Pune, India, May 24, 2022 (GLOBE NEWSWIRE) — The world marine hybrid propulsion market the size was $3.93 billion in 2021. The market is expected to grow from $4.60 billion in 2022 at $9.99 billion by 2029 at a CAGR of 11.71% over the period 2022-2029. This information is provided by Fortune Business Insight™in its report entitled “Marine Hybrid Propulsion Market, 2022-2029.”
Impact of COVID-19
The shipping industry has encountered unprecedented obstacles during the COVID-19 pandemic
The rapid spread of the coronavirus has had a paramount influence on the global maritime industry. Western nations have been imposing nationwide lockdowns since February 2020. China used to play a major role in the global maritime trade market as the world’s largest exporter. China exports transitional goods to the United States and the European Union every year. China’s maritime export industry needs on-site presence of skilled workers, but due to lockdown standards imposed by government authorities, it is unable to assemble the operated labor system from a distance.
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List of Key Players Covered in Marine Hybrid Propulsion Market:
- ABB AG (Switzerland)
- BAE Systems (UK)
- Caterpillar Inc. (USA)
- General Electric Company (USA)
- MAN Diesel & Turbo SE (Germany)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Rolls-Royce plc (UK)
- Schottel GmbH (Germany)
- Siemens AG (Germany)
- Steyr Motors GmbH (Austria)
- Torqeedo GmbH (Germany)
- Wartsila Corporation (Finland)
Report Scope and Segmentation:
|Market size value in 2021||$3.93 billion|
|Revenue forecasts in 2029||$9.99 billion|
|Rate of growth||CAGR of nearly 11.71% 2022-2029|
|Historical years||2018 – 2020|
|Forecast years||2022 – 2029|
|Segments Covered||By product type, by application and by geography|
|Forecast units||Value (USD billion) and volume (units)|
|Quantitative units||Revenue in USD Million/Billion and CAGR from 2022 to 2029|
|Regions covered||North America, Europe, Asia-Pacific, South America, Middle East and Africa, and Rest of the World|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Number of companies covered||ABB Ltd. (Switzerland), BAE Systems (UK), Caterpillar Inc. (USA), General Electric Company (USA), MAN Diesel & Turbo SE (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), RollsRoyce plc (UK), Schottel GmbH (Germany), Siemens AG (Germany), Steyr Motors GmbH (Austria), Torqeedo GmbH (Germany), Wartsila Corporation (Finland) and Other Key Players|
|Report cover||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.|
|Scope of customization||Take advantage of personalized purchasing options to meet your exact research needs.|
Browse Detailed Abstract of Research Report with TOC:
The diesel-electric segment holds the highest market share owing to increased usage in naval vessels
By Type, the marine hybrid propulsion market is segmented into diesel-electric, gas-electric, full-electric, and others. The diesel-electric segment held the largest share in 2021. It is the technology in which a diesel internal combustion engine (ICE) drives a generator to produce power for an electric motor in a naval vessel.
On the basis of operation, the market is classified into parallel hybrid propulsion system and series hybrid propulsion system.
Based on deadweight, the market is segmented into under 5K DWT, 5K-10K DWT and over 10K DWT.
On the basis of vessel type, the market is segmented into anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liners, small freighters, warships, under -marines, ROVs, UUVs, Ro-Ro vessels, fishing vessels and AUVs.
On the basis of installation, the marine hybrid propulsion market is categorized into line assembly and retrofit.
Based on rated power, the market is categorized into 500 (kWh), up to 1 (mWh), up to 2-3 (mWh), and above 3 (mWh).
The market is segmented into North America, Europe, Asia Pacific and Rest of the World in terms of region.
The report offers a methodical study of the market and a detailed examination of the pivotal segments of the market. It provides an in-depth review of key players and their significant strategies to augment market growth for financial gains. It also shares actionable insights that guide business owners and entrepreneurs in their investment plans.
Growing demand for electric propulsion technology from the shipbuilding industry to drive growth
Marine hybrid propulsion systems are mainly used in merchant ships, pleasure boats and warships. The electric propulsion system uses diesel generators and gas turbines. Diesel generators mainly produce three-phase electricity. It offers electric motors to spin the propellers. Electric propulsion technology helps reduce unwanted noise created by marine engines and eliminates the need for gearboxes and clutches. This is expected to support the growth of the marine hybrid propulsion market.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological advances
- Analysis of the five forces of carriers
- Supply chain analysis
- List of producers of marine batteries for the maritime sector
- Quantitative Insights – Impact of COVID-19 Pandemic on Marine Hybrid Propulsion Market
- Impact of COVID-19 on the Global Marine Hybrid Propulsion Market
- Measures taken by industry/business/government to overcome the impact
- Potential opportunities due to the COVID-19 outbreak
Europe will dominate thanks to the increase in maritime commercial activities
Europe held the largest marine hybrid propulsion market share and was valued at USD 1.11 billion in 2020. Rising number of vessels due to booming international maritime trade has led to growing demand for systems propulsion and propellers throughout Europe.
Asia-Pacific is expected to show the highest growth during the forecast period.
Leading Companies Take Decisive Actions to Strengthen Their Market Position
The crucial players in the market repetitively seek effective strategies to endorse their products and institute their positions in the market. One such strategy is to jointly take development action by partnering with other companies to extend their reach to end users.
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Development of key industry
February 2021: Naval architecture consultancy Chartwell Marine has selected BAE Systems PLC to provide the hybrid electric power and propulsion system for a new marine research vessel for the University of Vermont (UVM).
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