We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.ContinueLearn More X
Transparency Market Research, New York: The global hybrid and full electric marine propulsion market bears a fairly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is solely because of the existence of large, medium, and small scale players in the market. BAE Systems, Wartsilla Corporation, AB Volvo Penta, Niigata Power Systems, and Fairbanks Morse Engine are the leading companies in the global hybrid and full electric marine propulsion market.
Request for Covid-19 Impact Analysis on Hybrid and Full Electric Marine Propulsion Market: https://www.transparencymarketresearch.com/Covid19.php
In this highly fragmented market, larger companies are trying to adopt some strategic alliances to gain better growth opportunities. These players are following vast regulations and requirements for ensuring reliability and safety of their products. Medium-sized vendors in the global hybrid and full electric marine propulsion market are looking out for opportunities to collaborate with larger players for improving their revenue indexes. Established companies are investing more in adopting marine propulsion technology, specifically renewable/hybrid technology for impelling their growth meter in the market. The competition is further getting intensified with the entry of numerous local players who are focusing hard on delivering quality services.
Download PDF Brochure – https://www.transparencymarketresearch.com/sample/sample.php
According to experts from TMR, the global hybrid and full electric marine propulsion market is expected to gain revenue worth US$7,516.7 mn by the end of 2026. The market stood at US$3,247.4 mn in 2017. Experts project this growth to occur at a promising CAGR of 9.8% during the forecast period from 2018 to 2026.
Among the various propulsion types in the market, demand for hybrid vessel segment is expected to boost the global hybrid and full electric marine propulsion market during the forecast period. This is because of high utilization of solar and renewable energy as storage option in hybrid vessels. Region wise, Europe is expected to account for a dominant share in the global hybrid and full electric marine propulsion market in the coming years. This is attributed to the increasing promotion about the development of carbon-free fuel efficient marine systems in the region.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/58002
Rising Usage of Ferries for Transportation Purposes to Boost Market
Marine propulsion is a system or mechanism which is employed for generating thrust to move boat or ship across water. In hybrid and full electric marine propulsion systems, mostly battery packs are used for the propulsion. The minor difference between these two types of propulsions include the source of power for generating the propulsion. In full electric marine vessels, complete propulsion is made by the usage of rechargeable batteries. On the other hand, in hybrid marine vessels, alternate fuel such as LNG and Diesel as well as battery are utilized to make the propulsion. Such USPs are driving the global hybrid and full electric marine propulsion market. Along with this, governments’ stringent regulations in pertaining carbon emissions along with oil spillage are augmenting demand in the global hybrid and full electric marine propulsion market.
Purchase Premium Research Report on Hybrid and Full Electric Marine Propulsion Market @ https://www.transparencymarketresearch.com/checkout.php
Furthermore, increasing number of marine ships for various operations and rising usage of ferries in coastal waterways are also boosting the global hybrid and full electric marine propulsion market. Apart from these, rapid incorporation of advanced technologies in marine propulsion systems is also fueling growth in the global hybrid and full electric marine propulsion market.
Volatility in Costs of Crude Oil and Regulations in Marine Fuel Emissions Hinders Market’s Growth
A few major challenges hindering the growth of the global hybrid and full electric marine propulsion market include the volatile prices of crude oil and governments’ strict rules against marine fuel emissions. Nonetheless, the sluggish growth rate of the market is compensated by persistent demand for low-priced LNG and natural gas for making the propulsion in hybrid vessels. Such factors are believed to help overcome this challenge in the near future.
Browse More Press Releases: https://www.transparencymarketresearch.com/press-releases.htm
The segmentation of global hybrid and full electric marine propulsion market is based on:
Browse Latest Reports by TMR: https://www.transparencymarketresearch.com/latest.htm
Explore Transparency Market Research’s award-winning coverage of the global Energy & Natural Resources Industry,
Electric Double-layer Capacitors Market – The increase in government regulations concerning carbon emissions, along with growing adoption of graphene and carbon nanotube electric double-layer capacitors (EDLCs), is a major factor that is expected to drive the growth of the electric double-layer capacitors market. Evolving green energy applications, advancements in electric double-layer capacitor technologies, improving price/performance ratios, and growing new applications across several industries are driving the electric double-layer capacitors market.
Electric Vehicles Fuel Cells Market – North America is projected to lead the global market during the forecast period, due to the stringent environmental laws and rise in awareness about fuel cells. Tesla Inc., is the major manufacturers of electric cars in the U.S. followed by Chevrolet. Tesla’s two most popular vehicles are the Tesla Model S and Tesla Model X. In Europe, Ford, Volkswagen, and BMW are key manufacturers of electric cars. The electric vehicles fuel cells market in Europe and Asia Pacific is likely to expand at a rapid pace during the forecast period. Countries such as India, Japan, and China in Asia Pacific have started electrification of vehicles on a large scale.
Jackup Rigs Market – Increase in exploration and new discovery of oil and gas deposits in deep and ultra-deep water are fueling the market. In January 2019, BP announced a discovery of more than 1 billion barrels of oil in its Thunder Horse field in the Gulf of Mexico. These discoveries are likely to spark long-term drilling and exploration operations over the coming years, leading to a steady rise in the demand from the global jackup rigs market over the forecast period. scale.
Wellhead Equipment Market – There are still some challenges that may slow down the growth of the global wellhead equipment market in the coming years of the forecast period. One of the key restraining factors is the price fluctuations of crude oil market has delayed several sanctioned gas and oil projects across the globe. This has led to several project sites facing work backlog and rise in budget. Such delays are expected to slow down the market in the near future. However, increasing demand for wellhead equipment in harsher and unmanned project sites coupled with technological advancements are likely to have a positive influence on the growth of wellhead equipment market.
Explore More Upcoming Reports: https://www.transparencymarketresearch.com/upcoming.htm
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Mr. Rohit Bhisey
Transparency Market Research
90 State Street,
Albany NY – 12207
USA – Canada Toll Free: 866-552-3453
Press Release Source: https://www.transparencymarketresearch.com/pressrelease/hybrid-full-electric-marine-propulsion-market.htm