Global Marine Hybrid Propulsion Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Marine Hybrid Propulsion Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Marine Hybrid Propulsion System combines an internal combustion engine with battery power and can be used on all types of ships to save maintenance and engine life while improving power and performance.

Market Overview:

The latest research study on the global Marine Hybrid Propulsion market finds that the global Marine Hybrid Propulsion market reached a value of USD 4533.95 million in 2022. It’s expected that the market will achieve USD 7586.46 million by 2028, exhibiting a CAGR of 8.96% during the forecast period.

Development of maritime trade

The shipping industry is the lifeblood of the global economy, is synonymous with global economic growth, and plays an important role in international trade. Shipping accounts for more than 80% of international trade transportation. The advantages of ocean transportation are its large volume, low shipping costs, and the availability of shipping routes. As international trade becomes more frequent, maritime trade will continue to expand, bringing benefits to consumers around the world through competitive freight rates. With the rise of international maritime trade, the market for marine hybrid propulsion systems will further expand.

Requires significant capital investment

Compared with traditional ships, the design and construction of hybrid ships is more complicated, and it has higher requirements for initial investment and maintenance. Therefore, not all types of ships are suitable for hybrid propulsion systems. Compared with the traditional diesel system, due to its high development and implementation costs, it limits the development of marine hybrid power systems. It requires alternative energy sources to store energy, such as costly battery storage systems.

Growing demand for coal, crude oil, steel and other resources in emerging countries

The emerging market economy is recovering strongly. The energy and resource needs of developing countries are the main driving force for world energy and resource growth. With the development of economy and industry, the demand for coal, crude oil, steel and other resources in emerging countries is growing. The trade imbalance between developed and developing countries has been decreasing in recent years, and developing countries have made significant contributions to global maritime trade. They account for almost two-thirds of global cargo handling. The growing demand for resources in emerging markets is driving the expansion of the shipping market.

Region Overview:

Geographically, Europe held the largest market share – 43.39% in 2022.

Company Overview:

BAE Systems is one of the major players operating in the Marine Hybrid Propulsion market, holding a share of 11.56% in 2023.

BAE Systems

BAE Systems plc develops, delivers, and supports advanced defense and aerospace systems. The Group manufactures military aircraft, surface ships, submarines, radar, avionics, communications, electronics, and guided weapon systems. BAE Systems services clients located throughout the world.

Siemens AG

Siemens AG is an engineering and manufacturing company. The Company focuses on areas of electrification, automation, and digitalization. Siemens also provides engineering solutions in automation and control, power, transportation, and medical diagnosis.

Segmentation Overview:

As for product types, the Diesel-electric segment held the largest market share in 2022.

Parallel electric

In ships with parallel hybrid powertrains, engines and electric motors work together to generate power. Parallel hybrid systems do not interfere with conventional engines, gearboxes, propeller shafts and propeller drive systems.

Serial hybrid

The serial hybrid is similar to the diesel electric in that there's no physical connection between the internal combustion engine and propeller shaft. The prop is turned by an electric motor, always. Serial hybrids do have a battery bank wired in to store energy that is generated, so you can stop the engine and use energy stored in the battery bank to drive the prop shafts.

Diesel-electric

In a diesel-electric system, an internal combustion (IC) engine, which could be gas or diesel, is connected directly to an electrical generator. From this point on, the power in the system is transferred electrically to the propeller shaft via a motor controller and electric motor. The system may have multiple generators and multiple motors connected to a common electrical bus.

Application Overview:

By application, the Ferries segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Marine Hybrid Propulsion market covered in Chapter 3:

Nigata Power Systems
SCHOTTEL Group
Wartsila Corporation
MAN Energy Solutions
Siemens AG
Caterpillar Inc.
Danfoss
General Electric
BAE Systems
Kawasaki Heavy Industries

In Chapter 4 and Chapter 14.2, on the basis of types, the Marine Hybrid Propulsion market from 2018 to 2029 is primarily split into:

Parallel electric
Serial hybrid
Diesel-electric

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Marine Hybrid Propulsion market from 2018 to 2029 covers:

Offshore Support Vessels
Tugboats
Defense Vessels
Ferries
Cruise Ships
Yacht
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)