Global Marine Hybrid Propulsion Market

Global Marine Hybrid Propulsion Market Size, Share, Growth Analysis, By Type(Diesel-Electric, Gas-Electric), By Deadweight(Less Than 5K DWT, 5K-10K DWT), By Ship Type(Anchor Handling Tug Supply (AHTS) Vessel, Platform Supply Vessel (PSV)), By Application(Commercial, Logistics) - Industry Forecast 2023-2030


Report ID: SQMIG20N2028 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 124 | Figures: 69

Global Marine Hybrid Propulsion Market Insights

Marine Hybrid Propulsion Market was valued at USD 3.83 billion in 2021, and it is expected to reach a value of USD 8.97 billion by 2028, at a CAGR of more than 10.49% over the forecast period (2022–2028).

Marine hybrid propulsion systems are being employed in a variety of vessel types and are gradually becoming one of the most popular clean propulsion systems worldwide. Hybrid propulsion systems' clean and effective mechanism, which greatly reduces emissions when compared to conventional propulsion systems, is one of its main benefits. Operators of vessels and towage have made investments in this technology because of features like silent maneuvering, emission-free operations, and lower levels of fuel consumption.

These systems generate power and store it in batteries using the primary diesel engine's unused capacity. Marine hybrid propulsion systems have become a dependable clean propulsion option in recent years, and various vessel types are using them. Additional factors that are anticipated to create new opportunities in the global marine hybrid propulsion market include increased defense spending by several emerging economies, particularly for sea-based defense and maritime security, and the gradual substitution of LNG for conventional marine fuels. The marine hybrid propulsion market systems have been growing gradually over the past several years, and it is anticipated to continue growing steadily over the projected period. A machine that generates thrust to move an object forward is called a propulsion system. Typically, the system contains of a source that produces mechanical power and a propeller that converts this power into propulsive force.

An electric-powered marine ship is now more necessary than ever because of the growing pressure to reduce carbon footprints and fuel consumption. The marine hybrid propulsion market is expanding in part because shipbuilders are putting more of an emphasis on lowering the noise produced by the propulsion systems of marine vessels. Transportation contributed more than 29% of greenhouse gas emissions in the United States in 2017, according to the Environmental Protection Agency (EPA). One of the main drivers of rising greenhouse gas emissions worldwide is the transportation industry. These emissions from transportation are primarily caused by the burning of fossil fuels in ships, planes, trains, and automobiles. Companies like Rolls-Royce is planning to develop a variety of fully integrated MTU hybrid propulsion systems for use in ships, yachts, workboats, ferries, and patrol boats. The systems' power output per powertrain will range from roughly 1,000kW to 4,000kW. By doing this, the business hopes to offer its clients numerous advantages. The propulsion system will be flexible, environmentally friendly, and efficient thanks to the combination of diesel engines, electric motors, and batteries.

US Marine Hybrid Propulsion Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2022–2028

Global Market Size

USD 3.83 billion

Largest Segment

Retrofit

Fastest Growth

Retrofit

Growth Rate

more than 10.49% CAGR

Global Marine Hybrid Propulsion Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Global Marine Hybrid Propulsion Market By Installation, 2021-2028 ($ Bn)
Global Marine Hybrid Propulsion Market By Installation, 2021-2028 (%)

To get more reports on the above market click here to Buy The Report

Global Marine Hybrid Propulsion Market Segmental Analysis

Global marine hybrid propulsion market is segmented based on the type, deadweight, ship type and application and region. Based on the type, the global marine hybrid propulsion market is segmented into diesel-electric, gas-electric, and fully electric. Based on the deadweight, the market has been segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. 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. The market is segmented as commercial, logistics, offshore drilling, naval and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Marine Hybrid Propulsion Market Analysis by Type

Based on type, the marine hybrid propulsion market has been segmented as diesel-electric, gas-electric, and fully electric. Among these the diesel electric type segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its extremely fuel-efficient and silent propulsion system. Additionally, installing it in the new vessel is financially advantageous. Ships and vessels run more smoothly thanks to propulsion powered by diesel electricity. Power propellers are used in the diesel-electric propulsion system to mitigate the harm caused by a fixed-pitch-based propellor. This increases fuel efficiency, resulting in cost savings. The ability of the diesel-electric propulsion system to operate at necessary speeds optimises fuel usage.

