Hybrid and Full Electric Marine Propulsion Market to Reach US$ 7,516.7 Mn by 2026
The global hybrid and full electric marine propulsion market bears a fairly fragmented
vendor landscape, says Transparency Market Research (TMR) in a recently published
report. This is solely because of the existence of large, medium, and small scale players
in the market. BAE Systems, Wartsilla Corporation, AB Volvo Penta, Niigata Power
Systems, and Fairbanks Morse Engine are the leading companies in the global hybrid
and full electric marine propulsion market.
In this highly fragmented market, larger companies are trying to adopt some strategic
alliances to gain better growth opportunities. These players are following vast
regulations and requirements for ensuring reliability and safety of their products.
Medium-sized vendors in the global hybrid and full electric marine propulsion market are
looking out for opportunities to collaborate with larger players for improving their revenue
indexes. Established companies are investing more in adopting marine propulsion
technology, specifically renewable/hybrid technology for impelling their growth meter in
the market. The competition is further getting intensified with the entry of numerous local
players who are focusing hard on delivering quality services.
According to experts from TMR, the global hybrid and full electric marine propulsion
market is expected to gain revenue worth US$7,516.7 mn by the end of 2026. The
market stood at US$3,247.4 mn in 2017. Experts project this growth to occur at a
promising CAGR of 9.8% during the forecast period from 2018 to 2026.
Among the various propulsion types in the market, demand for hybrid vessel segment is
expected to boost the global hybrid and full electric marine propulsion market during the
forecast period. This is because of high utilization of solar and renewable energy as
storage option in hybrid vessels. Region wise, Europe is expected to account for a
dominant share in the global hybrid and full electric marine