Press release
Marine Hybrid Propulsion Global Market Size is Expected to Grow $7 Billion at a CAGR of 12.6% By 2028 | Key Players: BAE Systems PLC, Schottel GmbH, MAN Energy Solutions SE, Siemens AG, ABB Ltd.
Marine Hybrid Propulsion Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Marine Hybrid Propulsion industry. This report on Marine Hybrid Propulsion market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The marine hybrid propulsion market size has grown rapidly in recent years. It will grow from $3.95 billion in 2023 to $4.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increased focus on energy efficiency and fuel conservation, rise in fuel prices and operating costs for marine vessels, growth in awareness of environmental sustainability in maritime industry, government incentives and initiatives for green shipping, expansion of the shipping and cruise industry. The marine hybrid propulsion market size is expected to see rapid growth in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%.
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Key Market Players:
BAE Systems PLC, Schottel GmbH, MAN Energy Solutions SE, Siemens AG, ABB Ltd., General Electric Company, The Andersons Inc., BASF SE, Royal Dutch shell PLC, The Progressive Corporation are prominent players in the Marine Hybrid Propulsion industry.
Market Drivers:
An increase in international trade is contributing to the growth of the marine hybrid propulsion market. Most of the internationally traded goods are transported using cargo vessels and ships. Hybrid propulsion improves the fuel efficiency of vessels with variable power demands. According to UNCTAD's Global Trade Update, in 2021, there was an overall record value of $28.5 trillion in global trade, compared to 2020, the increase was about 25%, and compared to 2019, it was about 13%. Increased commodity prices, subsiding pandemic restrictions, and strong economic stimulus packages all contributed to the positive trend in international trade in 2021.
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Market segments for Marine Hybrid Propulsion include:
1) By Propulsion Type: By Propulsion Type, Diesel-Electric, Parallel Hybrid, Serial Hybrid, Full Electric, Gas Turbine, Fuel cell
2) By Ship Type: Anchor Handling Tug Supply Vessels, Platform Supply Vessels, Yachts, Motor Ferry, Cruise Liner, Others
3) By Power Rating: 0-300 KW, 301-500KW, 501KW-800KW
4) By Application: Commercial, Logistics, Offshore Drilling, Naval, Others
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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