NEW YORK, May 6, 2024 /PRNewswire/ -- The global hybrid electric marine propulsion engine market size is estimated to grow by USD 1.13 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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Report Attribute | Details |
Base Year | 2022 |
Forecast period | 2023-2027 |
Historic Data for | 2017 - 2021 |
Segments Covered | Application (Commercial and Leisure) and End-user (Tugboats, Offshore support vehicles, Ferries, and Others)
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Key Companies Covered | ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Dynamics Corp., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., Oceanvolt, Porsche Automobil Holding SE, RENK GmbH, Roper Technologies Inc., TRANSFLUID S.p.A., Twin Disc Inc., and Wartsila Corp.
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Regions Covered | APAC, Europe, North America, Middle East and Africa, and South America |
Key Trends Fueling Growth
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Major Challenges:
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Segmentation Overview
1.1 Commercial
During the projected period, the commercial segment is expected to witness significant growth in market share. This segment comprises various vessels such as cargo ships, container ships, and offshore support vessels utilized for transporting goods via sea routes. Stakeholders are actively innovating to curb emissions, exploring alternatives like hybrid engines and alternative fuels.
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Analyst Review
In the maritime industry, shipowners are increasingly focusing on climate change mitigation and digitization to enhance the sustainability and efficiency of their fleets. One of the key challenges is the adoption of hybrid electric marine propulsion engines in short-sea shipping and local manufacturing sectors. Webinars and online trade events provide valuable insights into the latest trends and technologies, such as serial and parallel hybrid propulsion systems, fuel-efficient internal combustion engines, and battery power.
Strict rules and budgets allocated by global trade organizations necessitate the implementation of fuel-efficient systems, including serial hybrid systems and hybrid propulsion systems, to reduce air pollution from cargo ships and defense vessels. Operating profiles and power requirements vary depending on the type of operation, making it essential to consider the specific needs of each boat or business when selecting a hybrid propulsion system.
Market Overview
The Hybrid Electric Marine Propulsion Engine market is experiencing significant growth due to the increasing demand for eco-friendly and sustainable shipping solutions. These systems combine the benefits of traditional diesel engines with electric motors, resulting in reduced emissions and improved fuel efficiency. The Charge and Discharge system, Power Generation system, and Energy Management system are crucial components of Hybrid Electric Marine Propulsion Engines.
Observe the following keywords: Charge and Discharge system, Power Generation system, Energy Management system, Climate, Carbon, Reduction, Sustainability, Shipping, Propulsion, Engine, Electric motors, Diesel engines, Fuel efficiency, Emissions. The integration of Observe and Sox systems enhances the overall performance of these engines. The Logistics industry is a major adopter of Hybrid Electric Marine Propulsion Engines due to the need for efficient and cost-effective transportation solutions.
The future of marine propulsion lies in the integration of advanced technologies like Artificial Intelligence and Internet of Things to optimize engine performance and reduce maintenance costs.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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