Hybrid Electric Marine Propulsion Engine Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,China,South Korea,Japan,Norway - Size and Forecast 2023-2027

Published: Oct 2023 Pages: 175 SKU: IRTNTR41625

Hybrid Electric Marine Propulsion Engine Market Forecast 2023-2027

The hybrid electric marine propulsion engine market size is estimated to increase by USD 1,133.1 million and to grow at a CAGR of 5.2% between 2022 and 2027. The growth of the market depends on several factors such as stringent emission regulations, the volatility in crude oil and natural gas prices, and an increase in maritime trade and fleet size.

It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

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

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Technavio’s Exclusive Market Customer Landscape

Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027. 

Global Market Customer Landscape

Key Drivers, Trends, and Challenges

Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. 

Key Driver

Stringent emission regulations are driving market growth. Marine propulsion engines primarily use diesel which emits pollutants like nitrous oxide, particulate matter, carbon oxide, hydrocarbon, and sulfur oxide. They are not in compliance with the Environmental Protection Agency (EPA) air quality standards. Regulations as per the International Convention for the Prevention of Pollution from Ships or MARPOL convention instruct that diesel engines in US-flagged ships should have an Engine International Air Pollution Prevention (EIAPP) certificate issued by the EPA.

Additionally, these regulatory norms have also resulted in fuel quality improvements that help marine vessels to reduce their carbon footprint and reduce the cost of fuel. This also reduces the operational cost for marine vessel fleet operators, boosting demand for alternative fuel sources like Liquefied Natural Gas (LNG). Hence such factors will result in the increasing adoption of hybrid electric marine propulsion engines and the expansion of the market during the forecast period.

Significant Trends

The increasing popularity of hybrid turbochargers is a key trend in the market. Massive investments to reduce emissions by the marine industry, and improvements in fuel quality are seen in hybrid turbochargers, another technological advance. It involves using the turboshaft as the primary mover as it generates electricity through an alternator in the turbocharger, unlike conventional turbochargers where turbines turn the compressor, which sucks in more air and feeds it to the combustion chamber. Additionally, the alternator generates electrical power without extra fuel consumption.

Additionally, reduced carbon emissions make it a highly appealing alternative compared to conventional turbochargers. Hence, there is a growing popularity of hybrid turbocharger technology and hybrid electric propulsion systems which is likely to propel growth of the market during the forecast period.

Major Challenge

Availability of substitutes and maintenance complexities are challenging market growth. The market is at its nascent stage in terms of product life cycle. Other competing alternatives such as LNG-based propulsion, gas turbine-based propulsion, wind energy-based propulsion, and solar energy-based propulsion are growing increasingly popular and have greater growth potential.

Additionally, stringent regulations on carbon emission reduction and fuel quality improvements as well as the lack of skilled service personnel have made the operation, maintenance, and repair of these engines difficult. Moreover, lithium-ion batteries are increasingly over lead acid batteries and they result in complex installation during retrofitting. Hence, the above factors are likely to pose a hindrance to the growth of the market during the forecast period.

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

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BAE Systems Plc - The company offers a HybriGen Assist propulsion system.

Beta Marine Ltd. - The company offers Beta 105T Engine with Twin Hybrid Motor, the Beta 50 Engine with Single Hybrid Motor.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market players, including:

  • 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.
  • Oceanvolt
  • Porsche Automobil Holding SE
  • RENK GmbH
  • Roper Technologies Inc.
  • TRANSFLUID S.p.A.
  • Twin Disc Inc.
  • Wartsila Corp.

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors 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.  

Market Segmentation by Application, End-user, Geography

Application Segment Analysis:

The market share growth by the commercial segment will be significant during the forecast period. It includes numerous commercial vessels, like cargo ships, container ships, offshore support vessels, and supply vessels used for seaborne transportation of goods across counties. To reduce emissions, various stakeholders are innovating methods such as alternative fuels and hybrid engines. Hybrid electric engines are increasing in demand in commercial vessels and offshore support vessels, such as tugboats.

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The commercial segment showed a gradual increase in the market share of USD 2,452.76 million in 2017 and continued to grow by 2021. The expanding growth of demand for energy, oil, and natural gas is also boosting the demand for offshore support vessels like tugboats. Additionally, due to offshore oil and gas reservoirs being larger than onshore reservoirs oil, gas companies are increasingly shifting to offshore exploration activities. This increases the demand for maritime support services such as tugboats which are increasingly adopting hybrid electric marine propulsion engines, boosting the growth of this segment of the market during the forecast period

End-User Segment Analysis:

The market share growth by the tugboats segment will be significant during the forecast period.  The ability of tugboats to tow and maneuver large vessels in ports, harbors, and offshore activities is making this segment extremely important for the industry. Moreover, hybrid electric propulsion engines are being adopted by tugboats due to reduced emissions and improved fuel efficiency. They also help in working in rough seas, strong currents, shallow waters, confined spaces, and heavy loads by providing increased power and performance. Hence the above factors are likely to contribute to the growth of this segment of the market during the forecast period.

