The GMI Research’s latest analysis reveals that the Hybrid Electric Marine Propulsion Engine Market is slated to register a significant CAGR over the coming years. This is attributed to the growing use of cargo ships and ferries for transportation purposes in coastal waterways, rising global seaborne trade, and high adoption of the fuel-efficient propulsion system.
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Hybrid Electric Marine Propulsion Engine Market’s leading Manufacturers:
- ABB Ltd.
- BAE Systems Plc
- Caterpillar Inc.
- General Electric Company
- Mitsubishi Heavy industries, Ltd.
- Torqeedo GmbH
- Rolls-Royce Plc
- Schottel GmbH
- Siemens AG
- Wartsila Corporation
Hybrid Electric Marine Propulsion Engine Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global hybrid electric marine propulsion engine market is predicted to witness an upsurge in demand during the forecast period due to the growing use of cargo ships and ferries for transportation purposes in coastal waterways, rising global seaborne trade, and high adoption of the fuel-efficient propulsion system. Moreover, the hybrid electric marine propulsion engines have various benefits, such as enhanced marine vessel performance, decreased emission, less maintenance cost of engines, increased redundancy, reduced operating cost due to low fuel consumption, decreased noise level and vibration, etc long-term efficiency of the power system. As per the United Nations Conference on Trade and Development (UNCTAD), in 2019, the global commercial shipping fleet surged by 4.1%, and the world maritime trade is estimated to have 3.4% annual growth for the period 2019-2024. On the other hand, raised manufacturing and maintenance cost of hybrid propulsion systems will hinder the growth of the hybrid electric marine propulsion engine market size. Furthermore, the increasing popularity and strong adoption of diesel-based propulsion systems are the factors restraining the hybrid electric marine propulsion engine market share in terms of revenue.
Type Segment Drivers
Based on the type, the diesel-electric is anticipated to dominate the market due to the growing use of diesel-electric propulsion engines in naval vessels and big ships owing to the fuel efficiency, increased reliability, and lower emissions during operation.
Ship Type Segment Drivers
Based on the ship type, the anchor handling tug supply (AHTS) vessel is expected to increase at a higher CAGR in the upcoming years due to the rising demand in oil drilling application and growing usage as an Emergency Response and Rescue Vessel (ERRV). In addition to this, the AHTS vessels are utilized in anchor handling services, firefighting, rescue operations, and oil recovery, which will further boost the growth of the market.
Regional Drivers
Based on the region, the Asia Pacific is predicted to rise at a higher CAGR over the forecast period due to the rising seaborne trade and growing manufacturing of marine vessels and hybrid propulsion systems. Furthermore, the strong presence of major players, such as Yanmar Holdings Co., Ltd., BOS Offshore & Marine Pte Ltd., and Mitsubishi Heavy industries, Ltd., will further fuel the growth of the market.
Hybrid Electric Marine Propulsion Engine Market Segmentation:
Segmentation by Type:
- Diesel Electric
- Gas Electric
- Others
Segmentation by Ship Type:
- Anchor Handling Tug Supply Vessel
- Platform Supply Vessel
- Yacht
- Motor Ferry
- Cruise Liner
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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