DUBLIN--(BUSINESS WIRE)--The "Marine Hybrid Propulsion Global Market Report 2021: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global marine hybrid propulsion market.

This report focuses on marine hybrid propulsion market which is experiencing strong growth. The report gives a guide to the marine hybrid propulsion market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.

The global marine hybrid propulsion market is expected to grow from $2.88 billion in 2020 to $3.10 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the increase in international trade, expanding shipbuilding industry, rising demand for electric propulsion technology, and rising shift from conventional to hybrid propulsion units. The market is expected to reach $5.02 billion in 2025 at a CAGR of 12.8%.

Companies Mentioned

• BAE Systems
• Schottel
• MAN Energy Solutions
• Siemens
• ABB Ltd
• General Electric Company
• Steyr Motors
• Mitsubishi Heavy Industries
• Torqeedo
• Wartsila Corporation
• Yanmar
• Cummins
• Volvo Penta
• Beta Marine
• Oceanvolt
• TRANSFLUID
• Nanni Diesel

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Europe was the largest region in the marine hybrid propulsion market in 2020 The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The launch of integrated propulsion systems has emerged as a key trend in the marine hybrid propulsion market. Major players operating in the marine hybrid propulsion field are focusing on introducing new hybrid propulsion systems to improve performance, environmental compatibility, and propulsion system versatility. For instance, in November 2020, Havyard, a Norwegian shipbuilding group announced that its new hydrogen propulsion system for large ocean-going ships should be completed next year as a potential alternative fuel to help reduce its carbon footprint. It has developed a ship's propulsion systems with integrated LH2 tank and fuel cells.

In June 2020, Gula Skrinet AB, a global supplier of customized marine propulsion systems acquired Caterpillar Propulsion AB for an undisclosed amount. The proposed acquisition develops Gula Skrinet AB's external relationships, products, and services in close cooperation with customers and partners. Caterpillar Propulsion AB is a Sweden-based manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.

An increase in international trade is contributing to the growth of the marine hybrid propulsion market. Most of the internationally traded goods are transported using cargo vessels and ships. Hybrid propulsion improves the fuel efficiency of vessels with variable power demands. According to the International Chamber of Shipping, in 2019, the total value of the annual world shipping trade had reached more than $14 trillion. Moreover, nearly 2 billion tons of crude oil, 1 billion tons of iron ore, 350 million tons of grains, and 11 billion tons of goods are transported by ship each year and about 90% of the world trade is carried by the shipping industry. Thus, the surge in international trade boosts the number of cargo vessels and ships fleet and which in turn, drives the market for marine hybrid propulsion.

The countries covered in the marine hybrid propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

For more information about this report visit https://www.researchandmarkets.com/r/m7abbc

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