Regional Analysis

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APAC is estimated to contribute 44% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  

The main sources of revenue for the APAC market are ferries, tugboats, and yachts. They are adopting hybrid electric engines to reduce emissions and adhere to stringent regulations issued by regulatory and governmental bodies. For instance, Taiwan and Hong Kong ports have mandated a maximum sulfur cap of 0.5% in fuel sources in vessels in 2019. This is predicted to further increase demand for hybrid electric propulsion engines. Key countries within APAC include Hong Kong, China, Taiwan, and Singapore which are also adopting it for their marine vessels due to higher propulsion power. Hence such factors are predicted to boost the growth of the regional market during the forecast period.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027. 

  • Application Outlook (USD Million, 2017 - 2027)
    • Commercial
    • Leisure
  • End-user Outlook (USD Million, 2017 - 2027)
    • Tugboats
    • Offshore support vehicles
    • Ferries
    • Others
  • Region Outlook (USD Million, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa
    • South America
      • Argentina
      • Brazil
      • Chile

Market Analyst Overview

The Market is experiencing growth driven by the demand for fuel-efficient systems in the production of cargo ships, commercial and defense ships, and luxury yachts. Stringent rules and regulations regarding fuel emissions have further fueled the adoption of hybrid propulsion systems in the marine industry.

The market is also influenced by budgets allocated to naval defense, as defense ships seek more sustainable and efficient propulsion options. Despite challenges such as commodity prices and pandemic restrictions, the market is poised for growth, especially in the segment of passenger cruise ships and small cargo ships. Integrated propulsion systems, including lifeboats and small vessels, are also driving market growth, offering flexibility and efficiency in marine operations. The market's expansion is further supported by advancements in deadweight tonnage management and the integration of hybrid propulsion systems in various marine vessels.

Hybrid Electric Marine Propulsion Engine Market Scope

Report Coverage

Details

Page number

175

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.2%

Market growth 2023-2027

USD 1,133.1 million

Market structure

Fragmented

YoY growth 2022-2023(%)

3.71

Regional analysis

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

Performing market contribution

APAC at 44%

Key countries

US, China, South Korea, Japan, and Norway

Competitive landscape

 Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Aspin Kemp and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Dynamics Corp., General Electric Co., IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA, Korindo Energy, Leonardo DRS Inc., Oceanvolt, Porsche Automobil Holding SE, RENK GmbH, Roper Technologies Inc., TRANSFLUID S.p.A., Twin Disc Inc., and Wartsila Corp.

Market dynamics

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

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
  • Precise estimation of the size of the market size and its contribution to the parent market
  • Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
  • Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
  • Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive market analysis and report on the factors that will challenge the market research and growth of market vendors

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

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 Market Segmentation by End-user
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 13: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
      • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
      • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Global hybrid electric marine propulsion engine market 2017 - 2021
      • Exhibit 18: Historic Market Size – Data Table on global hybrid electric marine propulsion engine market 2017 - 2021 ($ million)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)
    • 4.3 End-User Segment Analysis 2017 - 2021
      • Exhibit 20: Historic Market Size – End-User Segment 2017 - 2021 ($ million)
    • 4.4 Geography Segment Analysis 2017 - 2021
      • Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
    • 4.5 Country Segment Analysis 2017 - 2021
      • Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 30: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 32: Chart on Comparison by Application
      • Exhibit 33: Data Table on Comparison by Application
    • 6.3 Commercial - Market size and forecast 2022-2027
      • Exhibit 34: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 36: Chart on Commercial - Year-over-year growth 2022-2027 (%)
      • Exhibit 37: Data Table on Commercial - Year-over-year growth 2022-2027 (%)
    • 6.4 Leisure - Market size and forecast 2022-2027
      • Exhibit 38: Chart on Leisure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Data Table on Leisure - Market size and forecast 2022-2027 ($ million)
      • Exhibit 40: Chart on Leisure - Year-over-year growth 2022-2027 (%)
      • Exhibit 41: Data Table on Leisure - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Application
      • Exhibit 42: Market opportunity by Application ($ million)
      • Exhibit 43: Data Table on Market opportunity by Application ($ million)

