Westford USA, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The global Marine Hybrid Propulsion market size is expected to reach USD 9.40 billion by 2030 and exhibit a CAGR of 10.49% in the forecast period (2023−2030), according to Skyquest's latest research report. The environmental regulations pushing for lower emissions and fuel consumption, increasing awareness of the maritime industry's carbon footprint, volatility in fuel prices, advancements in battery technology, growing interest in sustainable and energy-efficient solutions, potential for operational cost savings, government incentives and funding for green technologies, demand for improved vessel performance and maneuverability, development of more efficient hybrid propulsion systems, and rising need for flexible power sources to meet varying operational requirements are fueling the market's growth.
According to SkyQuest's latest global research of the Marine Hybrid Propulsion market, increasing integration of digital technologies for optimized system management, growing utilization of renewable energy sources like solar and wind within hybrid propulsion setups, advancements in energy storage systems to elevate efficiency, development of lightweight and space-efficient components, rising emphasis on retrofitting existing vessels with hybrid capabilities, collaborative ventures between maritime entities and research bodies for technological innovation, adoption of predictive maintenance strategies powered by data analytics, seamless integration of hybrid systems with vessel energy management setups, exploration of alternative fuels for reduced emissions, and heightened interest in hybrid-electric solutions for smaller maritime vessels such as ferries and yachts are the trends that aid in the market's growth.
Browse in-depth TOC on "Marine Hybrid Propulsion Market"
- Pages - 157
- Tables - 124
- Figures -69
Marine Hybrid Propulsion (SHM) is a field of engineering that uses sensors to monitor the health of structures over time. This information can be used to identify and predict damage and to take steps to prevent failures.
Prominent Players in Marine Hybrid Propulsion Market
- Acellent
- Aconsense
- Applied Acoustics
- Bridge Diagnostics
- Cirrus Research
- Cowi
- E2S
- Encardio
- Fugro
- HBM
- Honeywell
- Infrasense
- International SOS
- MaaXsensors
- MIDAS
- Norsar
- R.M.I.
- RSM
- Sensit Technologies
- Vibrating Systems and Controls
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2023-2030 |
| Market Size in 2022 | 4.02 Billion |
| 2030 Value Projection | 9.40 Billion |
| CAGR | 10.49% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Diesel-Electric Parallel Hybrid Propulsion Demand to Grow Substantially in the Forecast Period
Diesel-Electric Parallel Hybrid Propulsion dominated the global online market as they are gaining prominence due to their flexibility and efficiency. These systems use a combination of internal combustion engines and electric motors, allowing vessels to operate on electric power at lower speeds and switch to diesel power for higher speeds. This setup offers fuel efficiency and emissions reduction, which aligns well with tightening environmental regulations.
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Ferries and Short-Sea Shipping are the Leading Application Segment
In terms of application, Ferries and Short-Sea shipping are the leading segment as these vessels often operate on fixed routes and have frequent stops, making them well-suited for hybrid systems that can take advantage of electric power during low-speed maneuvering and harbor operations. Hybrid systems offer benefits such as reduced emissions, improved fuel efficiency, and quieter operation, which align with the environmental and operational requirements of ferry services.
Europe is the leading Market Due to the Technological Advancements
Region-wise, Europe is one of the largest growing markets with a huge emphasis on green and sustainable technologies in the maritime industry. The European Union's stringent emissions regulations, such as the IMO's sulfur cap and the European Green Deal, were pushing shipowners and operators to explore cleaner propulsion options. Many European countries had established supportive policies, incentives, and funding for the development and adoption of hybrid and alternative propulsion systems. As a result, Europe was expected to remain a significant market for marine hybrid propulsion systems.
A recent report thoroughly analyzes the major players operating within the Marine Hybrid Propulsion market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Marine Hybrid Propulsion.
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Key Developments in Marine Hybrid Propulsion Market
- Siemens acquired ZONA Technology, Inc; increasing Xcelerator capabilities for climate-neutral aviation. The addition of the ZONA Technology, Inc. technology to Siemens' Xcelerator portfolio will assist customers in making their digital threads as comprehensive and as efficient as possible to help speed innovation, and ensure on-time and on-budget delivery of more sustainable aerospace inventions.
Key Questions Answered in Marine Hybrid Propulsion Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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