These factors may hurt the market.
North America was the largest market accounting for the total market volume share in 2019
The global Marine Hybrid Propulsion market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world are classified as Middle-East and Africa. In the forecasted period, North America and Europe, which are very environmentally focused, are expected to dominate the global market for marine hybrid propulsion. In the Asia Pacific, however, the demand for marine hybrid propulsion is still not as robust in Europe and North America. The ship and towage companies providing services in the sector are increasingly budgeting for traditional diesel hybrid propulsion systems. Several attractive technologically improved versions are planned to be introduced in the future.
Source: Fatpos Global
The analysis, design, and development of fuel-efficient hybrid power propulsion systems are carried out by most players in this industry. To maintain a competitive advantage in the market, they invest heavily in creating modern technologies. The players also think that they will bid for the highest market position with a balanced portfolio. For instance: -
Ocean Infinity has provided the Kongsberg Group the agreement for 5 autonomous underwater vehicle systems by HUGIN. These standalone sub-water systems are equipped with Kongsberg Maritime’s final-generation synthetic opening sonar HISAS 1032.
The novel disease of coronavirus has been recognized as a dominant international epidemic with profound effects on the world economy. The global pandemic not only came to China but spread throughout the global industrial sphere and caused tremendous disruption in the world of tourism, commerce, and shipping. During the numerous national efforts to flatten the curve and control the spread of the fatal virus, the maritime sector, in particular, has been affected by disturbances in transport, vital shipping, repair of ships, and construction of ships.
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