Battery Pack for Marine Hybrid Full Electric Propulsion Market: Introduction

The global battery pack for marine hybrid full electric propulsion market was valued at ~US$ 240 Mn in 2019 and is anticipated to expand at a CAGR of ~9% during the forecast period. Among power ratings, the above 3.5 MW segment held a dominant share of the global battery pack for marine hybrid full electric propulsion market in 2019, primarily due to high demand from the marine industry.

Get a Free Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=Srep_id=76884 

In terms of propulsion type, the hybrid propulsion segment accounted for a major share of the global battery pack for marine hybrid full electric propulsion market in 2019. This can be ascribed to high adoption of hybrid propulsion systems in retrofit ships. Based on vessel type, the ferries segment constituted a significant share of the global battery pack for marine hybrid full electric propulsion market in 2019. Demand for hybrid and full electric ferries is high, as they reduce the pollution near port areas and save operational costs.

Among RPMs, the 1,001 RPM – 2,500 RPM segment accounted for a major share of the global battery pack for marine hybrid full electric propulsion market in 2019. A large number of ferries, tugboats, offshore support vehicles, and defense vehicles have engine capacity ranging from 1,001 RPM to 2,500 RPM. These vessels have significant demand from the marine industry. Hence, 1,001 RPM – 2,500 RPM is expected to be the dominating segment during the forecast period.   

The battery pack for marine hybrid full electric propulsion market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to rapid urbanization and industrialization in the region.

Take Enquiry before buying: https://www.transparencymarketresearch.com/sample/sample.php?flag=EBrep_id=76884 

Key Drivers of Battery Pack for Marine Hybrid Full Electric Propulsion Market

Over the last few years, adoption of hybrid propulsion systems in retrofit ships as well as new ships has significantly increased. This can ascribed to various benefits provided by hybrid propulsion systems. Hybrid propulsion provides high variation in operation modes, which is required to address flexible power demand. This results in increase in overall operational capability of the engine.

A propeller can be driven by a diesel engine or an electric motor, which provides a highly redundant and reliable propulsion system. Reduced engine operating costs are led by the optimum use of the main engine and auxiliary gensets. Both the main engine and auxiliary gensets are used to provide the required amount of power, with optimal load and minimal specific fuel oil consumption. This reduces consumption of fuel, leading to reduction in emissions of CO2, SOx and NOx.

Asia Pacific to Lead Battery Pack for Marine Hybrid Full Electric Propulsion Market

Asia Pacific led the global battery pack for marine hybrid full electric propulsion market in 2019 due to rapid industrialization and presence of well-established manufacturing units of major players in automotive, electronics, furniture, plastics, pharmaceutical, garments, and engineering products industries in Asia Pacific. Furthermore, due to industrialization, the disposable income has risen, due to which there is change in the spending pattern.

All these factors are expected to propel the global battery pack for marine hybrid full electric propulsion market during the forecast period. Countries such as China and Japan are expected to dominate the battery pack for marine hybrid full electric propulsion market in Asia Pacific in the next few years, as these countries have the maximum number of ships in the world. Furthermore, changing government policies to reduce carbon emissions in the region are expected to drive the global battery pack for marine hybrid full electric propulsion market during the forecast period.

Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=76884ltype=S 

Battery Pack for Marine Hybrid Full Electric Propulsion Market: Competition Landscape

The global battery pack for marine hybrid full electric propulsion market is led by multinational players operating across the globe. Prominent players operating in the global battery pack for marine hybrid full electric propulsion market are Corvus Energy, Eco Marine Power, Rolls-Royce plc, Nidec Group, and RELiON Batteries.

Dual-fuel PSVs Increase Fuel Efficiency and Reduce NOx Emissions

The number of battery-hybrid OSVs (Offshore Service Vessels) is growing in the battery pack for marine hybrid full electric propulsion market. OSV owners are increasing focus to retrofit diesel-electric and LNG (Liquefied Natural Gas)-powered fleets with battery-hybrid propulsion in order to increase fuel efficiency and reduce nitrogen oxide (NOx) emissions in the environment. For instance, Eidesvik Offshore— a Norway-based shipping company is increasing focus in dual-fuel, diesel-electric-powered platform supply vessels (PSV) in order to comply with environment regulations.

More Trending Reports by TMR: https://www.prnewswire.com/news-releases/unsaturated-polyester-resins-market-to-reach-us-11-4-bn-by-2031--notes-tmr-study-301519070.html 

An increase in the number of dual-fuel engine vessels with an output of up to 2,010 kW at 720 rpm are revolutionizing the battery pack for marine hybrid full electric propulsion market. As such, the market for battery pack for marine hybrid full electric propulsion is estimated to reach a value of ~US$ 600 Mn by the end of 2030.

About Us Section:

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyse information.

Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine. Sign Up for a 7 day free trial!

Contact Us

Rohit Bhisey
Transparency Market Research,
90 State Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/