Marine Hybrid Propulsion Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Marine Hybrid Propulsion Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Marine Hybrid Propulsion Market
The Marine Hybrid Propulsion market size was valued at USD 4.62 billion in 2023, and the market is now projected to grow from USD 5.13 billion in 2024 to USD 11.59 billion by 2032, exhibiting a CAGR of 12.4% during the forecast period of 2024-2032.
Shipping trade was impacted by COVID-19 because many sailors had to extend their contracts after they ended. Importing and exporting commodities and products was also forbidden in order to stop the spread of a new coronavirus infection. These factors affected the Marine Hybrid Propulsion market growth.
Fuel consumption in a diesel engine propulsion system is the main worry for ship owners. In addition, some of the other reasons why key firms are concentrating on creating hybrid propulsion systems are the volatility of fossil fuel prices, rise in sulfur emissions, and dependence on inferior fuel. These particular growth driving factors have been recorded to attribute the Marine Hybrid Propulsion market share.
With the help of Vanadium Redox Flow Batteries (VRFB) technology, vanadium may be collected and recycled at the conclusion of the VRFB life cycle thanks to an aqueous, non-flammable electrolyte. The environmental aspects of carbon emissions have many major firms concentrating on integrating this technology into the marine hybrid propulsion system.
Comprehensive Analysis of Marine Hybrid Propulsion Market
Over the course of the study, it is projected that the segment of serial hybrid propulsion systems will expand dramatically. City ferries and short-distance public transportation vehicles operate with this segment type. The batteries in a serial hybrid propulsion system need to be large capacity and have a high power density in order to satisfy demand. The development of a new type of generator by several important manufacturers is expected to observe significant growth in the generator segment over the study period. Because there is a growing need in commercial maritime tourism for low-carbon emissions, the yacht segment had significant increase in 2022. The development of technology to address the issue of carbon emissions and enhance energy efficiency is the attention of several important factors.
Asia Pacific is expected to grow at a substantial rate over the projection period. The expansion of the Asia Pacific marine hybrid propulsion market is caused by rising international trade as well as rising shipbuilding activity in nations like China, India, Japan, and others..
ABB Ltd. (Switzerland), BAE Systems (U.K.), Caterpillar Inc. (U.S.), General ElectricCompany (U.S.), Nidec Industrial Solutions (Italy), MAN Energy Solutions (Germany), Siemens (Germany), Mitsubishi Heavy Industries (Japan), Wärtsilä Corporation (Finland), Steyr Motors (Austria), are a few of the leading industry participants.
In June 2022, To construct the largest hybrid vessel, Wärtsilä and Stena jointly signed a contract. Three new RoPax ships that are presently being built for Stena RoRo, the biggest ferry operator in Europe, will have hybrid propulsion systems from technology company Wärtsilä. The two ferries are the biggest hybrid ships in the transport sector, with a combined battery capacity of 11.5 MWh.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 12.4% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Operation Type
Parallel Hybrid Propulsion System
Serial Hybrid Propulsion System
By Component
I.C. Engine
Generator
Power Management System
Battery
Gearbox
Others
By Ship Type
Container Ship
Passenger Ship
Fishing Vessel
Yacht
Tanker
Others
By Installment
Line Fit
Retrofit
By Geography
North America (By Operation Type, Component, Ship Type, Installment, and Country)
