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Global Marine Hybrid Propulsion Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 7.6 Bn by 2028, Likely to Grow with the CAGR of 8.2% During the Forecast Period.
Marine hybrid propulsion systems is emerging as one of the cleanest and propulsion systems across the globe. Technological advancements coupled with increasing environmental concerns are factors proliferating the demand of the marine hybrid propulsion market. The increasing global trade is adding up to the demand for modes of water transportation which are cost-effective and efficient. Marine hybrid propulsion offers a wide range of benefits including fuel efficiency, low environmental impact, and clean & efficient mechanism among others. Major players of the market are focusing on technological advancements to gain a competitive edge in the market.
Additionally, rising use of heavy-duty ships for transportation coupled with the rapid growth of the e-commerce industry are factors further proliferating the demand of the marine hybrid propulsion market. However, the volatility of crude oil prices coupled with rising environmental concerns are factors posing as major restraints of the marine hybrid propulsion market.
As Per Propulsion Type, Parallel Hybrid Segment Anticipated To Dominate the Market
By propulsion type, the diesel-electric segment is anticipated to witness the highest growth in the marine hybrid propulsion market across the globe. It is expected to hold XX% of the total market. On the basis of propulsion type, the marine hybrid propulsion market is further classified into diesel-electric, parallel hybrid, and serial hybrid. The parallel hybrid segment dominated the marine hybrid propulsion market and accounted for a revenue share of more than 35% of the global market. This can be attributed to the benefits offered by it including low emission, user-friendly, easy to handle and attractive economic proposition among others.
In contrast, the diesel-electric segment is projected to expand with the highest growth rate during the years to come. This can be associated with the advantages provided by it including greater fuel efficiency, lower fuel consumption, and better hydrodynamic efficiency among others.
By End-Use, Ferries Segment Is Expected To Dominate the Marine Hybrid Propulsion Market
On the basis of end-use, the global marine hybrid propulsion market is bifurcated into tugboats, offshore support vessels, ferries, defense vessels, yacht, cruise ships, and others. The global marine hybrid propulsion market was dominated by ferries segment. This can be attributed with the higher installation of hybrid propulsion systems in ferries, and rising investments by operators for the installation of hybrid propulsion systems.
On the other hand, the defense vessels segment is expected to expand with a significant rate during the forecast period. This can be associated with the rising installation of hybrid propulsion systems in the vessels operated by them, and use of hybrid systems will help meet the power requirement by them.
Europe Region Anticipated To Dominate the Overall Marine Hybrid Propulsion Market In Terms Of Revenue Share
Europe region is expected to dominate the marine hybrid propulsion market and represents US$ XX Bn in terms of market share and is projected to register a CAGR of XX% during the forecast period followed by North America. This can be attributed to the presence of state-of-the-art infrastructure, and the nations such as the UK, Germany, and France among others being the early adopters of technology. The North America marine hybrid propulsion market is expected to grow significantly during the years to come owing to an increase in the number of ultra-rich people in the region.
On the other hand, Asia Pacific region is anticipated to grow with a significant rate owing to continuous globalization and international trade in the region. The manufacturers and consumers are shifting from diesel-based models to hybrid models thereby proliferating the market growth.
The market is highly consolidated where very few players hold a significant share. The major players in the marine hybrid propulsion market include Cummins Inc., AB Volvo Penta, Rolls-Royce Plc, Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S, Caterpillar Inc., BAE Systems plc, Wartsila Corporation, and MAN Diesel & Turbo SE among others are few of the key players in the global marine hybrid propulsion market.
Segmentation of Global Marine Hybrid Propulsion Market
Marine Hybrid Propulsion Market by Propulsion Type
- Parallel Hybrid
- Serial Hybrid
Marine Hybrid Propulsion Market by End-use
- Offshore Support Vessels
- Defence Vessels
- Cruise Ships
Marine Hybrid Propulsion Market by Power
- 0- 300 Kw
- 301- 500 Kw
- 501- 800 Kw
- Above 800 Kw
Marine Hybrid Propulsion Market by Stroke
- Two Stroke
- Four Stroke
Marine Hybrid Propulsion Market by RPM
- 0- 1000 Rpm
- 1,001- 2,500 Rpm
- Above 2,500 Rpm
Marine Hybrid Propulsion Market by Region
- North America
- South America
- Middle East & Africa