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Marine Hybrid Propulsion Market to Exhibit 13.39% CAGR till 2028; Chartwell Marine Chooses BAE Systems to Supply its Propulsion System to Vermont University

June 09, 2021 | Aerospace & Defense

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.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128


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:



  • February 2021: Chartwell Marine announced the selection of BAE Systems to provide electric hybrid power and propulsion systems for the University of Vermont. The latter is developing a maritime research vessel by joining hands with Derecktor Shipyard.


List of Renowned Marine Hybrid Propulsion Manufacturers Present in the Market:



  • ABB Ltd. (Switzerland)

  • BAE Systems (The U.K.)

  • Caterpillar Inc. (The U.S.)

  • General Electric Company (The U.S.)

  • MAN Diesel & Turbo SE (Germany)

  • Mitsubishi Heavy Industries, Ltd. (Japan)

  • Rolls-Royce plc (The U.K.)

  • Schottel GmbH (Germany)

  • Siemens AG (Germany)

  • Steyr Motors GmbH (Austria)

  • Torqeedo GmbH (Germany)

  • Wartsila Corporation (Finland)


Further Report Findings:



  • North America generated USD 790.8 million in 2020 in terms of revenue and is anticipated to remain dominant in the upcoming years on account of the increasing procurement of offshore vessel support for Canada and the U.S. from China and South Korea, two largest shipbuilding hubs in Asia Pacific.

  • In Asia Pacific, the expansion of the shipbuilding industry in China and the rising funding initiatives by prominent marine hybrid propulsion manufacturers to develop novel systems would aid growth.

  • Based on the installation, the market for marine hybrid propulsion is categorized into line fit and retrofit. Amongst these, the line fit segment is expected to lead by generating the highest market share in the near future. This growth is attributable to the surging adoption of systems in merchant ships.


The market for marine hybrid propulsion can be segmented into:

















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Million)



Segmentation



By Type



  • Diesel-Electric

  • Gas-Electric

  • Others



By Operation



  • Parallel Hybrid Propulsion System

  • Serial Hybrid Propulsion System



By Deadweight



  • Less Than 5K DWT

  • 5K-10K DWT

  • 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

  • AUVs



By Installation



  • Line Fit

  • Retrofit



By Geography



  • North America (By Type, By Operation, By Deadweight, By Ship Type, By installation, and By Country)

    • The U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, By Operation, By Deadweight, By Ship Type, By installation, and By Country)

    • The U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe (By Type)



  • Asia-Pacific (By Type, By Operation, By Deadweight, By Ship Type, By Installation, and By Country)

    • Japan (By Type)

    • China (By Type)

    • India (By Type)

    • Australia (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia- Pacific (By Type)



  • Rest of the World (By Type, By Operation, By Deadweight, By Ship Type, By installation, and By Country)

    • Latin America (By Type)

    • Middle East & Africa (By Type)




Global Marine Hybrid Propulsion Market
  • PDF
  • 2020
  • 2017-2019
  • 210

    CHOOSE LICENSE TYPE

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