Marine Hybrid Propulsion Market Overview By Size, Share, Trends, Growth Factors, Historical Analysis, Opportunities and Industry Segments Poised for Rapid Growth by 2027
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The Report Answers the Following Queries:
What is the nature of the market for marine hybrid propulsion?
How will medical tourism aid in expansion of the market?
What are the key industry developments of the market for marine hybrid propulsion?
What is the nature of the market for marine hybrid propulsion?
Drivers & Restraints-
Development of Hybrid Automotive Technology to Add Impetus
The imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth. This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period. Additionally, the rising operational performance of naval vessels will also boost the market for marine hybrid propulsion. Furthermore, nowadays, battery-powered storage systems are used as backup units for propulsion system that will help imitate the external load of the engines used in ships and vessels, thereby reducing the consumption of fuel. This will further add impetus to the market for marine hybrid propulsion in the coming years.
On the contrary, factors such as the high cost of installation and maintenance may pose a major challenge to the market in the coming years. Additionally, the current COVID-19 pandemic has propelled all businesses on waterbodies to a temporary halt, therefore having a major impact on economy. This, coupled with the increasing adoption rate of propulsion systems running on diesel may hamper the market growth in the long run owing to the high price of diesel. Nevertheless, the increasing procurement of offshore vessel support from companies dealing with shipbuilding and increasing expenditure on small cargo ships are likely to help create new growth opportunities to the market for marine hybrid propulsion in the coming years.
Diesel-electric Segment Earned Dominance Owing to Fuel-efficient Technology
On the basis of segmentation by type, the diesel-electric segment earned the highest marine hybrid propulsion market share in 2019. This is accountable to the fact that diesel-electric propulsion is efficient in technology and is highly adopted in naval vessels. However, the gas-electric propulsion segment is likely to emerge as the dominant segment in the coming years on account of its growing use in anchor handling supply vessels.
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Increasing Procurement of Offshore Vessel Support to Help North America Emerge Dominant
Geographically, North America earned a revenue of USD 1.01 billion in the year 2019 and earned the largest marine hybrid propulsion market share. This is attributed to the rising procurement of offshore vessel support for Canada and the U.S. The market in Europe will rank second on account of the presence of major manufacturing bases such as Rolls Royce, General Electric Company, and BAE Systems. Furthermore, the market for marine hybrid propulsion in Asia Pacific is expected to exhibit the fastest CAGR in the coming years on account of the expansion of the shipbuilding industry in India and China.
Companies Focusing on Fuel Efficiency to Gain Competitive Edge
Most of the players operating in this market are engaging in the research, designing, and development of hybrid propulsion systems that are fuel efficient. They are also investing heavily on the development of advanced materials to gain a competitive edge in the market. Furthermore, the players believe that a diverse portfolio will help them compete for the top position in the market.
Major Industry Developments of the Market for Marine Hybrid Propulsion include:
March 2019 – CWIND and ØRSTED entered into a joint venture for delivering propulsion systems for the Surface Effect Ship.
Some of the Key Players of the Marine Hybrid Propulsion Market include:
Mitsubishi Heavy Industries, Ltd. (Japan)
Caterpillar Inc. (The U.S.)
Wartsila Corporation (Finland)
Rolls-Royce plc (The U.K.)
Torqeedo GmbH (Germany)
Schottel GmbH (Germany)
BAE Systems (The U.K.)
General Electric Company (The U.K.)
Siemens AG (Germany)
ABB Ltd. (Switzerland)
Steyr Motors GmbH (Austria)
MAN Diesel & Turbo SE (Germany)
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