ID: MRFR/E&P/3823-HCR | 111 Pages | Published By Priya Nagrale on March 2023
The Global Marine Hybrid Propulsion System Market Size is expected to cross USD 5.91 Billion by 2027, at a CAGR of 9.26% during the forecast period 2021-2027
Marine hybrid propulsion system market is expected to reach USD 5.91 Billion, at 9.26% CAGR during the forecast period 2022-2030.
There has been a substantial increment in International trade, which has tremendously added to the demand for modes of water transportation that are cost-effective and efficient. Marine hybrid propulsion offers improved fuel efficiency and adheres to stringent environmental regulations that several countries have installed due to the growing concerns of global warming caused by fossil fuels.
These systems utilize the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use. In recent years, marine hybrid propulsion systems have emerged as a reliable method of clean propulsion, and several vessel categories are utilizing it. Also, increased defense budget by various emerging economies, particularly for sea-based defense and maritime security, and gradual adoption of LNG over conventional marine fuels are expected to open new opportunities in the global marine hybrid propulsion market. Global marine hybrid propulsion system market has witnessed gradual growth in recent years, and is expected to witness steady growth in the forecast period. A propulsion system is a mechanism that produces thrust to push an object forward. The system usually consists of a source that produces mechanical power and a propeller that converts this power into propulsive force.
The hybrid drive technology is not only interesting for drive systems for electric vehicles, but also for marine sector. In this sector there is scope to replace the proven diesel mechanical drives with new drive concepts. This is triggered by the price of fossil fuels and stringent emission standards in the ocean level. A hybrid drive concept offers the possibility by adjusting power and speed to achieve lower specific fuel consumption. This can have a big impact, especially on the partial load range.
Global Marine Hybrid Propulsion System Market:
The global marine hybrid propulsion system market is expected to witness phenomenal growth during the forecast period. This is due to the considerable growth in the utilization of hybrid marine propulsion system in the newly built ships along with the rise in global marine activity. The growth is primarily attributed to the stringent regulations for emissions at sea level, has boosted marine hybrid propulsion system market in various countries, which is likely to continue during the forecast years. The Europe region accounted for the largest share of the marine hybrid propulsion system market in 2016, wherein U.K., Norway, Poland and other prominent shipbuilding countries contributed, largely, the market growth. However, Asia Pacific is likely to emerge as one of the prominent markets for this technology due to current deployment of advanced marine hybrid propulsion system in the newly built ships.
Marine Hybrid Propulsion System Market Key Players:
The key players of global marine hybrid propulsion system market are General Electric Company (U.S.), Siemens AG (Germany), Caterpillar Inc. (U.S.), BAE Systems (U.K), Wartsila Corporation (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo GmbH (Germany), Steyr Motors GmbH (Austria), ABB Ltd. (Switzerland), MAN Diesel & Turbo SE (Germany), Schottel GmbH (Germany) and Rolls-Royce plc (U.K.).
Recent Developments in Marine Hybrid Propulsion System Market
Marine Hybrid Propulsion System Market Segmentation
Global marine hybrid propulsion system market has been segmented based on type, deadweight, ship type and application and region. Based on type, the market has been segmented as diesel-electric, gas-electric, and others. Among these the diesel-electric type system, is projected to dominate the marine hybrid propulsion system market through 2023. The dominant position of this segment can be attributed to the highly fuel efficient and silent propulsion operation. Also, it is cost-effective to be installed in the new vessel. Based on the deadweight, the market has been segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. 5K-10K DWT dominated the market in 2016 and is projected to be the fastest-growing deadweight segment for a ship. 5K-10K DWT is the ideal dead weight tonnage for the ship, in which marine hybrid propulsion system can be installed, as this range provides exact load variation required for the hybrid system, thus performing high efficient propulsion operation.
Based on the ship type, the market has been segmented into Anchor Handling Tug Supply (AHTS) vessel, platform supply vessel (PSV), yachts, motor ferry, cruise liner, small cargo ships, naval ships and submarines. Anchor Handling Tug Supply (AHTS) vessel dominated the market, in 2016, and is projected to be the fastest-growing ship type over the next five years. The suitability of hybrid marine propulsion for AHTS is due to the large variations in the load profile of propulsors and thrusters. Based on the application, the market is segmented as commercial, logistics, offshore drilling, naval and others. Commercial application dominated the market, in 2016, and is projected to be the fastest-growing application over the next five years. The growth in cruise, ferry, fishing boats and ship building have resulted into the rise of application of hybrid propulsion system in commercial applications.
The marine hybrid propulsion system industry is expected to have huge number of advancements over the forecast period, owing to continuous developments in marine industry coupled with growing ship owner preferences for high fuel efficient features. The market is also expected to have high expansion activities by multinationals and well-established companies.
|CAGR||9.26% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Deadweight, Ship Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric Company (U.S.), Siemens AG (Germany), Caterpillar Inc. (U.S.), BAE Systems (U.K), Wartsila Corporation (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo GmbH (Germany), Steyr Motors GmbH (Austria), ABB Ltd. (Switzerland), MAN Diesel & Turbo SE (Germany), Schottel GmbH (Germany) and Rolls-Royce plc (U.K.)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
The market can expand at a stable rate of 9.26% during the evaluation timeline.
Strict emission regulations and the rising demand for efficient marine hybrid propulsion system ensure that the market size by 2030 increases significantly.
The leading companies in the global market are MAN Diesel & Turbo SE (Germany), BAE Systems (U.K), Mitsubishi Heavy Industries, Ltd. (Japan), ABB Ltd. (Switzerland), Wartsila Corporation (Finland), Siemens AG (Germany), Steyr Motors GmbH (Austria), Schottel GmbH (Germany) Torqeedo GmbH (Germany), General Electric Company (U.S.), Rolls-Royce plc (U.K.), Caterpillar Inc. (U.S.), and others.
APAC expected to emerge as one of the strongest markets on account of the rising deployment of advanced marine hybrid propulsion systems in the increasing number of ships being built at present in the region.
The diesel-electric type system us dominating the market owing to its high fuel efficiency and the silent propulsion operation, in addition to cost-effective properties.