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Hybrid Electric Marine Propulsion Engine Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Mar 2022
  • Pages: 120
  • SKU: IRTNTR41625
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The hybrid electric marine propulsion engine market share is expected to increase by USD 923.76 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.43%.

This hybrid electric marine propulsion engine market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hybrid electric marine propulsion engine market segmentations by application (commercial and leisure) and geography (APAC, Europe, North America, Middle East and Africa, and South America). The hybrid electric marine propulsion engine market report also offers information on several market vendors, including ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., Elco Motor Yachts, FNM Marine Diesel Engine, General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., MAN Energy Solutions SE, Oceanvolt, RENK GmbH, TRANSFLUID S.p.A., Twin Disc Inc., and Wartsila Corp. among others.

What will the Hybrid Electric Marine Propulsion Engine Market Size be During the Forecast Period?

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Hybrid Electric Marine Propulsion Engine Market: Key Drivers, Trends, and Challenges

The stringent emission regulations is notably driving the hybrid electric marine propulsion engine market growth, although factors such as the availability of substitutes and maintenance complexities may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hybrid electric marine propulsion engine industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Hybrid Electric Marine Propulsion Engine Market Driver

The stringent emission regulations is one of the key drivers supporting the hybrid electric marine propulsion engine market growth. The demand for goods and raw materials is rising in emerging economies, owing to the increasing population in these countries. This is increasing the demand for large vessels such as cargo ships, containers, or bulkers. The large size of shipping vessels is critical in achieving better trade efficiency and has a direct impact on the growth of the volume of goods that are ferried in one trip. Such growth in seaborne trade and the increasing number of marine vessels are leading to an increase in carbon emissions. Moreover, the increasing focus on reducing marine emissions and stringent emission regulations are increasing the adoption of marine vessels with gas turbine propulsion and hybrid-electric propulsion systems, which emit low carbon emissions. Such factors are expected to positively impact the global hybrid electric marine propulsion engine market during the forecast period.

Key Hybrid Electric Marine Propulsion Engine Market Trend

The increasing popularity of hybrid turbochargers for marine vessels is one of the key hybrid electric marine propulsion engine market trends that is contributing to the market growth. For instance, a hybrid turbocharger developed by Mitsubishi Heavy Industries in association with US-based Calnetix Technologies uses a heat recovery system to drive the alternator and eliminates the need for an auxiliary blower for the main engine. In addition, no extra fuel is used for its operation, which results in improved fuel efficiency and reduced carbon emissions. Also, the integration of hybrid turbocharger technology and hybrid-electric propulsion system improves energy efficiency and reduces carbon emissions. Therefore, the popularity of hybrid turbochargers is expected to positively impact the global hybrid electric marine propulsion engine market during the forecast period.

Key Hybrid Electric Marine Propulsion Engine Market Challenge

The availability of substitutes and maintenance complexities are some of the factors hindering the hybrid electric marine propulsion engine market growth. The limited knowledge of vessel operators about hybrid-electric propulsion systems and the lack of skilled service personnel have increased the complexity of the maintenance and repair of hybrid electric marine propulsion engines. Furthermore, with the rapidly evolving battery technologies, the maintenance complexity is increasing. For instance, conventional lead-acid batteries used in hybrid electric marine propulsion engines are getting replaced by lithium-ion batteries, which increases installation complexity during retrofitting. Although advances in battery designs are easing the installation process, uncertainty over the development of marine battery technology and the lack of technical know-how is expected to hinder the adoption of hybrid electric marine propulsion engines during the forecast period.

This hybrid electric marine propulsion engine market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global hybrid electric marine propulsion engine market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hybrid electric marine propulsion engine market during the forecast period.

Who are the Major Hybrid Electric Marine Propulsion Engine Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ABB Ltd.
  • Aspin Kemp and Associates Inc.
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • Elco Motor Yachts
  • FNM Marine Diesel Engine
  • General Electric Co.
  • IHI Corp.
  • Kawasaki Heavy Industries Ltd.
  • Kongsberg Gruppen ASA
  • Korindo Energy
  • Leonardo DRS Inc.
  • MAN Energy Solutions SE
  • Oceanvolt
  • RENK GmbH
  • TRANSFLUID S.p.A.
  • Twin Disc Inc.
  • Wartsila Corp.

