Product ID: SQMIG20N2028
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 2024-2031
Report ID:
SQMIG20N2028 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
124 |
Figures:
69
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.
Global Marine Hybrid Propulsion Market Report Snapshots
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