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The global marine hybrid propulsion market size is projected to grow from USD 3,370.9 million in 2021 to USD 8,122.2 million in 2028. The surging adoption of electric propulsion technology to gain access to various beneficial features, such as low fuel consumption, improved performance, and reduced emissions, would affect growth positively. Fortune Business Insights™ presented this information in a report, titled, “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel and Serial), By Deadweight (Less Than 5K DWT, 5K-10K DWT, and More than 10K DWT), By Ship Type (Anchor Handling, Tug, Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs ), By Installation (Line Fit and Retrofit) and Regional Forecast, 2021-2028” As per the report, the value of this market was USD 3,053.2 million in 2020 and will exhibit a CAGR of 13.39% in the forecast period between 2021-2028.
Rolls-Royce to Deliver 12 mtu Kinetic PowerPacks to KAUST for Clean Power Supply
In April 2021, Rolls-Royce announced its plan to supply 12 mtu Kinetic PowerPacks to Saudi Arabia’s King Abdullah University for Science and Technology (KAUST). The systems contain kinetic energy accumulators that would provide the university with uninterruptible, conditioned, and clean power supplies in its data center and supercomputing facility. As per one of the company officials, “We are pleased to announce that KAUST has selected us to provide our in-house product. This will help us strengthen our position in the global market.”
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Rising Seaborne Trade Activities & Demand for Merchant Ships to Boost Growth
The rapidly increasing maritime trade worldwide is expected to bolster the marine hybrid propulsion market growth in the forthcoming years. As per the United Nations Conference on Trade and Development (UNCTAD), maritime trade volumes reached 11.08 billion tons in 2019. It showcased an expansion of 0.5 percent. Seaborne trade activities require merchant ships and hence the demand for these hybrid propulsion systems is likely to rise. However, the demand for naval ships, cargo ships, cruise liners, yachts, and platform supply vessels has dropped drastically because of the outbreak of the COVID-19 pandemic. It may obstruct growth.
Key Participants Aim to Invest in Development of Unique Products to Compete with Rivals
Prominent companies operating in this market are striving persistently to gain a competitive edge. To do so, they are investing huge sums in the designing and creation of novel solutions. Some of the other firms are focusing on mergers and acquisitions, contracts, joint ventures, and signing agreements to strengthen their positions worldwide.
A Noteworthy Industry Development:
List of Renowned Marine Hybrid Propulsion Manufacturers Present in the Market:
Further Report Findings:
The market for marine hybrid propulsion can be segmented into:
Value (USD Million)
By Ship Type