Global Marine Hybrid Propulsion Market is Forecast to reach S$5.25 bn by the end of 2024

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This research study analyzes the market for marine hybrid propulsion systems in terms of revenue. The marine hybrid propulsion market has been segmented on the basis of configuration, end-users, and geography. For the purpose of this study, 2015 has been taken as the base year while all forecasts have been given for the 2016–2024 period. Market data for all the segments has been provided at the regional as well as country-specific levels for the 2013–2022 period. The regional segments have been further divided into sub-segments comprising seven unique countries that are major players in the global marine hybrid propulsion market. The report provides a comprehensive competitive landscape and features companies engaged in the marine hybrid propulsion business. The report also provides a detailed industry analysis of the marine hybrid propulsion market with the help of the Porter’s Five Forces model. The Porter’s Five Forces analysis aids in understanding the five major forces that affect the industry structure and profitability of the global marine hybrid propulsion market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition in the market.     

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Global Hybrid Propulsion Market: Scope of Report

The high-level analysis provides detailed insights into the business of marine hybrid propulsion globally. Major drivers, restraints, and opportunities of the marine hybrid propulsion market are analyzed in detail and illustrated in the report through graphs and tables. One of the most prominent drivers is the increasing investments by vessel operators in fuel-efficient and environment-friendly technologies. Vessel and towage operators in the marine industry are now investing in marine hybrid propulsion systems to optimize operational performance. Development in technology originating from the hybrid automotive industry has assisted technology developers in designing efficient and economical marine hybrid propulsion systems. Market attractiveness analysis was carried out for the marine hybrid propulsion industry on the basis of end-use. Market attractiveness was estimated on the basis of consumer preferences that directly impact the market. 

Global Hybrid Propulsion Market: Trends and Opportunities

Marine engineering companies are committed to developing efficient propulsion technologies. Several technology developers have collaborated with vessel operators to develop propulsion systems which offer increased power density coupled with fuel efficiency. Several major port authorities and maritime organizations have declared emission standards for vessels operating in designated areas. Shipping operators are obligated to comply with emission regulations while operating in those areas. Marine hybrid propulsion system is a cost-efficient option to meet the NOx Emission Control Area (NECA) and Sulfur Emission Control Area (SECA) requirements. The new International Maritime Organization (IMO) regulations on ship emissions are imposed starting in 2015 in Emission Control Areas (ECAs). As marine regulations are being primarily imposed in the coastal regions of Europe and North America, the majority of the development in the hybrid propulsion market is being witnessed only in these regions. Factors driving the demand for marine hybrid systems are growing seaborne trade, raw material prices, increasing investments in shipping industries, and regulations and policies to minimize carbon emissions in different regions.

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Global Hybrid Propulsion Market: Key Segments

The marine hybrid propulsion market has been segmented into three broad categories on the basis of configuration as diesel-electric, parallel, and serial hybrid systems. The marine hybrid propulsion market was also analyzed on the basis of end-users as tugboats & OSV’s, ferries, defense vessels, and others. The marine hybrid propulsion market was analyzed across five geographies: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Although hybrid propulsion systems are being widely adopted across the world, the major share of development is witnessed in Europe alone. Regional data has been provided for each sub-segment of the marine hybrid propulsion market.

Companies Mentioned in Report

Key market participants in the marine hybrid propulsion market include Siemens AG, General Electric, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE among others. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.  

Marine Hybrid Propulsion Market: Configuration Analysis

Diesel-electric
Parallel
Serial

Marine Hybrid Propulsion Market: End-use Analysis

Tugboats & OSVs
Ferries
Defense Vessels
Others

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