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Global Marine Hybrid Propulsion Market is anticipated to reach a market value of US $ xx Bn by 2027
Bizizz Market Research has recently published a research report, “Marine Hybrid Propulsion Market’ by Power (0- 300 Kw, 301- 500 Kw, 501- 800 Kw, Above 800 Kw), Propulsion Type (Diesel-electric, Parallel Hybrid, Serial Hybrid), by End-use (Tugboats, Offshore Support Vessels, Ferries, Defence Vessels, Yacht, Cruise Ships, Others), by Stroke (Two Stroke, Four Stroke), by RPM (0- 1000 Rpm, 1,001- 2,500 Rpm, Above 2,500 Rpm), By Region – Global Industry Demands Estimation & Forecast 2019-2027”.
As per the report, Global Marine Hybrid Propulsion Market was valued at USD ~XX Bn in 2018 and is anticipated to reach a market value of US $ xx Bn by 2027, witnessing a CAGR of around 8% during the forecast period. Key drivers of the market are increasing global trade, rising demand for heavy-duty ships, technological advancements. Various benefits offered by marine hybrid propulsion systems are fuel efficiency, low environmental compact, efficient & clean mechanism. In last few years, marine hybrid propulsion has emerged as a reliable method of clean propulsion.
Diverse benefits offered by marine hybrid propulsion systems are one of the main factors contributing to the growth of the market. In contrast to this, volatility of crude oil prices might hamper the growth of the market. Marine hybrid systems use diesel for propulsion. Volatility in crude oil prices boosts the switch from diesel to LNG. Low price of LNG and natural gas compared to diesel has attracted investments in LNG bunkering infrastructure in these regions.
Marine Hybrid Propulsion Market is Anticipated to register a CAGR of around 8% during the forecast period
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By end-use, Ferries segment is expected to dominate the marine hybrid propulsion market
Ferries are the major end user of marine hybrid propulsion systems. In last few years, Ferry operators in various countries in Europe, have invested significantly for the installation of
hybrid propulsion systems in their respective vessels. Moreover, European Union has supported upgrade of ferries as all vessels used to reduce sulfur emissions. However, defence vessels are expected to expand at a significant rate during the forecast period. This growth is attributed to rise in installation of hybrid propulsion systems and use of hybrid systems
Europe region anticipated to dominate the overall marine hybrid propulsion market in terms of revenue share.
Europe is expected to dominate the marine hybrid propulsion market owing to high adoption of hybrid propulsion systems by several defense organizations in Europe and North America. Stringent regulations to reduce harmful carbon emissions have boosted the demand for hybrid propulsions systems. Governments in several countries in Europe are supporting development and adoption of marine hybrid propulsion systems.
Moreover, high investments by ferry operators in Europe are expected to boost the substantial share of Europe in the market. However, Asia Pacific is expected to grow with a significant rate owing to high international trade and globalization. Another factor that is expected to boost the growth is shift from diesel-based models to hybrid models thereby supporting the growth.
Market is consolidated with few players that hold a significant share of the global marine hybrid propulsion market. Key players of the market are Nigata Power Systems Co., Ltd. Cummins Inc, Rolls-Royce Plc, Masson-Marine S.A.S, BAE Systems plc, MAN Diesel & Turbo SE, Wartsila Corporation
Some of the the key players in the market are focusing on various initiatives to bring new propulsion systems in the market. For example, By the end of 2020, Rolls-Royce plans to bring completely integrated propulsion systems for yachts, ships, ferries and patrol boats.
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