Marine Hybrid Propulsion Global Market Report 2024 by The Business Research Company | BAE Systems plc, Schottel GmbH, MAN Energy Solutions SE, Siemens AG, ABB Ltd., General Electric Company, Steyr Motors GmbH, Mitsubishi Heavy Industries Ltd., Torqeedo Gm

The marine hybrid propulsion market size has grown rapidly in recent years. It will grow from $3.95 billion in 2023 to $4.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increased focus on energy efficiency and fuel conservation, rise in fuel prices and operating costs for marine vessels, growth in awareness of environmental sustainability in maritime industry, government incentives and initiatives for green shipping, expansion of the shipping and cruise industry.

The marine hybrid propulsion market size is expected to see rapid growth in the next few years. It will grow to $7 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to adoption of alternative fuels and energy sources for hybrid propulsion, integration of energy storage and battery technologies in marine systems, focus on electrification of propulsion systems for reduced emissions, expansion of hybrid technology in offshore support vessels and ferries, emphasis on noise reduction and vibration control in marine propulsion. Major trends in the forecast period include lithium-ion battery integration, hydrogen fuel cell technology, hybrid retrofitting for existing vessels, dynamic positioning systems (dps) with hybrid propulsion, life cycle cost analysis and total cost of ownership (tco).

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Marine Hybrid Propulsion Market Major Segments
The marine hybrid propulsion market covered in this report is segmented -

1) By Propulsion Type: By Propulsion Type, Diesel-Electric, Parallel Hybrid, Serial Hybrid, Full Electric, Gas Turbine, Fuel cell
2) By Ship Type: Anchor Handling Tug Supply Vessels, Platform Supply Vessels, Yachts, Motor Ferry, Cruise Liner, Others
3) By Power Rating: 0-300 KW, 301-500KW, 501KW-800KW
4) By Application: Commercial, Logistics, Offshore Drilling, Naval, Others

Key Driver - Surge In International Trade Powers Growth Of The Marine Hybrid Propulsion Market

An increase in international trade is contributing to the growth of the marine hybrid propulsion market. Most of the internationally traded goods are transported using cargo vessels and ships. Hybrid propulsion improves the fuel efficiency of vessels with variable power demands. According to UNCTAD's Global Trade Update, in 2021, there was an overall record value of $28.5 trillion in global trade, compared to 2020, the increase was about 25%, and compared to 2019, it was about 13%. Increased commodity prices, subsiding pandemic restrictions, and strong economic stimulus packages all contributed to the positive trend in international trade in 2021. Thus, the surge in international trade boosts the number of cargo vessels and ships fleet and which in turn, drives the market for marine hybrid propulsion.

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Prominent Trend - Leading Companies Innovate With Zero-Emission Marine Propulsion Solutions

Major companies operating in the marine hybrid propulsion market are developing new products such as zero-emission marine propulsion systems to meet larger customer bases, more sales, and increase revenue. A zero-emission marine propulsion system refers to a technology or mechanism used to power watercraft such as ships and boats without producing any direct greenhouse gas emissions or air pollutants. For instance, in November 2021, BAE Systems Plc, a UK-based aerospace company, launched HybriGen Power and Propulsion system. A distinctive aspect of this product is its adaptability as a solution that aids operators in achieving zero emissions. It accomplishes this by enhancing electrical efficiency, extending vessel range, boosting propulsion power, and streamlining the installation process. The HybriGen Power and Propulsion system leverages the company's extensive 25 years of experience in electric propulsion systems, incorporating smaller and more lightweight components for marine vessels. This innovation is achieved through the utilization of its modular accessory power system (MAPS) and modular power control system (MPCS), which enable the creation of a customizable and scalable solution designed to meet the unique power and propulsion needs of a wide spectrum of vessels, including sailboats, tugs, and passenger ferries.

Marine Hybrid Propulsion Market Players
Major companies operating in the marine hybrid propulsion market include BAE Systems plc, Schottel GmbH, MAN Energy Solutions SE, Siemens AG, ABB Ltd., General Electric Company, Steyr Motors GmbH, Mitsubishi Heavy Industries Ltd., Torqeedo GmbH, Wartsila Corporation, Yanmar Co. Ltd., Cummins Inc., Volvo Penta AB, Beta Marine Limited, Oceanvolt Oy, TRANSFLUID Maschinenbau GmbH, Nanni Industries SAS, Caterpillar Inc., Nidec Industrial Solutions, Rolls-Royce Plc, Nigata Power Systems Co. Ltd., EnPro Industries Inc., Masson-Marine S.A.S, Hyundai Heavy Industries Co. Ltd., IHI Power Systems Co. Ltd., Aspin Kemp & Associates Inc., Hybrid Marine Ltd., Kongsberg Maritime AS., L3Harris Technologies Inc., MAN Diesel & Turbo SE, Northern Lights Inc., Praxis Automation Technology B.V., Thordon Bearings Inc.

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Largest And Fastest Growing Region In The Market
Europe was the largest region in the marine hybrid propulsion market share in 2023. The regions covered in the marine hybrid propulsion market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Marine Hybrid Propulsion Market Report Structure
3. Marine Hybrid Propulsion Market Trends And Strategies
4. Marine Hybrid Propulsion Market - Macro Economic Scenario
5. Marine Hybrid Propulsion Market Size And Growth
…..
27. Marine Hybrid Propulsion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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