Valuation of Battery Pack for Marine Hybrid and Full Electric Propulsion Market to Reach ~USD 600 Million by 2030

TMR

- 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