 

This statistical study of the hybrid electric marine propulsion engine market encompasses successful business strategies deployed by the key vendors. The hybrid electric marine propulsion engine market is fragmented and the vendors are deploying growth strategies such as quality, features, functionalities, and services to compete in the market.

Product Insights and News

  • BAE Systems Plc  - Through the air segment, the company operates UK-based air activities for European and International markets, and US Programs, and its businesses in Saudi Arabia and Australia. 
  • BAE Systems Plc - The company offers hybrid electric marine propulsion engine that uses proven technology developed for the rugged transit duty cycle on land and takes it to the water. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hybrid electric marine propulsion engine market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Hybrid Electric Marine Propulsion Engine Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the hybrid electric marine propulsion engine market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Hybrid Electric Marine Propulsion Engine Market?

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57% of the market’s growth will originate from APAC during the forecast period. China, South Korea, Japan, and Norway are the key markets for the hybrid electric marine propulsion engine market in APAC. Market growth in this region will be slower than the growth of the market in Europe.

The need for reducing carbon emissions will facilitate the hybrid electric marine propulsion engine market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 led to a decline in orders for marine vessels in APAC in 2020. However, since 2021, operations in various industries have restarted gradually with rapid vaccination drives in APAC. Also, the removal of trade restrictions in H2 2020, owing to the reduction in the number of COVID-19 cases, positively impacted the demand for hybrid electric marine propulsion engines. This is expected to stabilize the growth of the regional market during the forecast period.

What are the Revenue-generating Application Segments in the Hybrid Electric Marine Propulsion Engine Market?

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The hybrid electric marine propulsion engine market share growth by the commercial segment will be significant during the forecast period. The increasing demand for oil and natural gas is leading to the improvement of import and export facilities for hydrocarbons, crude oil, refined products, and liquified natural gas (LNG), subsequently raising the demand for maritime support services. This has increased port and inland trade activities in several countries, especially tanker navigation. Such factors are increasing the demand for support vessels, such as tugboats. Thus, the rising need for controlling carbon emissions is influencing fleet owners of marine vessels to focus on using hybrid-electric propulsion systems, thereby driving the growth of the commercial segment of the market.

This report provides an accurate prediction of the contribution of all the segments to the growth of the hybrid electric marine propulsion engine market size and actionable market insights on post COVID-19 impact on each segment.

 

Hybrid Electric Marine Propulsion Engine Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.43%

Market growth 2022-2026

$ 923.76 million

Market structure

Fragmented

YoY growth (%)