During the forecast period, it is expected that the fully electric product type will experience the fastest growth. The segment is expanding as a result of the growing environmental benefits of lower emissions and fuel use. Due to its maximum torque at zero speed, it offers improved performance in challenging ice conditions.

Marine Hybrid Propulsion Market Analysis by Deadweight

Based on the deadweight, the marine hybrid propulsion market has been segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. Among these the segment of 5K-10K DWT held the largest market share. The ideal dead weight tonnage for a ship in which to install a marine hybrid propulsion system is 5K-10K DWT because this range offers the precise load variation needed for the hybrid system to perform high-efficiency propulsion.

Marine Hybrid Propulsion Market Analysis by Ship Type

Based on the ship type, the marine hybrid propulsion 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. Among these the segment of Anchor Handling Tig Supply (AHTS) held the largest market share. Due to the wide variations in the load profile of propellers and thrusters, hybrid marine propulsion is appropriate for AHTS. These serve as rescue vessels for other ships in case of an emergency, in addition to towing and pulling oil rigs. ATHS are a valuable source of assistance to such stranded boats if a ship or boat requires rapid anchor handling, towing, or tugging and an anchor handling tug is nearby in the ocean.

Marine Hybrid Propulsion Market Analysis by Application

The market is segmented as commercial, logistics, offshore drilling, naval and others. The commercial application led the marine hybrid propulsion market t and is predicted to grow at the fastest rate over the forecast period. The expansion of the cruise, ferry, fishing, rising maritime and shipbuilding industries has led to an increase in the use of hybrid propulsion systems in commercial settings. The offshore segment is expected to grow steadily as these are used in exploration and drilling activities. Offshore ships are outfitted with dynamic positioning systems, which will enable them to maintain station while employing all of the ship's propulsion and thrusters while accounting for currents and wind. Offshore ships must execute jobs at fixed places in the open sea.

Global Marine Hybrid Propulsion Market By Installation, 2021(%), 2021 (%)

To get detailed analysis on other segments, Request For Free Sample Report

Global Marine Hybrid Propulsion Market Regional Insights

Global marine hybrid propulsion market is dominated by Europe and the region is expected to experience significant growth during the forecast period. Because of growing public concern for the environment and government initiatives to support electrically powered transportation modes, Germany has emerged as a significant contributor to market growth in Europe. In addition, it is predicted that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel market expansion. Due to the increased number of ships brought on by the booming international seaborne trade, the demand for propulsion systems and propellers increased throughout Europe.

Asia Pacific marine hybrid propulsion market is projected to become the region with the second-fastest rate of growth. The area is expected to maintain its status as a global manufacturing hub thanks to strong economic growth and high manufacturing rates. A significant growth rate of is anticipated for Japan and South Korea due to the growing emphasis on the development and use of electric ships to reduce greenhouse gas emissions. Due to the shift toward hybrid and electric power boats, the Nordic countries in the region present significant growth opportunities for the electric ship market.

Japan and South Korea are expected to witness fastest growth in the region due to growing emphasis on the development and use of electric ships to reduce greenhouse gas emissions. Due to the shift toward hybrid and electric power boats, the Nordic countries in the region present significant growth opportunities for the marine hybrid propulsion market.

