The marine hybrid and electric propulsion is a system or mechanism used to generate thrust to move a ship or boat. Marine electric and hybrid propulsion systems are gaining popularity due to its advantages of zero-emission shipping and high performance in shipping activities. This factor is likely to propel the growth of the marine hybrid and electric propulsion market. Moreover, fuel efficiency and long-term cost-effectiveness of marine hybrid and electric propulsion are also accelerating the demand for marine hybrid and electric propulsion markets during the forecast period.
MARKET SCOPE
The "Global Marine Hybrid and Electric Propulsion Market Analysis to 2028"? is a specialized and in-depth study of the marine hybrid and electric propulsion industry with a special focus on the global market trend analysis. The report aims to provide an overview marine hybrid and electric propulsion market with detailed market segmentation as propulsion, power rating, application, and geography. The report provides key statistics on the market status of the leading marine hybrid and electric propulsion market players and offers key trends and opportunities in the marine hybrid and electric propulsion market.
MARKET SEGMENTATION
- The global marine hybrid and electric propulsion market is segmented on the basis of propulsion, power rating, application.
- On the basis of propulsion the market is segmented as hybrid propulsion, electric propulsion.
- On the basis of power rating the market is segmented as below 1 MW, 1 MW - 3.5 MW, above 3.5 MW.
- On the basis of application the market is segmented as tugboats, offshore support vehicles, ferries, defense vessels, yachts, cruise ships, others.
MARKET DYNAMICS
Drivers:
- Government stringent regulations to lower greenhouse gases and carbon emissions result in the rising adoption of the electric propulsion system, which anticipates the growth of the marine hybrid and electric propulsion market.
Restraints:
- High initial investments and inadequate infrastructure may restraint the marine hybrid and electric propulsion market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Marine hybrid and electric propulsion market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Marine hybrid and electric propulsion market in these regions.
IMPACT OF COVID-19 ON MARINE HYBRID AND ELECTRIC PROPULSION MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the Marine hybrid and electric propulsion market organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Marine hybrid and electric propulsion market market are anticipated to lucrative growth opportunities in the future with the rising demand for Marine hybrid and electric propulsion market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Marine hybrid and electric propulsion market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AB Volvo
- BAE Systems
- Caterpillar, Inc.
- General Electric Company
- Kongsberg Maritime
- MAN Energy Solutions
- Masson Marine
- Wrtsil Corporation
- YANMAR HOLDINGS CO., LTD.
ZF Friedrichshafen AG
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.