The global marine market is expanding at a rapid pace due to new innovations in the way of propulsion and working of vessels. Marine propulsion is a system or mechanism which provides thrust for movement of a boat or ship in water. Modern ships are currently utilizing mechanical systems such as engine or electric motor-based propeller or less frequently used impellers and pump jets for propulsion. Electric propulsion boats are not a new concept. The first electric propulsion-based vessel was built from lead acid batteries in France in 1881, by Gustave Trouvé; however, energy storage constraints hampered the development of the vessel.
The basic concept of electric propulsion marine system is very simple, an electric motor is driven by a battery pack. The battery pack could be easily charged by plugging it into an on-shore power grid, while being docked or can also be charged from renewable energy, either when docked or while in usage, with the help of solar panels or wind turbines. Feasibility of any electric propulsion boat or ship depends upon the capability of installed battery to meet all energy and power requirements of the vessel as well as on the ability of the vessel to house the battery of the required size and weight. Usually, low-speed and short-range boats or ships are ideal for incorporation of electric propulsion systems in the view of the current scenario of technology.
Generally, boat manufacturers offer fully electric propulsion system on a custom order or retrofit basis. Primary drivers for opting for electric propulsion systems in marine vessels are concerns regarding water pollution, environmental regulations, and reduction of noise and vibration. Utilization of on-board renewable energy sources for charging of the battery is likely to be another driver for this marine propulsion type.
Based on type, the marine fully electric propulsion market can be segmented into AC electric type and DC electric type. The AC electric type propulsion systems utilize AC current as a source for propulsion in the water. While DC electric type propulsion systems utilize DC current as a source of power for movement in the water.
Based on propulsion type, the marine fully electric propulsion market can be classified into shaft line propulsion, pod propulsion, rotating propulsion, and azimuthing. In shaft line propulsion method, a shaft connected to the main driving motor rotates the propeller at the other end of the shaft. The pod propulsion system utilizes a device called pod, positioned below the stern of a boat, which houses an electric motor for propulsion purpose. In azimuthing, the electric propellers located in pods can be rotated to various horizontal angle as required, thus also performing the function of a rudder.
In terms of application, the marine fully electric propulsion market can be segregated into cargo ships, tankers, passenger ships, naval vessels, and others. Demand for electric propulsion systems in cargo ships is expected to rise significantly during the forecast period due to the rising trade activities among various countries and regions.
In terms of region, the marine fully electric propulsion market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold a substantial share of the global marine fully electric propulsion market during the forecast period. Europe is anticipated to follow North America during the forecast period. However, the market in Asia Pacific is likely to expand at a significant growth rate during the forecast period.
Key players operating in the marine fully electric propulsion market include ABB Group, Rolls-Royce Plc, Wärtsilä, YANMAR CO., LTD., Caterpillar, Oceanvolt, and Hyundai Heavy Industries Co., Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.