U.S. (By Operation Type)
Canada (By Operation Type)
Europe (By Operation Type, Component, Ship Type, Installment, and Country)
U.K. (By Operation Type)
Norway (By Operation Type)
Germany (By Operation Type)
France (By Operation Type)
Russia (By Operation Type)
Rest of Europe (By Operation Type)
Asia Pacific (By Operation Type, Component, Ship Type, Installment, and Country)
China (By Operation Type)
Japan (By Operation Type)
India (By Operation Type)
South Korea (By Operation Type)
Australia (By Operation Type)
Rest of Asia Pacific (By Operation Type)
Middle East & Africa (By Operation Type, Component, Ship Type, Installment, and Country)
UAE (By Operation Type)
Saudi Arabia (By Operation Type)
Turkey (By Operation Type)
South Africa (By Operation Type)
Rest of the Middle East & Africa (By Operation Type)
South America (By Operation Type, Component, Ship Type, Installment, and Country)
Brazil (By Operation Type)
Argentina (By Operation Type)
Chile (By Operation Type)
Rest of South America (By Operation Type)
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Table of Contents
180 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- 4.2. Latest technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 4.5. Impact of COVID-19 Pandemic on Global Marine Hybrid Propulsion
- 5. Global Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Segmental Definitions
- 5.2. Market Analysis, Insights and Forecast – By Operation Type
- 5.2.1. Parallel Hybrid Propulsion System
- 5.2.2. Serial Hybrid Propulsion System
- 5.3. Market Analysis, Insights and Forecast – By Component
- 5.3.1. IC Engine
- 5.3.2. Generator
- 5.3.3. Power management system
- 5.3.4. Battery
- 5.3.5. Gearbox
- 5.3.6. Others
- 5.4. Market Analysis, Insights and Forecast – By Ship Type
- 5.4.1. Container Ships
- 5.4.2. Passenger Ships
- 5.4.3. Fishing Vessel
- 5.4.4. Yacht
- 5.4.5. Tanker
- 5.4.6. Other
- 5.5. Market Analysis, Insights and Forecast – By Installment
- 5.5.1. Line Fit
- 5.5.2. Retro Fit
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Middle East & Africa
- 5.6.5. South America
- 6. North America Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast – By Operation Type
- 6.1.1. Parallel Hybrid Propulsion System
- 6.1.2. Serial Hybrid Propulsion System
- 6.2. Market Analysis, Insights and Forecast – By Component
- 6.2.1. IC Engine
- 6.2.2. Generator
- 6.2.3. Power management system
- 6.2.4. Battery
- 6.2.5. Gearbox
- 6.2.6. Others
- 6.3. Market Analysis, Insights and Forecast – By Ship Type
- 6.3.1. Container Ships
- 6.3.2. Passenger Ships
- 6.3.3. Fishing Vessel
- 6.3.4. Yacht
- 6.3.5. Tanker
- 6.3.6. Other
- 6.4. Market Analysis, Insights and Forecast – By Installment
- 6.4.1. Line Fit
- 6.4.2. Retro Fit
- 6.5. Market Analysis – By Country
- 6.5.1. The U.S.
- 6.5.1.1. Market Analysis, Insights and Forecast – By Operation Type
- 6.5.1.1.1. Parallel Hybrid Propulsion System
- 6.5.1.1.2. Serial Hybrid Propulsion System
- 6.5.2. Canada
- 6.5.2.1. Market Analysis, Insights and Forecast – By Operation Type
- 6.5.2.1.1. Parallel Hybrid Propulsion System
- 6.5.2.1.2. Serial Hybrid Propulsion System
- 7. Europe Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.1.1. Parallel Hybrid Propulsion System
- 7.1.2. Serial Hybrid Propulsion System
- 7.2. Market Analysis, Insights and Forecast – By Component
- 7.2.1. IC Engine
- 7.2.2. Generator
- 7.2.3. Power management system
- 7.2.4. Battery
- 7.2.5. Gearbox
- 7.2.6. Others
- 7.3. Market Analysis, Insights and Forecast – By Ship Type
- 7.3.1. Container Ships
- 7.3.2. Passenger Ships
- 7.3.3. Fishing Vessel
- 7.3.4. Yacht
- 7.3.5. Tanker
- 7.3.6. Other
- 7.4. Market Analysis, Insights and Forecast – By Installment
- 7.4.1. Line Fit
- 7.4.2. Retro Fit
- 7.5. Market Analysis – By Country
- 7.5.1. The U.K.
