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Marine Hybrid And Full Electric Propulsion Market Trends, Strategies, Size, Share And Analysis 2024-2033
Marine Hybrid And Full Electric Propulsion Market Trends
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According to The Business Research Company's, The marine hybrid and full electric propulsion market size has grown strongly in recent years. It will grow from $4.07 billion in 2023 to $4.56 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increasing global trade, rising fuel costs and the economic benefits of reduced fuel consumption in hybrid and electric vessels, growing consumer awareness and demand for environmentally friendly products and services, environmental regulations and sustainability goals, and demand for green shipping.
The marine hybrid and full electric propulsion market size is expected to see strong growth in the next few years. It will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rise in maritime trade, increase in local manufacturing, increase in industrialization and globalization has boosted sea trade, increase in passenger numbers, and increase awareness about air pollution. Major trends in the forecast period include advancements in battery technology, advancements in renewable energy, innovating in automatic pitch adjustment systems for propellers, technological advancements, development of autonomous and unmanned vessels, innovations in propeller system.
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Market Drivers and Trends:
The rise in the popularity of maritime trade is expected to propel the growth of the marine hybrid and full electric propulsion market going forward. Maritime trade refers to exchanging goods and commodities through sea routes between regions or countries. The increase in maritime trade is due to increased fuel prices, expansion, and modernization of ports and shipping lanes. Marine hybrid and electric propulsion systems are more fuel-efficient and produce lower emissions than traditional diesel-powered vessels. This enables ships to operate more cost-effectively and with a reduced environmental impact, supporting the sustainability goals of the maritime industry. For instance, in September 2023, according to UN Trade Development, a Switzerland-based intergovernmental organization, maritime trade is expected to grow 2.4% in 2023 and more than 2% between 2024 and 2028. Therefore, the rise in the popularity of maritime trade drives the maritime parallel hybrid propulsion market.
Major companies operating in the marine hybrid and full electric propulsion market are focused on developing innovative products such as, hybrid diesel-electric boat propulsion systems to enhance fuel efficiency, reduce emissions, and comply with stringent environmental regulations. Hybrid diesel-electric boat propulsion systems combine a traditional diesel engine with an electric motor and batteries to propel a vessel. This hybrid approach reduces fuel consumption, lower emissions, quieter operation, and greater operational flexibility than traditional diesel-only propulsion systems. For instance, in March 2022, Elcome International, a UAE-based maritime company, launched a revolutionary new hybrid diesel-electric boat propulsion system. This allows smaller, more efficient diesel engines, reducing fuel consumption and maintenance costs without sacrificing performance. The system enables operating in environmentally sensitive areas and improves crew comfort with no fumes or noise in electric mode.
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Major Key Players of the Market:
Siemens AG, Caterpillar Inc., AB Volvo, ZF Friedrichshafen AG, Cummins Inc., BAE Systems PLC, Rolls-Royce plc, Danfoss, Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, WEG S.A., MAN Diesel & Turbo SE, Kongsberg Gruppen, Schottel GmbH, General Electric Company, Heesen Yachts, Steyr Motors GmbH, Mitsubishi Heavy Industries Ltd., Aspin Kemp and Associates Inc., IHI Power Systems Co.,Ltd., Beta Marine Ltd., Masson Marine, Korindo Energy
Marine Hybrid And Full Electric Propulsion Market 2024 Key Insights:
• The marine hybrid and full electric propulsion market size is expected to see strong growth in the next few years. It will grow to $7.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• The Rise Of Sustainable Maritime Trade Fuels Growth In Marine Hybrid And Electric Propulsion
• Advancements In Marine Propulsion Hybrid Diesel-Electric Systems Enhance Efficiency And Reduce Emissions
• Asia-Pacific was the largest region in the marine hybrid and full electric propulsion market in 2023
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