Global Marine Hybrid Propulsion Market Expected to Grow at a GAGR 8.9% till 2025

A latest research report titled as “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2024” has been recently added to the vast portfolio of Market Research Reports Search Engine (MRRSE) online research offerings. This report is a professional and in-depth analysis on the present state and future prospect for the global market. It provides valuable information to the industry insiders, potential entrants or investors. It includes an exhaustive enquiry with the reliability of logic and the comprehensiveness of contents.

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Marine hybrid propulsion systems are gradually emerging as one of the most preferred clean propulsion systems globally and are being used in several vessel categories. One of the major advantages of using hybrid propulsion systems is their clean and efficient mechanism, which significantly lowers emissions as compared to conventional propulsion systems. Features such as silent maneuvering, emission-free operations, and lower degrees of fuel consumption have prompted vessel and towage operators to invest in this technology. Development of the technology originating from the hybrid automotive industry has assisted technology developers in designing efficient and economical marine hybrid propulsion systems. Marine hybrid propulsion systems are designed to use two independent drive systems for propulsion: a diesel engine and an electric motor, where electric power is generally stored in batteries or a super capacitor. The system utilizes the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use.

Constituting Largest Share, Diesel-electric Propulsion Segment Emerged Dominant

Based on revenue & volume (US$ Mn & units); the marine hybrid propulsion market has been broadly segmented into: propulsion type, end-use, power rating, stroke, RPM, and region. By propulsion type, marine hybrid propulsion market have been broadly segmented into diesel-electric, parallel, and serial hybrid systems. In 2016, diesel-electric propulsion type constituted 49% market share. In terms of end-use, the market has been segregated into: tugboats, offshore support vessels, ferries, defense vessels, yachts, cruise ships, and others. In terms of power rating, the market has been divided into: 0-300 KW, 301-500 KW, 501-800 KW, and above 801 KW. By stroke, the market has been analyzed for two stroke and four stroke marine hybrid engines. Currently, four strokes engines are widely preferred when compared to two stroke marine engines In terms of RPM, the market has been further broken into: 0-1,000 RPM, 1,001-2,500 RPM, and above 2,500 RPM. Above 2500 RPM segment is expected to grow at a higher growth rate when compared to other RPM segments.

The three propulsion type segments analyzed in this report are diesel-electric, parallel, and serial hybrid systems. Installations of these configuration types are completely dependent on the operational requirements of the vessel operators. The operating power requirements and size of the drive components are crucial factors considered while vessel operators select the appropriate hybrid configurations for their respective vessels. Diesel-electric propulsion systems have witnessed a rapid growth rate in the past few decades. As these systems are easy to configure and install, several vessel operators have switched from conventional diesel systems to diesel-electric configurations to comply with environmental regulations enforced in respective regions. The diesel-electric configuration continues to remain the dominant product type in the marine hybrid propulsion market and several vessel operators have plans to invest in this propulsion system. Though parallel and serial hybrid systems are still in the early stages of development, the market for these systems is expected to grow at a significant rate within the forecast period.

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Asia Pacific to Offer Lucrative Prospects in Coming Years

Currently, ferries have been recognized as the major ends-user in terms of installation of marine hybrid propulsion systems. Ferry operators, especially in Europe, are anticipated to invest substantial amounts for the installation of hybrid propulsion systems in their respective vessels. The European Union has also supported upgrade of ferries as all vessels traversing through or operating in European waters have to reduce sulfur emissions from 2015. Defense vessels are anticipated to be one of the most prominent end-user segment in terms of future hybrid propulsion installations. Several defense organizations in Europe and North America have started installing hybrid propulsion systems in the respective vessels operated by them. The typical operating profile for naval destroyers and military vessels includes a significant amount of time voyaging at low speed. In such operating modes, electrical propulsion motors can be used to meet the vessel’s power requirement which significantly reduces emissions and saves fuel.

Currently, Europe and North America are the largest markets for marine hybrid propulsion systems. However, Asia Pacific is likely to emerge as one of the prominent markets for this technology. Highly environment-conscious Europe and North America are expected to lead in the global market for marine hybrid propulsion in the future. On the other hand, the market for marine hybrid propulsion systems in Asia Pacific is still not as developed as in North America and Europe. The towage and vessel operators providing services in this region are gradually shifting from conventional diesel to hybrid propulsion systems. Numerous attractive technologically advanced models are expected to be introduced in the future. The marine hybrid propulsion market might witness numerous collaborations between vessel operators and technology developers in the future.

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