- 7.5.1.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.1.1.1. Parallel Hybrid Propulsion System
- 7.5.1.1.2. Serial Hybrid Propulsion System
- 7.5.2. Norway
- 7.5.2.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.2.1.1. Parallel Hybrid Propulsion System
- 7.5.2.1.2. Serial Hybrid Propulsion System
- 7.5.3. France
- 7.5.3.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.3.1.1. Parallel Hybrid Propulsion System
- 7.5.3.1.2. Serial Hybrid Propulsion System
- 7.5.4. Germany
- 7.5.4.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.4.1.1. Parallel Hybrid Propulsion System
- 7.5.4.1.2. Serial Hybrid Propulsion System
- 7.5.5. Russia
- 7.5.5.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.5.1.1. Parallel Hybrid Propulsion System
- 7.5.5.1.2. Serial Hybrid Propulsion System
- 7.5.6. Rest of Europe
- 7.5.6.1. Market Analysis, Insights and Forecast – By Operation Type
- 7.5.6.1.1. Parallel Hybrid Propulsion System
- 7.5.6.1.2. Serial Hybrid Propulsion System
- 8. Asia pacific Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.1.1. Parallel Hybrid Propulsion System
- 8.1.2. Serial Hybrid Propulsion System
- 8.2. Market Analysis, Insights and Forecast – By Component
- 8.2.1. IC Engine
- 8.2.2. Generator
- 8.2.3. Power management system
- 8.2.4. Battery
- 8.2.5. Gearbox
- 8.2.6. Others
- 8.3. Market Analysis, Insights and Forecast – By Ship Type
- 8.3.1. Container Ships
- 8.3.2. Passenger Ships
- 8.3.3. Fishing Vessel
- 8.3.4. Yacht
- 8.3.5. Tanker
- 8.3.6. Other
- 8.4. Market Analysis, Insights and Forecast – By Installment
- 8.4.1. Line Fit
- 8.4.2. Retro Fit
- 8.5. Market Analysis – By Country
- 8.5.1. China
- 8.5.1.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.1.1.1. Parallel Hybrid Propulsion System
- 8.5.1.1.2. Serial Hybrid Propulsion System
- 8.5.2. India
- 8.5.2.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.2.1.1. Parallel Hybrid Propulsion System
- 8.5.2.1.2. Serial Hybrid Propulsion System
- 8.5.3. Japan
- 8.5.3.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.3.1.1. Parallel Hybrid Propulsion System
- 8.5.3.1.2. Serial Hybrid Propulsion System
- 8.5.4. South Korea
- 8.5.4.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.4.1.1. Parallel Hybrid Propulsion System
- 8.5.4.1.2. Serial Hybrid Propulsion System
- 8.5.5. Australia
- 8.5.5.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.5.1.1. Parallel Hybrid Propulsion System
- 8.5.5.1.2. Serial Hybrid Propulsion System
- 8.5.6. Rest of Asia Pacific
- 8.5.6.1. Market Analysis, Insights and Forecast – By Operation Type
- 8.5.6.1.1. Parallel Hybrid Propulsion System
- 8.5.6.1.2. Serial Hybrid Propulsion System
- 9. Middle East & Africa Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.1.1. Parallel Hybrid Propulsion System
- 9.1.2. Serial Hybrid Propulsion System
- 9.2. Market Analysis, Insights and Forecast – By Component
- 9.2.1. IC Engine
- 9.2.2. Generator
- 9.2.3. Power management system
- 9.2.4. Battery
- 9.2.5. Gearbox
- 9.2.6. Others
- 9.3. Market Analysis, Insights and Forecast – By Ship Type
- 9.3.1. Container Ships
- 9.3.2. Passenger Ships
- 9.3.3. Fishing Vessel
- 9.3.4. Yacht
- 9.3.5. Tanker
- 9.3.6. Other
- 9.4. Market Analysis, Insights and Forecast – By Installment
- 9.4.1. Line Fit
- 9.4.2. Retro Fit
- 9.5. Market Analysis – By Sub-Region
- 9.5.1. UAE
- 9.5.1.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.5.1.1.1. Parallel Hybrid Propulsion System
- 9.5.1.1.2. Serial Hybrid Propulsion System
- 9.5.2. Saudi Arabia
- 9.5.2.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.5.2.1.1. Parallel Hybrid Propulsion System
- 9.5.2.1.2. Serial Hybrid Propulsion System
- 9.5.3. Turkey
- 9.5.3.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.5.3.1.1. Parallel Hybrid Propulsion System
- 9.5.3.1.2. Serial Hybrid Propulsion System
- 9.5.4. South Africa
- 9.5.4.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.5.4.1.1. Parallel Hybrid Propulsion System
