Increasing demand for electric propulsion technology in shipbuilding and Growing seaborne trade activities are projected to fuel the growth of the global marine hybrid propulsion system market at a CAGR of 11.20% during the forecast period 2023 to 2030

Market Research Future (MRFR) has published on the “global Marine hybrid propulsion system market”

that contains the information from 2019 to 2030. The Marine hybrid propulsion system market is estimated to register a CAGR of 11.20% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Marine hybrid propulsion system market— General Electric Company (US), Siemens AG (Germany), BAE Systems (UK), ABB (Switzerland), Caterpillar Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins Inc. (US), Wartsila Oyj Abp (Finland), Rolls-Royce plc (UK) and MAN Energy Solutions SE (Germany).

Market Highlights

The global Marine hybrid propulsion system market is accounted for to register a CAGR of 11.20% during the forecast period and is estimated to reach USD  7,321.58 Million by 2030.

The primary trend that is driving the global market for Marine hybrid propulsion system is Increasing demand for electric propulsion technology in shipbuilding and growing seaborne trade activities. The increasing demand for electric propulsion technology in shipbuilding is indeed driving the growth of the marine hybrid propulsion system market. Marine hybrid propulsion systems combine electric and conventional propulsion systems to optimize energy efficiency, reduce emissions and increase overall performance. Strict environmental regulations and a global focus on sustainability are pushing the marine industry to adopt cleaner propulsion technologies. Marine hybrid propulsion systems offer reduced emissions of greenhouse gases, pollutants and noise compared to conventional propulsion systems. They are in line with industry goals of minimizing environmental impact and complying with emission regulations. Marine hybrid propulsion systems provide greater fuel efficiency compared to traditional propulsion systems. By using electrical energy in combination with conventional energy sources such as diesel engines, generators or fuel cells, hybrid systems optimize fuel consumption. This leads to long-term savings in fuel and operating costs.

Marine hybrid propulsion systems offer flexibility in power management. They allow vessels to run on electric power only, reducing noise and emissions in sensitive areas or where low consumption is required. Additionally, the hybrid nature of these systems enables performance optimization and ensures that the vessel has sufficient power for propulsion, auxiliary systems and on-board equipment. The development of advanced battery technologies, electric motors, power management systems and control systems have greatly improved the efficiency and reliability of marine hybrid propulsion systems. These advances make hybrid solutions more viable and attractive to shipbuilders and shipowners. Market demand for more sustainable and efficient vessels is driving the adoption of marine hybrid propulsion systems. Ship owners and operators are increasingly recognizing the benefits of reduced emissions, fuel savings and operational flexibility offered by hybrid solutions. In addition, industry associations, research institutions, and governments are actively supporting the development and implementation of marine hybrid propulsion systems through funding, incentives, and collaboration.

As a result of these factors, the market for marine hybrid propulsion systems is experiencing significant growth. It is expected to continue to expand as more shipbuilding projects prioritize energy efficiency, emissions reduction and environmental compliance.

Segment Analysis

The global Marine hybrid propulsion system market has been segmented based on Type,  Deadweight, Application, Ship Type, and Region.

Based on the type, the market has been segmented into diesel-electric, gas-electric, hydrogen fuel cell and others. The diesel-electric segment dominated the global marine hybrid propulsion system market with a value of USD 1,666.34 million in 2022; with an expected CAGR of 10.26 % during the forecast period. Any vehicle propulsion system that contains two or more sources of propulsion in one design, usually that can be utilized together or alternately, is referred to as hybrid propulsion. Hybrid propulsion improves the fuel efficiency of vessels with variable power demands, such as fishing boats, tugboats, and RoPax. The vessels' extensive operational capability is ensured by the combination of mechanical power from diesel engines and electrical power from electric motors.

Based on deadweight, the marine hybrid propulsion system market has segmented into less than 5K DWT, 5K-10K DWT, and more than 10K DWT. The 5K-10K DWT segment dominated the global Marine hybrid propulsion system market with a value of USD 1,377.16 million in 2022; with an expected CAGR of 11.86% during the forecast period. Deadweight tones is a precise measurement of a navy ship's total contents, which includes fuel, crew, passengers, and cargo. The 5K-10K DWT segment is expected to grow at a significant CAGR throughout the forecast period, owing to the appropriate deadweight tonnage requirements of 5K-10K DWT for navy vessels, which can readily accommodate a hybrid propulsion system. Small cargo ships and naval ships have a deadweight tonnage capacity of 5K DWT. Furthermore, the platform supply vessel, yachts, and cruise liners have a deadweight tonnage capacity of more than 10,000 DWT.