Global Marine Hybrid Propulsion Market By Geography, 2021 - 2028, 2022–2028
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Global Marine Hybrid Propulsion Market Dynamics

Marine Hybrid Propulsion Market Driver

  • Growing shipbuilding industry demand for electric propulsion technology. Generally speaking, merchant ships, recreational boats, and naval ships all use marine hybrid propulsion. Diesel and gas turbines are used in the electric propulsion system. Three-phase electricity is primarily generated by diesel generators. It provides electric motors for propeller rotation. By eliminating the need for gearboxes and clutches, electric propulsion technology helps to reduce the unpleasant noise made by marine engines. This is anticipated to support the growth of the marine hybrid propulsion market.
  • The marine hybrid propulsion market is expanding as a result of increased global trade. The majority of goods that are traded internationally are transported by ships and cargo vessels. Vessels with variable power requirements have better fuel efficiency thanks to hybrid propulsion. In addition, the shipping industry handles about 90% of global trade, transporting nearly 2 billion tons of crude oil, 1 billion tons of iron ore, 350 million tons of grains, and 11 billion tons of goods annually. Thus, the increase in global trade increases the fleet size and number of cargo ships, which in turn fuels the demand for marine hybrid propulsion.
  • Global need for oil and gas has expanded the number of oil and gas exploration activities. The marine hybrid propulsion market expansion is driven by rising demand from developing nations for energy resources such coal, petroleum, iron, and steel. The industry for hybrid marine propulsion is anticipated to grow as a result of growing usage of inland waterways and technological advancements like the advanced fuel propulsion engine.

Marine Hybrid Propulsion Market Restraint

  • In essence, larger marine vehicles like cruise ships take the longer routes. Here, the ship's complete energy needs would not be met by the batteries' low capacity. Therefore, electric propulsion engines are not typically installed on ships that travel on lengthy, multi-day excursions. Additionally, these ships use a lot of energy and electricity, which the batteries available on the market cannot supply. This inefficiency of system may hinder the market growth.

Request Free Customization of this report to help us to meet your business objectives.

Global Marine Hybrid Propulsion Market Competitive Landscape

Global marine hybrid propulsion market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Marine Hybrid Propulsion Market Top Player's Company Profiles

  • ABB Ltd. (Switzerland)
  • BAE Systems (UK)
  • Caterpillar Inc. (US)
  • General Electric Company (US)
  • MAN Diesel & Turbo SE (Germany)
  • Mitsubishi Heavy Industries, Ltd. (Japan)
  • Rolls-Royce plc (UK)
  • Schottel GmbH (Germany)
  • Siemens AG (Germany)
  • Steyr Motors GmbH (Austria)
  • Torqeedo GmbH (Germany)
  • Wartsila Corporation (Finland)

Marine Hybrid Propulsion Market Recent Developments

  • In July 2022, Siemens acquired ZONA Technology, Inc; increasing Xcelerator capabilities for climate-neutral aviation. The addition of the ZONA Technology, Inc. technology to Siemens' Xcelerator portfolio will assist customers in making their digital threads as comprehensive and as efficient as possible to help speed innovation, and ensure on-time and on-budget delivery of more sustainable aerospace inventions.
  • In Jan 2022, Proton Motor Fuel Cell GmbH partnered with Torqeedo on an innovative hydrogen hybrid propulsion system building kit for maritime mobility, which will be able to deliver fuel cell powers between 30 and 120 kW and variable hydrogen storage capacity. As part of the DEUTZ Group, Torqeedo offers marine electric and hybrid drives from 0.5 to 100 kW for commercial and recreational use.

Global Marine Hybrid Propulsion Key Market Trends

  • Due to rising disposable income and people's growing propensity to spend money on maritime leisure activities, the maritime tourism industry has been expanding over time. Luxury yachts and passenger cruise ships are now being used more frequently as a result of this. One of the main trade associations for the cruise industry, Cruise Lines International Association (CLIA), claimed in its report that the cruise sector has been growing steadily over the years. The report also notes that, with a 7 percent increase in passenger numbers, cruising played a significant role in international tourism. This may favour the market growth in future.
  • Low-power and high-power ends of the propulsion spectrum for vessels have been made available by Hybrid Marine in the UK and the Diesel Center in Italy. Both of them use dual electric machines, with Diesel Center using a system with two propeller shafts and Hybrid Marine using one propeller shaft. It is predicted that the implementation of these systems will significantly alter marine hybrid propulsion market growth.