- 9.5.4.1.2. Serial Hybrid Propulsion System
- 9.5.5. Rest of Middle East & Africa
- 9.5.5.1. Market Analysis, Insights and Forecast – By Operation Type
- 9.5.5.1.1. Parallel Hybrid Propulsion System
- 9.5.5.1.2. Serial Hybrid Propulsion System
- 10. South America Marine Hybrid Propulsion Market Analysis, Insights and Forecast, 2019-2030
- 10.1. Market Analysis, Insights and Forecast – By Operation Type
- 10.1.1. Parallel Hybrid Propulsion System
- 10.1.2. Serial Hybrid Propulsion System
- 10.2. Market Analysis, Insights and Forecast – By Component
- 10.2.1. IC Engine
- 10.2.2. Generator
- 10.2.3. Power management system
- 10.2.4. Battery
- 10.2.5. Gearbox
- 10.2.6. Others
- 10.3. Market Analysis, Insights and Forecast – By Ship Type
- 10.3.1. Container Ships
- 10.3.2. Passenger Ships
- 10.3.3. Fishing Vessel
- 10.3.4. Yacht
- 10.3.5. Tanker
- 10.3.6. Other
- 10.4. Market Analysis, Insights and Forecast – By Installment
- 10.4.1. Line Fit
- 10.4.2. Retro Fit
- 10.5. Market Analysis – By Sub-Region
- 10.5.1. Brazil
- 10.5.1.1. Market Analysis, Insights and Forecast – By Operation Type
- 10.5.1.1.1. Parallel Hybrid Propulsion System
- 10.5.1.1.2. Serial Hybrid Propulsion System
- 10.5.2. Argentina
- 10.5.2.1. Market Analysis, Insights and Forecast – By Operation Type
- 10.5.2.1.1. Parallel Hybrid Propulsion System
- 10.5.2.1.2. Serial Hybrid Propulsion System
- 10.5.3. Chile
- 10.5.3.1. Market Analysis, Insights and Forecast – By Operation Type
- 10.5.3.1.1. Parallel Hybrid Propulsion System
- 10.5.3.1.2. Serial Hybrid Propulsion System
- 10.5.4. Rest of South America
- 10.5.4.1. Market Analysis, Insights and Forecast – By Operation Type
- 10.5.4.1.1. Parallel Hybrid Propulsion System
- 10.5.4.1.2. Serial Hybrid Propulsion System
- 11. Competitive Analysis
- 11.1. Global Market Rank Analysis (2022)
- 11.2. Competition Dashboard
- 12. Company Profiles
- 12.1. ABB Ltd. (Switzerland)
- 12.1.1. Overview
- 12.1.2. Products & services
- 12.1.3. SWOT analysis
- 12.1.4. Recent developments
- 12.1.5. strategies
- 12.1.6. financials (based on availability)
- 12.2. BAE Systems (U.K.)
- 12.2.1. Overview
- 12.2.2. Products & services
- 12.2.3. SWOT analysis
- 12.2.4. Recent developments
- 12.2.5. strategies
- 12.2.6. financials (based on availability)
- 12.3. Caterpillar Inc. (U.S.)
- 12.3.1. Overview
- 12.3.2. Products & services
- 12.3.3. SWOT analysis
- 12.3.4. Recent developments
- 12.3.5. strategies
- 12.3.6. financials (based on availability)
- 12.4. General Electric Company (U.S.)
- 12.4.1. Overview
- 12.4.2. Products & services
- 12.4.3. SWOT analysis
- 12.4.4. Recent developments
- 12.4.5. strategies
- 12.4.6. financials (based on availability)
- 12.5. Nidec Industrial Solutions (Italy)
- 12.5.1. Overview
- 12.5.2. Products & services
- 12.5.3. SWOT analysis
- 12.5.4. Recent developments
- 12.5.5. strategies
- 12.5.6. financials (based on availability)
- 12.6. MAN Energy Solutions (Germany)
- 12.6.1. Overview
- 12.6.2. Products & services
- 12.6.3. SWOT analysis
- 12.6.4. Recent developments
- 12.6.5. strategies
- 12.6.6. financials (based on availability)
- 12.7. Siemens (Germany)
- 12.7.1. Overview
- 12.7.2. Products & services
- 12.7.3. SWOT analysis
- 12.7.4. Recent developments
- 12.7.5. strategies
- 12.7.6. financials (based on availability)
- 12.8. Mitsubishi Heavy Industries (Japan)
- 12.8.1. Overview
- 12.8.2. Products & services
- 12.8.3. SWOT analysis
- 12.8.4. Recent developments
- 12.8.5. strategies
- 12.8.6. financials (based on availability)
- 12.9. Wärtsilä Corporation (Finland)
- 12.9.1. Overview
- 12.9.2. Products & services
- 12.9.3. SWOT analysis
- 12.9.4. Recent developments
- 12.9.5. strategies
- 12.9.6. financials (based on availability)
- 12.10. Steyr Motors (Austria)
- 12.10.1. Overview
- 12.10.2. Products & services
- 12.10.3. SWOT analysis
- 12.10.4. Recent developments
- 12.10.5. strategies
- 12.10.6. financials (based on availability)
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