Global Marine Hybrid Propulsion Market 2020

"Increasing Procurement of Offshore Vessel Support to Help North America Emerge Dominant"

Geographically, North America earned a revenue of USD 1.01 billion in the year 2019 and earned the largest marine hybrid propulsion market share. This is attributed to the rising procurement of offshore vessel support for Canada and the U.S. The market in Europe will rank second on account of the presence of major manufacturing bases such as Rolls Royce, General Electric Company, and BAE Systems. Furthermore, the market for marine hybrid propulsion in the Asia Pacific is expected to exhibit the fastest CAGR in the coming years on account of the expansion of the shipbuilding industry in India and China.

The global marine hybrid propulsion market is anticipated to gain momentum in the coming years on account of the advent of the technologically advanced fuel-driven system for generating thrust to move naval vessels into the water.

The Report Answers the Following Queries:

• What is the nature of the market for marine hybrid propulsion?
• How will medical tourism aid in the expansion of the market?
• What are the key industry developments of the market for marine hybrid propulsion?
• What is the nature of the market for marine hybrid propulsion?
• Drivers & Restraints-
• Development of Hybrid Automotive Technology to Add Impetus

Companies Focusing on Fuel Efficiency to Gain Competitive Edge

Most of the players operating in this market are engaging in the research, designing, and development of hybrid propulsion systems that are fuel-efficient. They are also investing heavily in the development of advanced materials to gain a competitive edge in the market. Furthermore, the players believe that a diverse portfolio will help them compete for the top position in the market.

Major Industry Developments of the Market for Marine Hybrid Propulsion include:

March 2019 – CWIND and ØRSTED entered into a joint venture for delivering propulsion systems for the Surface Effect Ship.

Some of the Key Players of the Marine Hybrid Propulsion Market include:

• Mitsubishi Heavy Industries, Ltd. (Japan)
• Caterpillar Inc. (The U.S.)
• Wartsila Corporation (Finland)
• Rolls-Royce plc (The U.K.)
• Torqeedo GmbH (Germany)
• Schottel GmbH (Germany)
• BAE Systems (The U.K.)
• General Electric Company (The U.K.)
• Siemens AG (Germany)
• ABB Ltd. (Switzerland)
• Steyr Motors GmbH (Austria)
• MAN Diesel & Turbo SE (Germany)
• Others

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. US: +1 424 253 0390 UK: +44 2071 939123 Email: sales@fortunebusinessinsights.com