Marine Hybrid Propulsion Market to Hit USD 11.59 Billion by 2030 | At a CAGR of 12.4%
Companies Covered in Marine Hybrid Propulsion Market are ABB Ltd. (Switzerland), BAE Systems (U.K.), Caterpillar Inc. (U.S.), General Electric Company (U.S.), Nidec Industrial Solutions (Italy), MAN Energy Solutions (Germany), Siemens (Germany), Mitsubishi Heavy Industries (Japan), Wärtsilä Corporation (Finland), Steyr Motors (Austria), and more players profiled.
Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) — The global marine hybrid propulsion market size was valued at USD 4.62 billion in 2022 and is projected to grow from USD 5.13 billion in 2023 to USD 11.59 billion by 2030, exhibiting a CAGR of 12.4% during the forecast period.
In order to improve engine performance and cut pollution, hybrid propulsion systems for marine applications combine an internal combustion engine and battery power. They are perfect for boats with variable operating profiles and runtimes that demand different amounts of power. There are many different hybrid propulsion systems, but serial and parallel hybrid propulsion are the most widely used. Power generation flexibility, reduced carbon emissions, and fewer maintenance costs are all features of hybrid propulsion systems. Due to these important characteristics, the market for marine hybrid propulsion systems is anticipated to expand throughout the course of the forecast period.
Fortune Business Insights presents this information in their report titled “Global Marine Hybrid Propulsion Market, 2023–2030.”
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List of Key Players Profiled in the Report:
- ABB Ltd. (Switzerland)
- BAE Systems (U.K.)
- Caterpillar Inc. (U.S.)
- General Electric Company (U.S.)
- Nidec Industrial Solutions (Italy)
- MAN Energy Solutions (Germany)
- Siemens (Germany)
- Mitsubishi Heavy Industries (Japan)
- Wärtsilä Corporation (Finland)
- Steyr Motors (Austria)
Report Scope & Segmentation:
|2030 Value Projection||USD 11.59 Billion|
|Market Size in 2023||USD 5.13 Billion|
|No. of Pages||180|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Marine Hybrid Propulsion Market Growth Drivers||Decrease in Fuel Consumption Resulting in Low Operating Costs to Drive Market Growth|
|Technological Capabilities and Broad Network of OEMs to Drive the Market|
Browse Detailed Summary of Research Report with TOC:
Supply Chain Impacted by COVID-19 Reduced the Demand for Marine Hybrid Propulsion Systems
Local authorities have prohibited several cargo and passenger ships from accessing ports as a result of COVID-19. Many merchant sailors were left stranded on the ship. Due to the ship’s extended stay in territorial waters, the owner of the ship had to suffer additional expenses. The pandemic’s influence on leisure activities, fishing tourism, and cruise tourism has an effect on the boat market as well. Due to the disease, many sailors had to renew their employment contracts, which had expired due to the outbreak. Also, it was prohibited to import and export items to stop the spread of a new coronavirus outbreak.
Extensive Applications of Parallel Hybrid Propulsion Market to Boost Segment Growth
By operation type, the market is bifurcated into parallel hybrid propulsion system and serial hybrid propulsion system. The parallel hybrid propulsion segment propulsion is expected to dominate the market during the forecast period. Due to numerous benefits, including the ability for operators to switch to electric propulsion during low-speed cruising, which lowers fuel consumption, there has been an increase in the adoption of this technology in various ship types, including tugboats, passenger ships, and others.
I.C. Engine Segment Dominates Owing to Significance of Engine Component in Propulsion System
By component, the market is segmented into I.C. engine, generator, power management system, battery, gearbox, and others. The I.C. engine segment will dominate during the forecast period owing to the requirement of power during hybrid propulsion. I.C. engine is also an important part of the overall hybrid propulsion system due to its high cost.
Increasing Fleet of Fishing Vessels to Capture Market
By ship type, the market is categorized into container ship, passenger ship, fishing vessel, yacht, tanker, and others. During the forecast period, the fishing vessel segment is expected to lead the market. The size of fishing vessel fleets has increased globally, creating potential for the market of marine hybrid propulsion.
Technologically Advanced Ships Demand for Line Fit Segment to Drive Segment Growth
By installment, the market is categorized into line fit and retrofit. Throughout the anticipated period, the line fit segment will rule the market. During production, a number of OEMs and manufacturers add diesel-electric propulsion systems. Due to the need for highly advanced ships, the segment will expand in the coming years.
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The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Reduced Fuel Consumption and Low Operating Costs will Boost Market Expansion
The fuel consumption of a diesel engine propulsion system is the main issue for ship owners. Aside from this, significant players are concentrating on creating hybrid propulsion systems due to the fluctuation in fossil fuel prices, rise in sulfate emissions, and dependency on low-grade fuel. Also, the maximum load decrease of the hybrid propulsion system, according to numerous marine journals, reduces NOx by up to 40%. According to a different study, hybrid propulsion systems can reduce fuel consumption by up to 30% when compared to conventional propulsion systems. These figures show how important a hybrid propulsion system is for lowering fuel usage and consequently, operational costs, which will result in an increase in the marine hybrid propulsion market share.
On the contrary, propulsion systems are complex compared to conventional systems, which may impede the marine hybrid propulsion market growth.
North America Dominates the Market due to Increased Marine Fleet Size
In 2022, the North America market was worth USD 0.59 billion. The expansion of the marine fleet is driving the market growth in North America. A significant market driver is the increased emphasis that various OEMs are placing on R&D and the use of hybrid propulsion systems. Also, in April 2022, the federal and provincial governments of Canada invested USD 3 million to upgrade fishing vessels with effective hybrid and electric engines.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Marine Hybrid Propulsion
- Global Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Operation Type
- Parallel Hybrid Propulsion System
- Serial Hybrid Propulsion System
- Market Analysis, Insights and Forecast – By Component
- IC Engine
- Power management system
- Market Analysis, Insights and Forecast – By Ship Type
- Container Ships
- Passenger Ships
- Fishing Vessel
- Market Analysis, Insights and Forecast – By Installment
- Line Fit
- Retro Fit
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players Increase Joint Ventures to Accelerate Market Growth
With numerous key players present, including ABB Ltd. (Switzerland), BAE Systems (U.K.), Caterpillar Inc. (U.S.), General Electric Company (U.S.), Nidec Industrial Solutions (Italy), MAN Energy Solutions (Germany), Siemens (Germany), and others, the global market is highly fragmented. The most crucial benchmark by which businesses can compete is the implementation of a marine hybrid propulsion system. Other elements, such as collaboration and technical advancements, assist businesses in lowering manufacturing and installation costs and increasing the number of system installations.
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Key Industry Development:
September 2021 – BAE Systems signed a contract to supply all-electric and hybrid power and propulsion systems for ships and transportation vehicles. Among them are five of the high-profile projects, including a luxury sailing superyacht, a bus fleet in Vancouver, and a new research vessel at the University of Vermont.
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Marine Vessel Market Size to Reach USD 188.57 Billion in 2028; Rising Adoption of Eco-friendly Hybrid Propulsion Systems to Augment Growth, says Fortune Business Insights™
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