    7 Market Segmentation by End-user

    • 7.1 Market segments
      • Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)
    • 7.2 Comparison by End-user
      • Exhibit 46: Chart on Comparison by End-user
      • Exhibit 47: Data Table on Comparison by End-user
    • 7.3 Tugboats - Market size and forecast 2022-2027
      • Exhibit 48: Chart on Tugboats - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Data Table on Tugboats - Market size and forecast 2022-2027 ($ million)
      • Exhibit 50: Chart on Tugboats - Year-over-year growth 2022-2027 (%)
      • Exhibit 51: Data Table on Tugboats - Year-over-year growth 2022-2027 (%)
    • 7.4 Offshore support vehicles - Market size and forecast 2022-2027
      • Exhibit 52: Chart on Offshore support vehicles - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Data Table on Offshore support vehicles - Market size and forecast 2022-2027 ($ million)
      • Exhibit 54: Chart on Offshore support vehicles - Year-over-year growth 2022-2027 (%)
      • Exhibit 55: Data Table on Offshore support vehicles - Year-over-year growth 2022-2027 (%)
    • 7.5 Ferries - Market size and forecast 2022-2027
      • Exhibit 56: Chart on Ferries - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Data Table on Ferries - Market size and forecast 2022-2027 ($ million)
      • Exhibit 58: Chart on Ferries - Year-over-year growth 2022-2027 (%)
      • Exhibit 59: Data Table on Ferries - Year-over-year growth 2022-2027 (%)
    • 7.6 Others - Market size and forecast 2022-2027
      • Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.7 Market opportunity by End-user
      • Exhibit 64: Market opportunity by End-user ($ million)
      • Exhibit 65: Data Table on Market opportunity by End-user ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Geographic Landscape

    • 9.1 Geographic segmentation
      • Exhibit 67: Chart on Market share by geography 2022-2027 (%)
      • Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
    • 9.2 Geographic comparison
      • Exhibit 69: Chart on Geographic comparison
      • Exhibit 70: Data Table on Geographic comparison
    • 9.3 APAC - Market size and forecast 2022-2027
      • Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
      • Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
      • Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)
    • 9.4 Europe - Market size and forecast 2022-2027
      • Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
      • Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
      • Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)
    • 9.5 North America - Market size and forecast 2022-2027
      • Exhibit 79: Chart on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 80: Data Table on North America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 81: Chart on North America - Year-over-year growth 2022-2027 (%)
      • Exhibit 82: Data Table on North America - Year-over-year growth 2022-2027 (%)
    • 9.6 Middle East and Africa - Market size and forecast 2022-2027
      • Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
      • Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
      • Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
    • 9.7 South America - Market size and forecast 2022-2027
      • Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ million)
      • Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%)
      • Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%)
    • 9.8 China - Market size and forecast 2022-2027
      • Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
      • Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
      • Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)
    • 9.9 US - Market size and forecast 2022-2027
      • Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
      • Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
      • Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)
    • 9.10 Norway - Market size and forecast 2022-2027
      • Exhibit 99: Chart on Norway - Market size and forecast 2022-2027 ($ million)
      • Exhibit 100: Data Table on Norway - Market size and forecast 2022-2027 ($ million)
      • Exhibit 101: Chart on Norway - Year-over-year growth 2022-2027 (%)
      • Exhibit 102: Data Table on Norway - Year-over-year growth 2022-2027 (%)
    • 9.11 South Korea - Market size and forecast 2022-2027
      • Exhibit 103: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
      • Exhibit 104: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
      • Exhibit 105: Chart on South Korea - Year-over-year growth 2022-2027 (%)
      • Exhibit 106: Data Table on South Korea - Year-over-year growth 2022-2027 (%)
    • 9.12 Japan - Market size and forecast 2022-2027
      • Exhibit 107: Chart on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 108: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
      • Exhibit 109: Chart on Japan - Year-over-year growth 2022-2027 (%)
      • Exhibit 110: Data Table on Japan - Year-over-year growth 2022-2027 (%)
    • 9.13 Market opportunity by geography
      • Exhibit 111: Market opportunity by geography ($ million)
      • Exhibit 112: Data Tables on Market opportunity by geography ($ million)

