Marine Hybrid Propulsion System Global Market Competitive Market Strategies: General Electric Company (U, Siemens AG , Caterpillar Inc. , BAE Systems , Wartsila Corporation

Market Overview:

The marine hybrid propulsion system industry is expected to have huge number of advancements over the forecast period, owing to continuous developments in marine industry coupled with growing ship owner preferences for high fuel efficient features. The market is also expected to have high expansion activities by multinationals and well-established companies.

The global marine hybrid propulsion system market is expected to grow at 6.5% CAGR during the forecast period.

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Global marine hybrid propulsion system market has witnessed gradual growth in recent years, and is expected to witness steady growth in the forecast period. A propulsion system is a mechanism that produces thrust to push an object forward. The system usually consists of a source that produces mechanical power and a propeller that converts this power into propulsive force.

The hybrid drive technology is not only interesting for drive systems for electric vehicles, but also for marine sector. In this sector there is scope to replace the proven diesel mechanical drives with new drive concepts. This is triggered by the price of fossil fuels and stringent emission standards in the ocean level. A hybrid drive concept offers the possibility by adjusting power and speed to achieve lower specific fuel consumption. This can have a big impact, especially on the partial load range.


Top Key Players:

The key players of global marine hybrid propulsion system market are General Electric Company (U.S.), Siemens AG (Germany), Caterpillar Inc. (U.S.), BAE Systems (U.K), Wartsila Corporation (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo GmbH (Germany), Steyr Motors GmbH (Austria), ABB Ltd. (Switzerland), MAN Diesel & Turbo SE (Germany), Schottel GmbH (Germany) and Rolls-Royce plc (U.K.).



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Market Segmentation:-

Global marine hybrid propulsion system market has been segmented based on type, deadweight, ship type and application and region. Based on type, the market has been segmented as diesel-electric, gas-electric, and others. Among these the diesel-electric type system, is projected to dominate the marine hybrid propulsion system market through 2023. The dominant position of this segment can be attributed to the highly fuel efficient and silent propulsion operation. Also, it is cost-effective to be installed in the new vessel. Based on the deadweight, the market has been segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. 5K-10K DWT dominated the market in 2016 and is projected to be the fastest-growing deadweight segment for a ship. 5K-10K DWT is the ideal dead weight tonnage for the ship, in which marine hybrid propulsion system can be installed, as this range provides exact load variation required for the hybrid system, thus performing high efficient propulsion operation. 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. Anchor Handling Tug Supply (AHTS) vessel dominated the market, in 2016, and is projected to be the fastest-growing ship type over the next five years. The suitability of hybrid marine propulsion for AHTS is due to the large variations in the load profile of propulsors and thrusters. Based on the application, the market is segmented as commercial, logistics, offshore drilling, naval and others. Commercial application dominated the market, in 2016, and is projected to be the fastest-growing application over the next five years. The growth in cruise, ferry, fishing boats and ship building have resulted into the rise of application of hybrid propulsion system in commercial applications.



Global Marine Hybrid Propulsion System Market Analysis:-

The global marine hybrid propulsion system market is expected to witness phenomenal growth during the forecast period. This is due to the considerable growth in the utilization of hybrid marine propulsion system in the newly built ships along with the rise in global marine activity. The growth is primarily attributed to the stringent regulations for emissions at sea level, has boosted marine hybrid propulsion system market in various countries, which is likely to continue during the forecast years. The Europe region accounted for the largest share of the marine hybrid propulsion system market in 2016, wherein U.K., Norway, Poland and other prominent shipbuilding countries contributed, largely, the market growth. However, Asia Pacific is likely to emerge as one of the prominent markets for this technology due to current deployment of advanced marine hybrid propulsion system in the newly built ships.


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List Of Tables:-

Table 1 Global Marine Hybrid Propulsion System Market: By Region, 2017-2023

Table 2 North America Marine Hybrid Propulsion System Market: By Country, 2017-2023

Table 3 Europe Marine Hybrid Propulsion System Market: By Country, 2017-2023

Table 4 Asia-Pacific Marine Hybrid Propulsion System Market: By Country, 2017-2023

Table 5 RoW Marine Hybrid Propulsion System Market: By Country, 2017-2023

Table 6 Global Marine Hybrid Propulsion System Market, By Type, By Regions, 2017-2023

Table 7 North America Marine Hybrid Propulsion System Market, By Type, By Country, 2017-2023

Table 8 Europe Marine Hybrid Propulsion System Market, By Deadweight, By Country, 2017-2023

Table 9 Asia-Pacific Marine Hybrid Propulsion System Market By Type, By Country, 2017-2023

Table 10 RoW Marine Hybrid Propulsion System Market By Type, By Country, 2017-2023

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