- Hybrid Propulsion and Ferries segments to account for a significant share of the market
- Growing concerns regarding environmental pollution is set to drive growth in the market over the forecast period
- Asia Pacific will be a dominant region in the market; China, Japan, and South Korea to contribute significantly
ALBANY, New York, June 2, 2020 /PRNewswire/ -- By the year 2030, the global battery pack for marine hybrid and full electric propulsion market will reach a valuation of USD 600 million (approximately). It will be a notable increase from valuation of about USD 240 million in the year 2019. The compound annual growth rate (CAGR) that the market will witness from 2020 to 2030 will be about 9%.
Transparency Market Research notes, "High demand from marine industry to power diesel electric hybrid vehicles is set to contribute massively to the growth of global battery pack for marine hybrid and full electric propulsion market."
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Key Findings of Global Battery Pack for Marine Hybrid and Full Electric Propulsion Market Study:
- The hybrid propulsion segment in the propulsion type category will account for a notable share of growth in the market
- Ferries will witness growth owing to their increasing popularity - a result of low operational costs and low emission attribute
- Significant share of market growth would be accounted for by the 1001 RPM - 2500 RPM segment
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on Battery Pack for Marine Hybrid & Full Electric Propulsion Market (Power Rating: Up to 1 MW, 1.1 MW - 2 MW, 2.1 MW - 3.5 MW, and Above 3.5 MW; Propulsion Type: Hybrid Propulsion and Full Electric Propulsion; Vessel Type: Tugboats & OSVs, Ferries, Defense Vessels, Yachts, Cruise Ships, and Others; and RPM: 0 -RPM - 1,000 RPM, 1,001 RPM -2,500 RPM, and Above 2,500 RPM) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030, at https://www.transparencymarketresearch.com/pressrelease/battery-pack-market-for-hybrid-and-full-electric-marine-propulsion.htm
Key Drivers of Growth in the Global Battery Pack for Marine Hybrid and Full Electric Propulsion Market:
A multitude of growth factors is at play in the global battery pack for marine hybrid and full electric propulsion market. These are not only set to keep the market buoyant over the forecast period but are also shaping the way it will operate in the period beyond that.
- More and more countries are accepting Paris Climate Change Agreement and this is leading to a shift towards electric vehicles
- Innovation in battery systems is contributing heavily to growth in the market, creating new opportunities for players
- Creation of a robust infrastructure, including setting-up of advanced charging stations, will also propel market on to a high growth trajectory
- As governments across the globe try to mitigate the harmful impact of pollution, they come up with effective policies; this is set to drive market forward
- Growing participation in water sports and increase in demand for marine transportation will be significant growth factors
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Regional Analysis of Global Battery Pack for Marine Hybrid and Full Electric Propulsion Market:
- Asia Pacific (APAC) to hold a sizeable share of the market over the forecast period owing to increasing investment and adoption of electric propulsion systems
- Europe to capitalize upon its large fleet of electric vessels - largest in the world; North America to witness growth owing to implementation of stringent rules regarding carbon emissions
Analyze global battery pack for marine hybrid and full electric propulsion market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Battery Pack for Marine Hybrid and Full Electric Propulsion Market:
The Global Battery Pack for Marine Hybrid and Full Electric Propulsion Market is marked by presence of key players such as Corvus Energy, Eco Marine Power, Rolls-Royce plc, Nidec Group, and RELiON Batteries, among others. These are comprehensively profiled in the report prepared by Transparency Market Research. It is worth noting here that the market is consolidated and competition is intense. Currently, players are focused on reducing size of battery and improving performance.
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