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 113: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 115: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 116: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 117: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 118: Matrix on vendor position and classification
            • 12.3 BAE Systems Plc
              • Exhibit 119: BAE Systems Plc - Overview
              • Exhibit 120: BAE Systems Plc - Business segments
              • Exhibit 121: BAE Systems Plc - Key offerings
              • Exhibit 122: BAE Systems Plc - Segment focus
            • 12.4 Beta Marine Ltd.
              • Exhibit 123: Beta Marine Ltd. - Overview
              • Exhibit 124: Beta Marine Ltd. - Product / Service
              • Exhibit 125: Beta Marine Ltd. - Key offerings
            • 12.5 Caterpillar Inc.
              • Exhibit 126: Caterpillar Inc. - Overview
              • Exhibit 127: Caterpillar Inc. - Business segments
              • Exhibit 128: Caterpillar Inc. - Key offerings
              • Exhibit 129: Caterpillar Inc. - Segment focus
            • 12.6 Cummins Inc.
              • Exhibit 130: Cummins Inc. - Overview
              • Exhibit 131: Cummins Inc. - Business segments
              • Exhibit 132: Cummins Inc. - Key offerings
              • Exhibit 133: Cummins Inc. - Segment focus
            • 12.7 General Dynamics Corp.
              • Exhibit 134: General Dynamics Corp. - Overview
              • Exhibit 135: General Dynamics Corp. - Business segments
              • Exhibit 136: General Dynamics Corp. - Key news
              • Exhibit 137: General Dynamics Corp. - Key offerings
              • Exhibit 138: General Dynamics Corp. - Segment focus
            • 12.8 General Electric Co.
              • Exhibit 139: General Electric Co. - Overview
              • Exhibit 140: General Electric Co. - Business segments
              • Exhibit 141: General Electric Co. - Key news
              • Exhibit 142: General Electric Co. - Key offerings
              • Exhibit 143: General Electric Co. - Segment focus
            • 12.9 IHI Corp.
              • Exhibit 144: IHI Corp. - Overview
              • Exhibit 145: IHI Corp. - Business segments
              • Exhibit 146: IHI Corp. - Key news
              • Exhibit 147: IHI Corp. - Key offerings
              • Exhibit 148: IHI Corp. - Segment focus
            • 12.10 Kawasaki Heavy Industries Ltd.
              • Exhibit 149: Kawasaki Heavy Industries Ltd. - Overview
              • Exhibit 150: Kawasaki Heavy Industries Ltd. - Business segments
              • Exhibit 151: Kawasaki Heavy Industries Ltd. - Key news
              • Exhibit 152: Kawasaki Heavy Industries Ltd. - Key offerings
              • Exhibit 153: Kawasaki Heavy Industries Ltd. - Segment focus
            • 12.11 Kongsberg Gruppen ASA
              • Exhibit 154: Kongsberg Gruppen ASA - Overview
              • Exhibit 155: Kongsberg Gruppen ASA - Business segments
              • Exhibit 156: Kongsberg Gruppen ASA - Key news
              • Exhibit 157: Kongsberg Gruppen ASA - Key offerings
              • Exhibit 158: Kongsberg Gruppen ASA - Segment focus
            • 12.12 Leonardo DRS Inc.
              • Exhibit 159: Leonardo DRS Inc. - Overview
              • Exhibit 160: Leonardo DRS Inc. - Product / Service
              • Exhibit 161: Leonardo DRS Inc. - Key offerings
            • 12.13 Oceanvolt
              • Exhibit 162: Oceanvolt - Overview
              • Exhibit 163: Oceanvolt - Product / Service
              • Exhibit 164: Oceanvolt - Key offerings
            • 12.14 Porsche Automobil Holding SE
              • Exhibit 165: Porsche Automobil Holding SE - Overview
              • Exhibit 166: Porsche Automobil Holding SE - Business segments
              • Exhibit 167: Porsche Automobil Holding SE - Key offerings
              • Exhibit 168: Porsche Automobil Holding SE - Segment focus
            • 12.15 Roper Technologies Inc.
              • Exhibit 169: Roper Technologies Inc. - Overview
              • Exhibit 170: Roper Technologies Inc. - Business segments
              • Exhibit 171: Roper Technologies Inc. - Key offerings
              • Exhibit 172: Roper Technologies Inc. - Segment focus
            • 12.16 TRANSFLUID S.p.A.
              • Exhibit 173: TRANSFLUID S.p.A. - Overview
              • Exhibit 174: TRANSFLUID S.p.A. - Product / Service
              • Exhibit 175: TRANSFLUID S.p.A. - Key offerings
            • 12.17 Wartsila Corp.
              • Exhibit 176: Wartsila Corp. - Overview
              • Exhibit 177: Wartsila Corp. - Business segments
              • Exhibit 178: Wartsila Corp. - Key news
              • Exhibit 179: Wartsila Corp. - Key offerings
              • Exhibit 180: Wartsila Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 181: Inclusions checklist
                • Exhibit 182: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 183: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 184: Research methodology
                • Exhibit 185: Validation techniques employed for market sizing
                • Exhibit 186: Information sources
              • 13.5 List of abbreviations
                • Exhibit 187: 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.

                  INFORMATION 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

                  DATA 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

                  REPORT 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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                  Key Questions Answered

                  • What are the key global market and the regional market share?
                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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