Hybrid and Full Electric Marine Propulsion Market to Reflect Impressive Growth Rate by 2026

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Hybrid and Full Electric Marine Propulsion Market

• Global Industry Analysis, Size, Share, Growth,
  Trends and Forecast, 2026

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Hybrid and Full Electric Marine Propulsion
Market

• Marine propulsion refers to a system or a
  mechanism that is utilized in the generation of
  thrust to propel a boat and ship across water.
• The arrangement of the entire propulsion system
  relies on the operation type, system of
  transport, and size of vessel. A very common type
  of marine propulsion system is diesel marine
  propulsion system.
• However, almost all vessel types such as
  recreational vessels, defense vessels, Yachts,
  ferries, and tugboats, utilize hybrid systems to
  move.
• Diesel-electric marine propulsion systems are
  used in the marine vessels. Such wide use of the
  system is expected to bolster expansion of the
  global hybrid and full electric marine propulsion
  market.

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Environment Friendliness of the Product to
Amplify its Demand                                
                                     

• The International Convention on the Prevention of
  Pollution from Ships (MARPOL) is an international
  regulatory body that is assigned with the task of
  regulating the issue of marine pollution caused
  by vessels. 
• There are six different annexes in the MARPOL
  and each of those annexes deal with pollutants
  arising out of routine operations and accidents
  in the oceans and seas.
• Annex VI particularly takes care of the air
  pollutants generated by ocean bound ships. This
  annex restricts the level of nitrogen emission
  level and mandates use of low sulfur-content fuel
  to diminish environmental pollution.

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Volatility in Costs of Crude Oil and Regulations
in Marine Fuel Emissions Hinders Markets Growth

• A few major challenges hindering the growth of
  the global hybrid and full electric marine
  propulsion market include the volatile prices of
  crude oil and governments strict rules against
  marine fuel emissions.
• Nonetheless, the sluggish growth rate of the
  market is compensated by persistent demand for
  low-priced LNG and natural gas for making the
  propulsion in hybrid vessels.
• Such factors are believed to help overcome this
  challenge in the near future.

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Key players operating in the Full Electric Marine
Propulsion Market

• ummins Inc.
• Caterpillar Inc.
• AB Volvo Penta
• BAE Systems
• Wärtsilä Corporation
• Rolls Royce Plc.

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