2.97

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 57%

Key consumer countries

US, China, South Korea, Japan, and Norway

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., Elco Motor Yachts, FNM Marine Diesel Engine, General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., MAN Energy Solutions SE, Oceanvolt, RENK GmbH, TRANSFLUID S.p.A., Twin Disc Inc., and Wartsila Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Hybrid Electric Marine Propulsion Engine Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive hybrid electric marine propulsion engine market growth during the next five years
  • Precise estimation of the hybrid electric marine propulsion engine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hybrid electric marine propulsion engine industry across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hybrid electric marine propulsion engine market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Commercial - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Commercial - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Commercial - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Commercial - Year-over-year growth 2021-2026 (%)
    • 5.4 Leisure - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Leisure - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Leisure - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Leisure - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Leisure - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Application
      • Exhibit 36: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 62: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Norway - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Norway - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Norway - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Norway - Year-over-year growth 2021-2026 (%)
    • 7.11 South Korea - Market size and forecast 2021-2026
      • Exhibit 74: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on South Korea - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
    • 7.12 Japan - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 BAE Systems Plc
              • Exhibit 89: BAE Systems Plc - Overview
              • Exhibit 90: BAE Systems Plc - Business segments
              • Exhibit 91: BAE Systems Plc - Key offerings
              • Exhibit 92: BAE Systems Plc - Segment focus
            • 10.4 Beta Marine Ltd.
              • Exhibit 93: Beta Marine Ltd. - Overview
              • Exhibit 94: Beta Marine Ltd. - Product / Service
              • Exhibit 95: Beta Marine Ltd. - Key offerings
            • 10.5 Caterpillar Inc.
              • Exhibit 96: Caterpillar Inc. - Overview
              • Exhibit 97: Caterpillar Inc. - Business segments
              • Exhibit 98: Caterpillar Inc. - Key offerings
              • Exhibit 99: Caterpillar Inc. - Segment focus
            • 10.6 Cummins Inc.
              • Exhibit 100: Cummins Inc. - Overview
              • Exhibit 101: Cummins Inc. - Business segments
              • Exhibit 102: Cummins Inc. - Key offerings
              • Exhibit 103: Cummins Inc. - Segment focus
            • 10.7 Elco Motor Yachts
              • Exhibit 104: Elco Motor Yachts - Overview
              • Exhibit 105: Elco Motor Yachts - Product / Service
              • Exhibit 106: Elco Motor Yachts - Key offerings
            • 10.8 FNM Marine Diesel Engine
              • Exhibit 107: FNM Marine Diesel Engine - Overview
              • Exhibit 108: FNM Marine Diesel Engine - Product / Service
              • Exhibit 109: FNM Marine Diesel Engine - Key offerings
            • 10.9 General Electric Co.
              • Exhibit 110: General Electric Co. - Overview
              • Exhibit 111: General Electric Co. - Business segments
              • Exhibit 112: General Electric Co. - Key news
              • Exhibit 113: General Electric Co. - Key offerings
              • Exhibit 114: General Electric Co. - Segment focus
            • 10.10 MAN Energy Solutions SE
              • Exhibit 115: MAN Energy Solutions SE - Overview
              • Exhibit 116: MAN Energy Solutions SE - Product / Service
              • Exhibit 117: MAN Energy Solutions SE - Key offerings
            • 10.11 Oceanvolt
              • Exhibit 118: Oceanvolt - Overview
              • Exhibit 119: Oceanvolt - Product / Service
              • Exhibit 120: Oceanvolt - Key offerings
            • 10.12 Wartsila Corp.
              • Exhibit 121: Wartsila Corp. - Overview
              • Exhibit 122: Wartsila Corp. - Business segments
              • Exhibit 123: Wartsila Corp. - Key news
              • Exhibit 124: Wartsila Corp. - Key offerings
              • Exhibit 125: Wartsila Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 126: Inclusions checklist
                • Exhibit 127: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 128: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 129: Research methodology
                • Exhibit 130: Validation techniques employed for market sizing
                • Exhibit 131: Information sources
              • 11.5 List of abbreviations
                • Exhibit 132: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  TechnavioINFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases
                  Technavio

                  TechnavioDATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts
                  Technavio

                  TechnavioREPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape
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                  The hybrid electric marine propulsion engine market growth will increase by $923.76 million during 2022-2026.
                  The hybrid electric marine propulsion engine market is expected to grow at a CAGR of 4.43% during 2022-2026.
                  Technavio has segmented the hybrid electric marine propulsion engine market by application (Commercial and Leisure) and geographic (APAC, Europe, North America, Middle East and Africa, and South America).
                  ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., Elco Motor Yachts, FNM Marine Diesel Engine, General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., MAN Energy Solutions SE, Oceanvolt, RENK GmbH, TRANSFLUID S.p.A., Twin Disc Inc., Wartsila Corp. are a few of the key vendors in the hybrid electric marine propulsion engine market.
                  APAC will register the highest growth rate of 57.26% among the other regions. Therefore, the hybrid electric marine propulsion engine market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                  The key factors driving the hybrid electric marine propulsion engine market growth are:
                  • Stringent emission regulations
                  • Increasing popularity of hybrid turbochargers for marine vessels
                  The hybrid electric marine propulsion engine market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
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