Global Marine Hybrid Propulsion Market: Overview
Marine hybrid propulsion systems are gradually emerging as one of the most preferred clean propulsion systems globally and are being used in several vessel categories. One of the major advantages of using hybrid propulsion systems is their clean and efficient mechanism, which significantly lowers emissions as compared to conventional propulsion systems. Features such as silent maneuvering, emission-free operations, and lower degrees of fuel consumption have prompted vessel and towage operators to invest in this technology. Development of the technology originating from the hybrid automotive industry has assisted technology developers in designing efficient and economical marine hybrid propulsion systems. Marine hybrid propulsion systems are designed to use two independent drive systems for propulsion: a diesel engine and an electric motor, where electric power is generally stored in batteries or a super capacitor. The system utilizes the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use.
Constituting Largest Share, Diesel-electric Propulsion Segment Emerged Dominant
Based on revenue & volume (US$ Mn & units); the marine hybrid propulsion market has been broadly segmented into: propulsion type, end-use, power rating, stroke, RPM, and region. By propulsion type, marine hybrid propulsion market have been broadly segmented into diesel-electric, parallel, and serial hybrid systems. In 2016, diesel-electric propulsion type constituted 49% market share. In terms of end-use, the market has been segregated into: tugboats, offshore support vessels, ferries, defense vessels, yachts, cruise ships, and others. In terms of power rating, the market has been divided into: 0-300 KW, 301-500 KW, 501-800 KW, and above 801 KW. By stroke, the market has been analyzed for two stroke and four stroke marine hybrid engines. Currently, four strokes engines are widely preferred when compared to two stroke marine engines In terms of RPM, the market has been further broken into: 0-1,000 RPM, 1,001-2,500 RPM, and above 2,500 RPM. Above 2500 RPM segment is expected to grow at a higher growth rate when compared to other RPM segments.
The three propulsion type segments analyzed in this report are diesel-electric, parallel, and serial hybrid systems. Installations of these configuration types are completely dependent on the operational requirements of the vessel operators. The operating power requirements and size of the drive components are crucial factors considered while vessel operators select the appropriate hybrid configurations for their respective vessels. Diesel-electric propulsion systems have witnessed a rapid growth rate in the past few decades. As these systems are easy to configure and install, several vessel operators have switched from conventional diesel systems to diesel-electric configurations to comply with environmental regulations enforced in respective regions. The diesel-electric configuration continues to remain the dominant product type in the marine hybrid propulsion market and several vessel operators have plans to invest in this propulsion system. Though parallel and serial hybrid systems are still in the early stages of development, the market for these systems is expected to grow at a significant rate within the forecast period.
Asia Pacific to Offer Lucrative Prospects in Coming Years
Currently, ferries have been recognized as the major ends-user in terms of installation of marine hybrid propulsion systems. Ferry operators, especially in Europe, are anticipated to invest substantial amounts for the installation of hybrid propulsion systems in their respective vessels. The European Union has also supported upgrade of ferries as all vessels traversing through or operating in European waters have to reduce sulfur emissions from 2015. Defense vessels are anticipated to be one of the most prominent end-user segment in terms of future hybrid propulsion installations. Several defense organizations in Europe and North America have started installing hybrid propulsion systems in the respective vessels operated by them. The typical operating profile for naval destroyers and military vessels includes a significant amount of time voyaging at low speed. In such operating modes, electrical propulsion motors can be used to meet the vessel’s power requirement which significantly reduces emissions and saves fuel.
Currently, Europe and North America are the largest markets for marine hybrid propulsion systems. However, Asia Pacific is likely to emerge as one of the prominent markets for this technology. Highly environment-conscious Europe and North America are expected to lead in the global market for marine hybrid propulsion in the future. On the other hand, the market for marine hybrid propulsion systems in Asia Pacific is still not as developed as in North America and Europe. The towage and vessel operators providing services in this region are gradually shifting from conventional diesel to hybrid propulsion systems. Numerous attractive technologically advanced models are expected to be introduced in the future. The marine hybrid propulsion market might witness numerous collaborations between vessel operators and technology developers in the future.
Global Marine Hybrid Propulsion Market: Overview
This report analyzes and forecasts the market for marine hybrid propulsion at the global, regional, and country level. The market has been forecast based on revenue & units (US$ Mn & units) from 2017 to 2025. The study includes drivers and restraints of the global marine hybrid propulsion market. It also covers the impact of these drivers and restraints on demand for marine hybrid propulsion during the forecast period. The report also highlights opportunities in the marine hybrid propulsion market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global marine hybrid propulsion market. Porter’s Five Forces model for the marine hybrid propulsion market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Marine Hybrid Propulsion Market: Scope of the Study
The study provides a decisive view of the global marine hybrid propulsion market by segmenting it in terms of propulsion type, end-use, power rating, stroke, RPM, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for marine hybrid propulsion in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The marine hybrid propulsion market has been further broken down into country/sub-region.
The report provides the estimated market size of marine hybrid propulsion for 2016 and forecast for the next nine years. The global market size of marine hybrid propulsion has been provided in terms of volume and revenue. Market numbers have been estimated based on key type, component, application, and regional segments of marine hybrid propulsion market. Market size and forecast for each major types have been provided in terms of global and regional/country markets.
Global Marine Hybrid Propulsion Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, UN Comtrade, U.S. Department of Energy (DOE), Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Marine Hybrid Propulsion Market: Competitive Landscape
The study includes profiles of major companies operating in the global marine hybrid propulsion market. Key players in the marine hybrid propulsion market include Siemens AG, Volvo Penta, General Electric, Rolls-Royce plc, BAE Systems plc, Wartsila, MAN Diesel & Turbo SE, etc. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis. The market for marine hybrid propulsion is primarily driven by its operation efficiency, cost-effective operation, automation and digitalization, growing infrastructural activities, water utility, waste water treatment, water distribution/transport networks, integration of several systems and components to form a complete intelligent pumping solution for various applications, etc.
Global Marine Hybrid Propulsion Market: Propulsion Type Analysis
- Parallel Hybrid
- Serial Hybrid
Global Marine Hybrid Propulsion Market: End-use Analysis
- Offshore Support Vessels (OSV’s)
- Defense Vessels
- Cruise Ships
Global Marine Hybrid Propulsion Market: Power Rating Analysis
- 0-300 kW
- 301-500 kW
- 501-800 kW
- Above 801 kW
Global Marine Hybrid Propulsion Market: Stroke Analysis
- Two Stroke
- Four Stroke
Global Marine Hybrid Propulsion Market: RPM Analysis
- 0-1,000 rpm
- 1,001-2,500 rpm
- Above 2,500 rpm
Global Marine Hybrid Propulsion Market: By Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America