Key Drivers of Battery Pack for Marine Hybrid & Full Electric Propulsion Market

1. Battery Pack for Marine Hybrid and Full Electric Propulsion Market Opportunities to Register Growth in Incremental Growth after COVID-19 Pandemic Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Introduction The global ​battery pack for marine hybrid & full electric propulsion market was valued at ~​US$ 240 Mn​ in ​2019​ and is anticipated to expand at a CAGR of ~​9% ​during the forecast period. Among power ratings, the above 3.5 MW segment held a dominant share of the global battery pack for marine hybrid & full electric propulsion market in ​2019​, primarily due to high demand from the marine industry. In terms of propulsion type, the hybrid propulsion segment accounted for a major share of the global battery pack for marine hybrid & full electric propulsion market in ​2019. ​This can be ascribed to high adoption of hybrid propulsion systems in retrofit ships. Based on vessel type, the ferries segment constituted a significant share of the global battery pack for marine hybrid & full electric propulsion market in​ 2019.​ Demand for hybrid and full electric ferries is high, as they reduce the pollution near port areas and save operational costs. Among RPMs, the​ 1,001​ RPM ​– 2,500 ​RPM segment accounted for a major share of the global battery pack for marine hybrid & full electric propulsion market in 2019.​ A large number of ferries, tugboats, offshore support vehicles, and defense vehicles have engine capacity ranging from ​1,001 ​RPM to ​2,500 ​RPM. These vessels have significant demand from the marine industry. Hence, ​1,001 RPM​ – 2,500 ​RPM is expected to be the dominating segment during the forecast period.

2. The battery pack for marine hybrid & full electric propulsion market in Asia Pacific is likely to expand at a substantial pace during the forecast period, owing to rapid urbanization and industrialization in the region. Request for Report Sample @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&re p_id=76884 Key Drivers of Battery Pack for Marine Hybrid & Full Electric Propulsion Market Over the last few years, adoption of hybrid propulsion systems in retrofit ships as well as new ships has significantly increased. This can ascribed to various benefits provided by hybrid propulsion systems. Hybrid propulsion provides high variation in operation modes, which is required to address flexible power demand. This results in increase in overall operational capability of the engine. A propeller can be driven by a diesel engine or an electric motor, which provides a highly redundant and reliable propulsion system. Reduced engine operating costs are led by the optimum use of the main engine and auxiliary gensets. Both the main engine and auxiliary gensets are used to provide the required amount of power, with optimal load and minimal specific fuel oil consumption. This reduces consumption of fuel, leading to reduction in emissions of CO​2​, SO​x​ and NO​x​. Furthermore, vessel operators are using renewable energy, such as solar and wind energy, as power sources while at dock or in sea. The energy is stored in batteries, which can be used during peak hours in marine propulsion systems. This reduces the use of fossil fuel. Hence, increase in the adoption of hybrid and full electric propulsion systems is estimated to boost the global battery pack for marine hybrid & full electric propulsion market in the near future. Explore Transparency Market Research’S Award-Winning Coverage of the Global Industry @ https://www.prnewswire.com/news-releases/despite-political-conflicts-in-midd le-east-and-africa-the-global-oil--gas-downhole-cables-market-to-rise-at-7-cag

3. r-and-reach-valuation-of-us-2-1-bn-by-2027-transparency-market-research-3r-and-reach-valuation-of-us-2-1-bn-by-2027-transparency-market-research-3 01012612.html Asia Pacific to Lead Battery Pack for Marine Hybrid & Full Electric Propulsion Market Asia Pacific led the global battery pack for marine hybrid & full electric propulsion market in​ 2019​ due to rapid industrialization and presence of well-established manufacturing units of major players in automotive, electronics, furniture, plastics, pharmaceutical, garments, and engineering products industries in Asia Pacific. Furthermore, due to industrialization, the disposable income has risen, due to which there is change in the spending pattern. All these factors are expected to propel the global battery pack for marine hybrid & full electric propulsion market during the forecast period. Countries such as China and Japan are expected to dominate the battery pack for marine hybrid & full electric propulsion market in Asia Pacific in the next few years, as these countries have the maximum number of ships in the world. Furthermore, changing government policies to reduce carbon emissions in the region are expected to drive the global battery pack for marine hybrid & full electric propulsion market during the forecast period. Major Developments in Battery Pack for Marine Hybrid & Full Electric Propulsion Market In ​November 2019​, Corvus Energy announced to have signed a contract with the U.K.-based SEC Marine Ltd to supply an energy storage system (ESS) for the world’s first hybrid surface effect ship (SES) for use in crew transfer. SEC Marine Ltd is developing the SES vessel in response to an industry-wide drive to develop and utilize innovative technologies that help lower CO​2​ emissions and cost-effectively service offshore wind energy farms. In ​February 2020,​ Corvus Energy announced to have been selected by Damen Shipyards to provide energy storage systems (ESSs) to BC Ferries for four new battery-hybrid ferries. BC Ferries had placed a repeat order for four Damen Road Ferries with ​8117​ E3 design— also known as ‘Island Class’ vessels of BC Ferries with Damen Shipyards Group. These four ferries are planned to be designed with the latest

4. advanced clean marine technology. They would be ready for fully battery-powered, zero-emission operations. Request for Covid-19 Impact Analysis @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&r ep_id=76884 Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Competition Landscape The global battery pack for marine hybrid & full electric propulsion market is led by multinational players operating across the globe. Prominent players operating in the global battery pack for marine hybrid & full electric propulsion market are Corvus Energy, Eco Marine Power, Rolls-Royce plc, Nidec Group, and RELiON Batteries. ​About Us Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. Contact

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