Marine propulsion is a system used to create required thrust to move a boat or a ship across the water stream. In hybrid and full electric marine propulsion systems, mainly battery packs are used. Hybrid marine vessels utilize both battery and alternate fuels such as LNG and diesel as well. Whereas, in full electric marine vessels propulsion is achieved with the help of rechargeable battery packs. Among the different types of propulsion, the demand for hybrid vessels segment is projected to rise and help in the growth of the global hybrid and full electric marine propulsion market in the near future. On the regional front, the global hybrid and full electric marine propulsion market are expected to be dominated by Europe. This growth is primarily attributed to the growing promotion of using carbon-free and fuel-efficient marine vessels in the region.
Given below are a few important driving factors for the growth of global hybrid and full electric marine propulsion market:
- An upgrade over traditional propulsion systems: Hybrid and full electric marine propulsion market is on course to witness significant growth in the coming years. This growth is primarily attributed to the massive upgrades these propulsion systems prove to be as compared to traditional systems. Use of rechargeable battery packs, efficient switch between alternate fuel and battery packs are some of the reasons these systems are becoming highly popular.
- Increasing applications of marine vessels: In recent years, the use of ferries and marine ships for transporting goods across coastal waterways has increased significantly. This has led to a rise in adoption of hybrid and full electric marine propulsion systems in this vessel. Consequently, it has positively influenced the growth of the global hybrid and full electric marine propulsion market.
- Environmental awareness: Traditional marine vessels often caused massive pollution due to huge carbon emission. Strict governmental norms and growing environmental awareness have forced manufacturers to adopt newer systems. As a result, it has helped significantly in driving the growth of the global hybrid and full electric marine propulsion market.