USD 3.83 billion
Report ID: SQMIG20N2014 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 124 | Figures: 69
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.
Global Market Size
USD 3.83 billion
more than 10.49% CAGR
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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.
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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.
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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
Marine Hybrid Propulsion Market Recent Developments
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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.
|Market size value in 2021||USD 3.83 billion|
|Market size value in 2028||USD 8.97 billion|
|Growth Rate||more than 10.49%|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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