The surge in commercial shipping is expected to drive the growth of hybrid and full electric marine propulsion market during the forecast period. This has resulted in some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.
Marine propulsion generally a system or a mechanism that is used to generate thrust to move a ship or boat across water. Generally, battery packs are used for propulsion of hybrid and full electric marine propulsion systems.
Segment Analysis:
On the basis of the propulsion type, it is segmented into hybrid and full electric. A hybrid propulsion type makes use of a battery as well as alternate fuel such as diesel and LNG whereas in the fully electric, 100% propulsion is made through the usage of rechargeable battery packs. As the fully electric propulsion completely makes use of rechargeable battery packs, they are generally more preferred than the hybrid propulsion type.
By vessel, it is segmented int tugboats and OSVs, ferries, defense, yachts, and cruise ships. The ferries and defense majorly make use of the hybrid and full electric marine propulsion owing to the increasing transportation and security. There has been a significant rise in the yachts and cruise ships segment as well due to the increasing disposable income of people and the changing lifestyle.
On the basis of power rating, it is segregated into up to 1 MW, 1.1-2 MW, 2.1-3.5 MW, and above 3.5 MW. The above 3.5 MW is usually used in big cruise ships and defense ships.
By RPM, it is divided into 0-1,000 RPM, 1,001-2,500 RPM, and above 2,500 RPM.
The increasing growth of inter-state, intra-state, and cross-border trade activities has triggered the demand for marine ships. The increase in the usage of ferries for transportation purposes in coastal waterways is also one of the major reasons that have propelled the market. Many new/converted hybrid/full electric ferries now play an important role in public transport systems in many waterside cities and islands.
Also, the implementation of strict regulations around the Emission Control Areas (ECA) pertaining to carbon emissions and oil spillage have augmented investments in the development of fuel-efficient marine propulsion systems.
Key Factors Impacting Market Growth:
- The surge in commercial shipping
- The emergence of dual-fuel engines
- Increasing sea trades
Regional Analysis:
By region, North America, Western Europe, and Asia Pacific are estimated to dominate the hybrid and full electric marine propulsion market in terms of market demand. North America and Western Europe have been traditional markets for the automotive sector with a number of global manufacturers headquartered in this region. The automotive sector in these regions has been dynamic in terms of technological developments and product modifications. The demand for lightweight materials, cleaner emissions, and green fuels have been some of the key influencing factors in this region. Also, the market has witnessed steady recovery from recent slowdowns in the past decades. Some of these factors are expected to impact the dynamics of hybrid and full electric marine propulsion market in North America and Western Europe during the forecast period. The US, Germany, France, Italy, UK, and Spain have been some of the major economies for hybrid and full electric marine propulsion market in the region.
The Asia Pacific is estimated to be fastest-growing region for hybrid and full electric marine propulsion market during the forecast period. This region has been one of the lucrative markets for the automotive sector in the past few decades with strategic investments by global companies in the region. China, Japan, India, and South Korea have been some of the major countries for hybrid and full electric marine propulsion market in the Asia Pacific region. The Middle East promises a strong market potential with the growth of the automotive sector in the region. Countries including UAE, Saudi Arabia, Qatar, and Iran have been diversifying the industrial sector to boost the economy in the past few decades. Other regions including Eastern Europe, South America, and Africa are estimated to emerging markets with growing demand during the forecast period.
Companies Covered: Cummins Inc., Caterpillar Inc., AB Volvo Penta, BAE Systems, Wärtsilä Corporation, Rolls Royce Plc., Niigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S., GE, STEYR MOTORS GmbH, MAN Diesel & Turbo SE, and Torqeedo.
Market Segmentation:
By Propulsion Type:
- Hybrid
- Full Electric
By Vessel:
- Tugboats and OSVs
- Ferries
- Defense
- Yachts
- Cruise Ships
By Power Rating:
- Up to 1 MW
- 1.1-2 MW
- 2.1-3.5 MW
- Above 3.5 MW
By RPM:
- 0-1,000 RPM
- 1,001-2,500 RPM
- Above 2,500 RPM
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
- Rest of the World
- By Region (South America, Africa)
- By Propulsion Type
- By Vessel
- By Power Rating
- By RPM
Reasons To Buy This Report:
- Market size estimation of the Global Hybrid and Full Electric Marine Propulsion Market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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