Hybrid and Full Electric Marine Propulsion Market to Reflect Impressive Growth Rate by 2026

1. Hybrid and Full Electric Marine Propulsion Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2026 ©2019 Transparency Market Research, All Rights Reserved

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3. Hybrid and Full Electric Marine Propulsion Market Marine propulsion refers to a system or a mechanism that is utilized in the generation of thrust to propel a boat and ship across water. The arrangement of the entire propulsion system relies on the operation type, system of transport, and size of vessel. A very common type of marine propulsion system is diesel marine propulsion system. However, almost all vessel types such as recreational vessels, defense vessels, Yachts, ferries, and tugboats, utilize hybrid systems to move. Diesel-electric marine propulsion systems are used in the marine vessels. Such wide use of the system is expected to bolster expansion of the global hybrid and full electric marine propulsion market. View Report Download Brochure ©2019 Transparency Market Research, All Rights Reserved

4. Environment Friendliness of the Product to Amplify its Demand • The International Convention on the Prevention of Pollution from Ships (MARPOL) is an international regulatory body that is assigned with the task of regulating the issue of marine pollution caused by vessels.  • There are six different annexes in the MARPOL and each of those annexes deal with pollutants arising out of routine operations and accidents in the oceans and seas. • Annex VI particularly takes care of the air pollutants generated by ocean bound ships. This annex restricts the level of nitrogen emission level and mandates use of low sulfur-content fuel to diminish environmental pollution.

5. Volatility in Costs of Crude Oil and Regulations in Marine Fuel Emissions Hinders Market’s Growth A few major challenges hindering the growth of the global hybrid and full electric marine propulsion market include the volatile prices of crude oil and governments’ strict rules against marine fuel emissions. Nonetheless, the sluggish growth rate of the market is compensated by persistent demand for low-priced LNG and natural gas for making the propulsion in hybrid vessels. Such factors are believed to help overcome this challenge in the near future. ©2019 Transparency Market Research, All Rights Reserved

6. Key players operating in the Full Electric Marine Propulsion Market ummins Inc. Caterpillar Inc. AB Volvo Penta BAE Systems Wärtsilä Corporation Rolls Royce Plc. ©2019 Transparency Market Research, All Rights Reserved

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