Press release
Marine Fully Electric Propulsion Market Expected to Reach USD 44.27 Billion by 2029, with 5.9 % CAGR
Marine Fully Electric Propulsion Market
Report Scope:
This press release provides key insights from the comprehensive report on the Marine Fully Electric Propulsion Market. It covers market values, research methodology, market drivers, restraints, regional insights, and a competitive landscape analysis.
Research Methodology:
The market report employs a rigorous research methodology to provide accurate and insightful findings. The analysis includes the revenue impact of the COVID-19 pandemic on market leaders, followers, and disrupters.
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What are Marine Fully Electric Propulsion Market Dynamics?
Market Drivers:
The marine propulsion market is witnessing a paradigm shift towards fully electric propulsion systems. This transition is being propelled by the adoption of renewable energy sources for battery charging, particularly in developed and developing economies. The defense sector's investments and increasing seaborne trade are further bolstering the demand for full-electric marine propulsion systems. Stringent regulations to curb CO2 emissions are driving the demand for fuel-efficient propulsion systems, leading to governmental support for technological advancements in marine propulsion.
Market Restraints:
While the market presents promising growth prospects, challenges such as high unit costs for larger crafts and the requirement for significant investments in infrastructure and technology may hinder its expansion.
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Marine Fully Electric Propulsion Market Segmentation?
by Type
AC Electric Type
DC Electric Type
The market segments for marine fully electric propulsion, such as type and application, are covered in the report. This is related to the expansion of trade between various nations and areas.
In 2029, the market for marine electric vehicles (EVs), which is expanding quickly, will be worth $3 billion. It is unusually diverse, with average unit costs increasing as larger ships get electrified to enhance performance, uphold environmental responsibility, and save cost over life. Electric vehicles for the sea and inland waterways as well as underwater ones are available on the market. Military electric craft currently has the greatest market industry by value, but over the next ten years, e-workboats and other, smaller market sub-sectors will gain market share.
by Application
Cargo Ships
Tankers
Passengers Ships
Naval Vessels
Others
Who are Marine Fully Electric Propulsion Market Key Players?
1. ABB Group
2. Wartsila
3. YANMAR CO. LTD.
4. Caterpillar
5. Oceanvolt
6. Hyundai Heavy Industries Co. Ltd.
7. General Electric Company (U.S)
8. Siemens AG (Germany)
9. BAE Systems
10. Mitsubishi Heavy Industries, Ltd. (Japan)
11. Torqeedo GmbH (Germany)
12. Steyr Motors GmbH (Austria)
13. Man Diesel and Turbo SE (Germany)
14. Schottel GmbH (Germany)
15. Rolls-Royce Plc (U.K)
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Regional Insights:
North America: North America is anticipated to maintain the largest market share, with the U.S. Navy's adoption of electric propulsion naval vessels contributing significantly. The presence of major energy storage systems companies further fuels growth.
Europe: Europe plays a pivotal role, with leading players like ABB Group, Siemens, and BAE Systems investing in electric ship development. Europe is projected to show significant growth in the market.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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