Global Marine Hybrid Propulsion Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global marine hybrid propulsion market analysis, among region Europe is expected to capture higher market share, the growth of the region is attributed to growing public concern for the environment and government initiatives to support electrically powered transportation modes. Germany has emerged as a significant contributor to market growth in Europe. In terms of type, the diesel-electric type segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its extremely fuel-efficient and silent propulsion system. In terms of application, the commercial application led the market and is predicted to grow at the fastest rate.

Report Metric Details
Market size value in 2021 USD 3.83 billion
Market size value in 2028 USD 8.97 billion
Growth Rate more than 10.49%
Base year 2021
Forecast period 2022–2028
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Diesel-Electric, Gas-Electric, Fully Electric
  • Deadweight
    • Less Than 5K DWT, 5K-10K DWT, More Than 10K DWT
  • Ship Type
    • Anchor Handling Tug Supply (AHTS) Vessel, Platform Supply Vessel (PSV), Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines
  • Application
    • Commercial, Logistics, Offshore Drilling, Naval, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd. (Switzerland)
  • BAE Systems (UK)
  • Caterpillar Inc. (US)
  • General Electric Company (US)
  • MAN Diesel & Turbo SE (Germany)
  • Mitsubishi Heavy Industries, Ltd. (Japan)
  • Rolls-Royce plc (UK)
  • Schottel GmbH (Germany)
  • Siemens AG (Germany)
  • Steyr Motors GmbH (Austria)
  • Torqeedo GmbH (Germany)
  • Wartsila Corporation (Finland)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Marine Hybrid Propulsion Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Marine Hybrid Propulsion Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Marine Hybrid Propulsion Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Marine Hybrid Propulsion Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Marine Hybrid Propulsion Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Marine Hybrid Propulsion Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Marine Hybrid Propulsion Market was valued at USD 3.83 billion in 2021, and it is expected to reach a value of USD 8.97 billion by 2028, at a CAGR of more than 10.49% over the forecast period (2022–2028).

Global marine hybrid propulsion market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd. (Switzerland)', 'BAE Systems (UK)', 'Caterpillar Inc. (US)', 'General Electric Company (US)', 'MAN Diesel & Turbo SE (Germany)', 'Mitsubishi Heavy Industries, Ltd. (Japan)', 'Rolls-Royce plc (UK)', 'Schottel GmbH (Germany)', 'Siemens AG (Germany)', 'Steyr Motors GmbH (Austria)', 'Torqeedo GmbH (Germany)', 'Wartsila Corporation (Finland)'

Growing shipbuilding industry demand for electric propulsion technology. Generally speaking, merchant ships, recreational boats, and naval ships all use marine hybrid propulsion. Diesel and gas turbines are used in the electric propulsion system. Three-phase electricity is primarily generated by diesel generators. It provides electric motors for propeller rotation. By eliminating the need for gearboxes and clutches, electric propulsion technology helps to reduce the unpleasant noise made by marine engines. This is anticipated to support the growth of the marine hybrid propulsion market.

Due to rising disposable income and people's growing propensity to spend money on maritime leisure activities, the maritime tourism industry has been expanding over time. Luxury yachts and passenger cruise ships are now being used more frequently as a result of this. One of the main trade associations for the cruise industry, Cruise Lines International Association (CLIA), claimed in its report that the cruise sector has been growing steadily over the years. The report also notes that, with a 7 percent increase in passenger numbers, cruising played a significant role in international tourism. This may favour the market growth in future.

Global marine hybrid propulsion market is dominated by Europe and the region is expected to experience significant growth during the forecast period. Because of growing public concern for the environment and government initiatives to support electrically powered transportation modes, Germany has emerged as a significant contributor to market growth in Europe. In addition, it is predicted that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel market expansion. Due to the increased number of ships brought on by the booming international seaborne trade, the demand for propulsion systems and propellers increased throughout Europe.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Marine Hybrid Propulsion Market

Product ID: SQMIG20N2028

$5,300
BUY NOW GET FREE SAMPLE