Major players in the marine hybrid propulsion market are BAE Systems, Schottel, MAN Energy Solutions, Siemens, ABB Ltd, General Electric Company, Steyr Motors, Mitsubishi Heavy Industries, Torqeedo, and Wartsila Corporation.
The global marine hybrid propulsion market is expected to grow from $3.12 billion in 2021 to $3.5 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The market is expected to grow to $5.42 billion in 2026 at a compound annual growth rate (CAGR) of 11.6%.
The marine hybrid propulsion market consists of sales of marine hybrid propulsion systems by entities (organizations, sole traders, and partnerships) that manufacture marine hybrid propulsion systems.Hybrid propulsion is a propulsion system for a vehicle that involves two or more sources of propulsion in one design usually that can be used collectively or alternately.
Hybrid propulsion improves the fuel efficiency of vessels with variable power demand such as tug boats, fishing vessels, and others.
The main propulsion types of marine hybrid propulsion are diesel-electric, parallel hybrid, serial hybrid, full electric, gas turbine, and fuel cell.A diesel-electric propulsion system can employ a single engine to drive several propellers or several engines to power one or more propellers.
The different types of ships include anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liner, and other ship types and operates in various power ranges such as 0-300 KW, 301-500KW, and 501KW-800KW. It is used in commercial, logistics, offshore drilling and naval, and other applications.
Europe was the largest region in the marine hybrid propulsion market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
An increase in international trade is contributing to the growth of the marine hybrid propulsion market.Most of the internationally traded goods are transported using cargo vessels and ships.
Hybrid propulsion improves the fuel efficiency of vessels with variable power demands.According to the International Chamber of Shipping, in 2019, the total value of the annual world shipping trade had reached more than $14 trillion.
Moreover, nearly 2 billion tons of crude oil, 1 billion tons of iron ore, 350 million tons of grains, and 11 billion tons of goods are transported by ship each year and about 90% of the world trade is carried by the shipping industry. Thus, the surge in international trade boosts the number of cargo vessels and ships fleet and which in turn, drives the market for marine hybrid propulsion.
The launch of integrated propulsion systems has emerged as a key trend in the marine hybrid propulsion market.Major players operating in the marine hybrid propulsion field are focusing on introducing new hybrid propulsion systems to improve performance, environmental compatibility, and propulsion system versatility.
For instance, in November 2020, Havyard, a Norwegian shipbuilding group announced that its new hydrogen propulsion system for large ocean-going ships should be completed next year as a potential alternative fuel to help reduce its carbon footprint. It has developed a ship’s propulsion system with integrated LH2 tanks and fuel cells.
In June 2020, Gula Skrinet AB, a global supplier of customized marine propulsion systems acquired Caterpillar Propulsion AB for an undisclosed amount.The proposed acquisition develops Gula Skrinet AB’s external relationships, products, and services in close cooperation with customers and partners.
Caterpillar Propulsion AB is a Sweden-based manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.
The countries covered in the marine hybrid propulsion market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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