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Marine Hybrid Propulsion Market to Hit USD 8,122.2 Million till 2028: High Demand for Fuel-efficient Systems to Boost Growth, report Fortune Business Insights™

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

/EIN News/ -- Pune, India, June 10, 2021 (GLOBE NEWSWIRE) -- The global marine hybrid propulsion market is set to gain momentum from the increasing demand for fuel-efficient systems. Rolls-Royce, for instance, developed Azipull, a novel thruster that provides low vibration and noise levels. It also has hydrodynamic efficiency. Such innovations in the industry would affect growth positively. As per a report by Fortune Business Insights™, titled, “Marine Hybrid Propulsion Market, 2021-2028,” the market size was USD 3,053.2 million in 2020. It is projected to grow from USD 3,370.9 million in 2021 to USD 8,122.2 million in 2028 at a CAGR of 13.39% in the forecast period.

Lockdown Measures in China to Hamper Import amid COVID-19 Pandemic

The outbreak of the COVID-19 pandemic has severely impacted the marine industry across the globe. Since February 2020, several countries have implemented lockdown and social distancing measures to curb transmission. As China is the major export hub for numerous intermediate products to Europe and North America, complete lockdown in this country resulted in the halt of supply. These factors are taking a toll on the demand for marine hybrid propulsion systems.

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Diesel-electric Segment to Grow Rapidly Stoked by Surging Usage in Naval Vessels

Based on the type, this market is categorized into diesel-electric, gas-electric, and others. Out of these, the diesel-electric segment was in the dominant position in 2020 backed by its ability to produce more energy in a naval vessel. By operation, it is segregated into a parallel hybrid propulsion system and serial hybrid propulsion system.

Based on the deadweight, it is classified into 5K DWT, 5K-10K DWT, and more than 10K DWT. By the ship type, it is divided into anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liner, small cargo ships, naval ships, submarines, ROVs, UUVs, and AUVs. Lastly, by installation, it is bifurcated into line fit and retrofit.

Report Coverage:

The research report aims to analyze the market for marine hybrid propulsion by considering contributions, prospects, and growth trends. It presents detailed profiles of every prominent company operating in the industry to assess their core competencies in each segment. At the same time, it would help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.

Drivers & Restraints:

The emergence of Electric Propulsion Technology to Accelerate Growth

The rising usage of electric propulsion technology in naval ships, merchant ships, and recreational boats is expected to propel the marine hybrid propulsion market growth in the near future. This technology helps to reduce the need for clutches and gears, as well as lowers the noise created by marine engines. Besides, the technology has the ability to provide improved maneuverability and enhanced performance amid harsh climatic conditions. However, the COVID-19 pandemic has led to a major drop in the global trade, thereby hindering the demand for these hybrid propulsion systems.

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List of top players profiled in the marine hybrid propulsion market are as follows:

  • ABB Ltd. (Switzerland)
  • BAE Systems (The U.K.)
  • Caterpillar Inc. (The U.S.)
  • General Electric Company (The U.S.)
  • MAN Diesel & Turbo SE (Germany)
  • Mitsubishi Heavy Industries, Ltd. (Japan)
  • Rolls-Royce plc (The U.K.)
  • Schottel GmbH (Germany)
  • Siemens AG (Germany)
  • Steyr Motors GmbH (Austria)
  • Torqeedo GmbH (Germany)
  • Wartsila Corporation (Finland)

Regional Insights:

Rising Procurement of Offshore Vessel Support in U.S. to Help North America Dominate

Geographically, North America held USD 790.8 million in terms of revenue in 2020. It is expected to remain at the forefront because of the surging procurement of offshore vessel support from the shipbuilding hubs of China and South Korea in Canada and the U.S. In Europe, on the other hand, is expected to show rapid growth on account of the presence of multiple reputed marine hybrid propulsion manufacturers, such as Rolls-Royce plc, BAE Systems, and ABB Ltd.

Competitive Landscape:

Key Players to Focus on Development of Fuel-efficient Systems to Intensify Competition

Most of the companies present in this market are focusing more on the research, designing, and creation of fuel-efficient state-of-the-art systems. Some of them are investing hefty amounts in the development of advanced materials to compete with their rivals.

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
    • Latest technological Advancements
    • Porters Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights-Impact of COVID-19 Pandemic on Global Marine Hybrid Propulsion Market
    • Impact of COVID-19 Pandemic on Global Marine Hybrid Propulsion Market
    • Steps Taken by Industry/Companies/Government to Overcome the Impact
    • Key Development in the industry in Response to COVID-19 Pandemic
    • Potential Opportunities due to COVID-19 Outbreak
  • Global Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Diesel-Electric
      • Gas-Electric
      • Others
    • Market Analysis, Insights and Forecast – By Operation
      • Parallel Hybrid Propulsion System
      • Serial Hybrid Propulsion System
    • Market Analysis, Insights and Forecast – By Deadweight
      • Less Than 5K DWT
      • 5K-10K DWT
      • More than 10K DWT
    • Market Analysis, Insights and Forecast – By Ship Type
      • Anchor Handling Tug Supply vessels
      • Platform Supply Vessel
      • Yachts
      • Motor Ferry
      • Cruise Liner
      • Small Cargo Ships
      • Naval Ships
      • Submarines
      • ROVs
      • UUVs
      • AUVs
    • Market Analysis, Insights and Forecast – By Installation
      • Line Fit
      • Retrofit
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia-pacific
      • Rest of the world

TOC Continued…!

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Below are the two latest industry developments:

  • March 2021: ABB was selected by Casco Bay Lines to provide integrated hybrid-electric power and propulsion solutions for a new ferry. It will help the ferry to operate in diesel-electric, battery-powered, and zero-emissions modes.
  • February 2021: Abeking & Rasmussen announced the construction of two mine hunting vessels. These will have an entire MAN hybrid propulsion package and will be used by the Indonesian Navy.

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