The Marine Hybrid And Full Electric Propulsion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Marine Hybrid And Full Electric Propulsion Global Market Report 2024, 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.
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.
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The marine hybrid and full electric propulsion market covered in this report is segmented –
1) By Type: Hybrid Propulsion, Full Electric Propulsion
2) By Ship Type: Naval Ships, Yachts, Platform Supply Vessel, Cruise Liner, Other Ship Types
3) By Application: Tugboats, Ferries, Defense Vessels, Other Applications
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.
The marine hybrid and full electric propulsion market report table of contents includes:
1. Executive Summary
2. Marine Hybrid And Full Electric Propulsion Market Characteristics
3. Marine Hybrid And Full Electric Propulsion Market Trends And Strategies
4. Marine Hybrid And Full Electric Propulsion Market – Macro Economic Scenario
5. Global Marine Hybrid And Full Electric Propulsion Market Size and Growth
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32. Global Marine Hybrid And Full Electric Propulsion Market Competitive Benchmarking
33. Global Marine Hybrid And Full Electric Propulsion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Hybrid And Full Electric Propulsion Market
35. Marine Hybrid And Full Electric Propulsion Market Future Outlook and Potential Analysis
36. Appendix
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