With the emergence and long-term Impact of COVID-19, Global Marine Hybrid Propulsion Market to reach USD 11.77 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Marine Hybrid Propulsion Market is poised to raise up to USD 11.77 Billion by 2030. Marine hybrid propulsion amalgamates internal combustion engines with electric motors and energy storage, leading to enhanced fuel efficiency and a diminished environmental footprint. This innovative approach provides adaptability, allowing vessels to navigate effectively across diverse speeds and cargo requirements. Through the utilization of both traditional and electric power sources, marine hybrid propulsion systems actively support sustainability initiatives within the maritime sector, concurrently bolstering operational efficacy and dependability. The Global Marine Hybrid Propulsion Market is continuously growing due to factors such as decreasing fuel consumption and growing environmental concerns.
Geographically, the global Marine Hybrid Propulsion market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the dominance of the rising fleet size, increased focus on various OEMs on R&D, and implementation of hybrid propulsion systems. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as rising international trade, increased shipbuilding activities, and growing environmental concerns that led to the market growth of Marine Hybrid Propulsion Market globally.
The global Marine Hybrid Propulsion market is highly competitive owing to the presence of several key market players such as Cummins Inc, AB Volvo Panta, Rolls-Royce plc, Nigata Power Systems Co., Ltd., Mitsubishi Heavy Electrics Ltd., Schottel Group, and others.
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Key findings of the study suggest:
- Global Marine Hybrid Propulsion Market is anticipated to grow with a healthy growth rate of more than 12.4% over the forecast period 2023-2030.
- In the Operation segment, Parallel Hybrid Propulsion System emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the dominance of the rising fleet size, increased focus on various OEMs on R&D, and implementation of hybrid propulsion systems.
- Asia-Pacific is expected to grow at a higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Operation Type:
- Parallel Hybrid Propulsion System
- Serial Hybrid Propulsion System
Components:
- I.C. Engine
- Generator
- Power Management System
- Battery
- Gear Box
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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