Marine Hybrid Propulsion Market Share Growing Rapidly with Recent Trends, Development, Revenue by 2029
The global marine hybrid propulsion market size was USD 3.93 billion in 2021. The market is expected to grow from USD 4.60 billion in 2022 to USD 9.99 billion by 2029 at a CAGR of 11.71% in the 2022-2029 period. This information is provided by Fortune Business Insights™, in its report titled, “Marine Hybrid Propulsion Market, 2022-2029.”
Shipping Industry Experienced Unparalleled Hurdles during COVID-19 Pandemic
The speedy spread of coronavirus had a prime sway on the global marine industry. Western nations have been imposing country-wide lockdowns since February 2020. China possessed a major role in the global maritime trade market as the globe’s biggest exporter. China exports produced transitional goods to the U.S. and the European Union per annum. The maritime export industry of China needs an on-site attendance of skilled workers, but owing to the lockdown norms inflicted by government authorities, it is not able to assemble the distantly operated work system.
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Diesel-electric Segment Held Highest Market Share Due to Greater Use in Naval Vessels
By type, the market for marine hybrid propulsion is segmented into diesel-electric, gas-electric, fully electric, and others. The diesel-electric segment held the largest share in 2021. It is the technology where a diesel Internal Combustion Engine (ICE) drives a generator to produce energy for an electric motor in a naval vessel.
On the basis of operation, the market is classified into a parallel hybrid propulsion system and a serial hybrid propulsion system.
Based on deadweight, the market is segmented into less than 5K DWT, 5K-10K DWT, and more than 10K DWT.
Based on ship type, the market is segmented into anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liners, small cargo ships, naval ships, submarines, ROVs, UUVs, Ro-Ro vessels, fishing vessels, and AUVs.
Based on installation, the market for marine hybrid propulsion is classified into line fit and retrofit.
Based on power rating, the market is classified into 500 (kWh), up to 1 (mWh), up to 2-3 (mWh), and above 3 (mWh).
The market is segmented into North America, Europe, Asia Pacific, and the rest of the world in terms of region.
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The report offers a methodical study of the market and a detailed examination of the pivotal segments of the market. It provides an extensive review of prime players and their important strategies to augment market growth for financial gains. It also shares tangible insights that guide business owners and entrepreneurs with their investment plans.
Growing Demand for Electric Propulsion Technology from Shipbuilding Industry to Drive Growth
Marine hybrid propulsions are basically utilized in merchant ships, recreational boats, and naval ships. The electric propulsion system utilizes diesel generators and gas turbines. Diesel generators primarily produce three-phase electricity. It offers electric power motors to rotate propellers. The electric propulsion technology aids to decline the undesirable noise created by marine engines and eradicates the requirement for gearboxes and clutches. This is expected to bolster the marine hybrid propulsion market growth.
Europe to Dominate Backed by Increasing Marine Trade Activities
Europe held the largest marine hybrid propulsion market share and was valued at USD 1.11 billion in 2020. The augmented quantity of ships owing to the surging international seaborne trade resulted in growing demand for propulsion systems and propellers throughout Europe.
Asia Pacific is predicted to display the highest growth during the forecast period.
Prominent Companies Take Decisive Actions to Boost Market Position
Crucial players in the market are repetitively looking for efficient strategies to endorse their goods and institute their positions in the market. One such strategy is to conjointly take developing actions by teaming up with other companies to expand their reach to end-users.
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Key Industry Development
February 2021: Naval architectural consultancy Chartwell Marine selected BAE Systems PLC to offer the electric hybrid power and propulsion system for a novel maritime research vessel intended for the University of Vermont (UVM).
List of Key Players Covered in the Report
- ABB Ltd. (Switzerland)
- BAE Systems (U.K.)
- Caterpillar Inc. (U.S.)
- General Electric Company (U.S.)
- MAN Diesel & Turbo SE (Germany)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Rolls-Royce plc (U.K.)
- Schottel GmbH (Germany)
- Siemens AG (Germany)
- Steyr Motors GmbH (Austria)
- Torqeedo GmbH (Germany)
- Wartsila Corporation (Finland)
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