Based on the application, the market has been segmented into commercial, logistics, offshore drilling, naval and others. The Commercial segment dominated the global Marine hybrid propulsion system market with a value of USD 1,314.64 million in 2022; with expected CAGR of 11.85% during the forecast period. Cruise ships, offshore tankers, and tug boats all employ the marine hybrid propulsion system in logistics. They use this technology to save money on fuel and maintenance. Only tiny ships with a length of less than 50 meters are employed in logistics. The fuel consumption of these smaller vessels is reduced by about 15% to 20%. Offshore drilling uses the marine hybrid propulsion system. It aids in the reduction of fuel use and, as a result, the vessel's running costs. Different energy sources, such as diesel generators or gas turbine generators, are typically combined with electric motors, batteries, and electric thrusters in marine hybrids. These vessels are useful for hauling big lifting equipment that demands great torque at moderate speeds while moving enormous loads vertically along particular pathways.

Based on the ship type, the market has been segmented into Anchor Handling Tug Supply (AHTS) Vessels, Platform Supply Vessel (PSV), Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships and Submarines. The Anchor Handling Tug Supply (AHTS) Vessel segment dominated the global marine hybrid propulsion system market with a value of USD 1,205.60 million in 2022; with an expected CAGR of 11.40% during the forecast period. Anchor-handling tug supply (AHTS) vessels are the most popular form of offshore support vessel, both in terms of volume and value. AHTS vessels are used to deliver deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms, as well as offer anchor-handling and towage services. These vessels are also suitable for emergency situations, as they are fully outfitted for firefighting, rescue, and oil recovery. Because of the presence of deep-water oil and gas reserves in these locations, the majority of smaller AHTS vessels are operated in Asia Pacific, whereas larger AHTS vessels are centered in South America and Europe.

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Regional Analysis

Region-wise global Marine hybrid propulsion system market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America held the largest market share of 32.14% in 2022.The United States is the largest boat-building country in the world, followed by France. The recreational boating business contributes significantly to the tourism industry in North America. Increasing disposable incomes, as well as increased spending on leisure activities, are boosting demand for newer and more technologically advanced recreational boats in the region. Furthermore, the presence of a significant number of hybrid electric propulsion engine manufacturers as well as a thriving shipbuilding industry, particularly in the United States, promotes overall sales in the region. Furthermore, increased maritime trade, particularly with European and Asian countries, is fueling demand for cargo vessels, supporting the hybrid electric propulsion engine market in North America.

The European Union has also backed ferry upgrades, as all ships passing through or operating in European seas are required to cut Sulphur emissions starting in 2015. In terms of future hybrid propulsion installations, defense vessels are expected to be one of the most prominent end-user segments. Several defense organizations in Europe and North America have begun incorporating hybrid propulsion technology into the boats they operate. A large amount of time is spent voyaging at low speed on navy destroyers and military boats' regular operating profiles. Electrical propulsion motors can be employed to satisfy the vessel's power requirements in these operating modes, resulting in considerable reductions in emissions and fuel savings.

Key Findings of the Study

• The global Marine hybrid propulsion system market is expected to reach USD 7,321.58 Million by 2030, at a CAGR of 11.20% during the forecast period.


• North-America held the largest market share of 32.14% in 2022.


• Based on Type, the Diesel-Electric segment was attributed to holding the largest market in 2022, with an approximate market share of 55.01%.


• Based on Deadweight, the 5K-10K DWT segment was attributed to holding the largest market in 2022, with an approximate market share of 45.47%.


• Based on Application, the Commercial segment was attributed to holding the largest market in 2022, with an approximate market share of 43.40%.


• Based on Ship Type, the Anchor Handling Tug Supply (AHTS) Vesselssegment was attributed to holding the largest market in 2022, with an approximate market share of 39.80%.


• General Electric Company (US), Siemens AG (Germany), BAE Systems (UK), ABB (Switzerland), Caterpillar Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan), Cummins Inc. (US), Wartsila Oyj Abp (Finland), Rolls-Royce plc (UK) and MAN Energy Solutions SE (Germany).