Global Marine Hybrid & Full Electric Propulsion Market is accounted for $3.42 billion in 2020 and is expected to reach $7.87 billion by 2028 growing at a CAGR of 11.0% during the forecast period. The increase in adoption of hybrid propulsion systems in retrofit ships and the significant increase in sea trade are the major factors propelling the market growth.
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By geography, the Asia Pacific is going to have lucrative growth during the forecast period. Investments in the shipping industry have increased significantly in the region over the past few years, due to the rise in sea trade in countries such as China and Japan.
Some of the key players profiled in the Marine Hybrid & Full Electric Propulsion Market include Wärtsilä, Torqeedo, STEYR MOTORS, Rolls-Royce plc, Masson Marine, Cummins, IHI Power Systems Co.,Ltd., General Electric, Fairbanks-Morse, MAN Energy Solutions, Caterpillar, BAE Systems, and AB Volvo.
Power Ratings Covered in Marine Hybrid & Full Electric Propulsion Market
• Up to 1 Megawatt
• 1.1 Megawatt – 2 Megawatt
• 2.1 Megawatt – 3.5 Megawatt
• Above 3.5 Megawatt
Fuels Covered:
• Hydrogen
• Liquefied Natural Gas (LNG)
• Diesel
• Other Fuels
Revolutions Per Minute (RPM) Covered:
• 0 RPM – 1,000 RPM
• 1,001 RPM – 2,500 RPM
• Above 2,500 RPM
Propulsions Covered:
• Hybrid Propulsion
• Full Electric Propulsion
End Users Covered:
• Cruise Ships
• Defense Vessels
• Ferries
• Offshore Support Vehicles
• Tugboats
• Yachts
• Other End Users
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