Hybrid Electric Marine Propulsion Engine Market to grow by USD 1133.1 mn through 2023-2027
The hybrid electric marine propulsion engine market is estimated to grow at a CAGR of 5.2% between 2022 and 2027 with forecasted revenue growth of USD 1,133.1 million. Determinants of the market growth include stringent emission regulations, the volatility in crude oil and natural gas prices, and an increase in maritime trade and fleet size.Technavio's report captures the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
Hybrid Electric Marine Propulsion Engine Market
Navigating through the growth drivers of the Hybrid Electric Marine Propulsion Engine Market: It has been observed Stringent emission regulations are driving the market advancement followed by improved fuel quality that helps marine vessels to reduce their carbon footprint and reduce the cost of fuel. Hence such factors will result in the increasing adoption of hybrid electric marine propulsion engines and the expansion of the market.
Market Trends: When it comes to market trends substantial investments to reduce emissions by the marine industry, and improvements in fuel quality are seen in hybrid turbochargers, another technological advance.
Key Companies: Some of the prominent names include ABB Ltd., Aspin Kemp and Associates Inc., Caterpillar Inc., Cummins Inc., General Dynamics Corp., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc.Etc.
For instance, Beta Marine Ltd. y offers hybrid electric marine propulsion engines such as the Beta 105T Engine with Twin Hybrid Motor, and the Beta 50 Engine with Single Hybrid Motor.
Technavio's report analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis. Download a sample report today for more insights.
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