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Hybrid Marine Gensets Market Trends

Report ID: GMI7343
Published Date: Nov 2023
Report Format: PDF

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Hybrid Marine Gensets Market Trends

The marine tourism industry is witnessing significant growth owing to the improved standards of living, rising disposable incomes, greater leisure time and better-informed public. The increasing number of tourists travelling on cruises and ferries will further propel the demand for recreational vessels. The favorable government policies to develop marine tourism along with strategic marketing & organizational techniques will propel the industry landscape.

A hybrid marine genset is a power generation system designed for use in marine vessels, such as ships and boats. It combines conventional diesel or gas generators with energy storage and often renewable energy sources to provide power for various onboard electrical systems, propulsion, and auxiliary functions. The goal of a hybrid marine genset is to improve fuel efficiency, reduce emissions, and enhance the overall environmental and economic sustainability of marine operations.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market valuation of hybrid marine gensets was worth USD 142.6 million in 2022 and is estimated to surpass USD 368.8 million by 2032, owing to the increasing concern toward the emissions along with implementation of stringent government regulations.

The offshore application is set to reach USD 10 million by 2032, favored by the growing deep-water exploration activities along with the rising demand for drilling platforms, anchor handling, and platform supply vessels.

The hybrid marine gensets market revenue in Europe was exceeded USD 13 million in 2022 and will show impressive growth trends through 2032, owing to the increasing demand for comfort & luxury, reliable gensets, expansion of the seaborne transport industry, and economic stability.