Global Hybrid Electric Marine Propulsion Engine Market 2024-2028
The hybrid electric marine propulsion engine market is forecasted to grow by USD 887.8 mn during 2023-2028, accelerating at a CAGR of 4.02% during the forecast period. The report on the hybrid electric marine propulsion engine market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by stringent emission regulations, volatility in crude oil and natural gas prices, and increase in maritime trade and fleet size.
Technavio's hybrid electric marine propulsion engine market is segmented as below:
ByApplication
ByEnd-user
- Tugboats
- Offshore support vehicles
- Ferries
- Others
ByGeography
- APAC
- Europe
- North America
- Middle East and Africa
- South America
This study identifies the increasing popularity of hybrid turbochargers for marine vessels as one of the prime reasons driving the hybrid electric marine propulsion engine market growth during the next few years. Also, prospective incorporation of intelligent propulsion systems and introduction of integrated hybrid electric marine propulsion systems will lead to sizable demand in the market.
The report on the hybrid electric marine propulsion engine market covers the following areas:
- Hybrid electric marine propulsion engine market sizing
- Hybrid electric marine propulsion engine market forecast
- Hybrid electric marine propulsion engine market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hybrid electric marine propulsion engine market vendors that include ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Dynamics Corp., General Electric Co., IHI Aerospace Co. Ltd., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., Oceanvolt, Porsche Automobil Holding SE, RENK GmbH, Roper Technologies Inc., TRANSFLUID S.p.A., Twin Disc Inc., and Wartsila Corp.. Also, the hybrid electric marine propulsion engine market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.