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Published Date: 2017-04-03Number of Pages: 135

Marine Hybrid Propulsion Market (Configuration Analysis - Diesel-electric, Parallel, and Serial; End-use Analysis - Tugboats & OSVs, Ferries, and Defense Vessels) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024

Global Marine Hybrid Propulsion Market: Snapshot

The marine industry is increasingly investing in technologies that help lower emissions, improve fuel efficiency, and adhere to new environmental regulations. Thus, hybrid propulsion systems are being rapidly deployed by vessel operators across the world. 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.

Fuel charges account for substantial share of a vessel’s operating expenditure. As a result, shipping liners are adopting efficient fuel technologies such as hybrid propulsion to increase their profit margins. Implementation of stringent government regulations and strict monitoring of spillage in the marine ecosystem are driving the demand for hybrid propulsion systems. The operating power requirements and size of drive components are important factors in the selection of appropriate hybrid configurations for vessels.

Spurred by the aforementioned factors, the global marine hybrid propulsion market is forecast to reach S$5.25 bn by the end of 2024, from US$2.65 bn in 2015. If these figures hold true, the global market will exhibit a CAGR of 8.2% between 2016 and 2024.

marine hybrid propulsion market

Diesel-electric Systems Emerge as Widely Adopted Hybrid Technology

The marine hybrid propulsion market has been segmented into three categories: Configuration, end use, and region. In terms of configuration, the marine hybrid propulsion market has been classified into diesel-electric, parallel hybrid, and serial hybrid. Of these, the diesel-electric segment accounted for the leading share of 53.3% in 2015. Diesel-electric system is a widely adopted hybrid technology owing to its simple structure and low installation costs. Diesel-electric systems are easy to configure and install. Therefore, several vessel operators have been switching from the conventional diesel systems to diesel-electric configurations to comply with the environmental regulations prevalent in their respective regions. Diesel-electric propulsion systems have witnessed a rapid growth rate in the past few decades and is expected to dominate the marine hybrid propulsion market based on configuration through the forecast period.

In terms of end use, the market has been segregated into tugboats & OSV’s, ferries, defense vessels, and others. 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.

Europe to Remain Dominant Market through Forecast Period

Regionally, the global hybrid propulsion market encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these nations, Europe emerged dominant with a share of 34.60% in 2015. The region market is driven by the presence of several manufacturing companies. However, growth in the region will remain moderate through the forecast period. In North America, several associations are monitoring carbon emission. The leading nations in North America also have maritime monitoring satellites that detect excess carbon emission from ferries and if there is any oil spillage. Spurred by these factors, the maritime hybrid propulsion market will witness positive growth in North America.

In the coming years, Asia Pacific is expected to offer greener pastures to a large number of small- and large-scale hybrid propulsion manufacturing companies. China and Japan have emerged as lead in terms of production and consumption in Asia Pacific. Rising opportunities in these nations will significantly aid the expansion of the marine hybrid propulsion market. Besides this, the market is also expected to witness lucrative opportunities in the Middle East and Africa and Latin America.

Some of the major companies operating in this market are Siemens AG, General Electric, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE among others.

Global Marine Hybrid Propulsion Market: Overview

This research study analyzes the market for marine hybrid propulsion systems in terms of revenue. The marine hybrid propulsion market has been segmented on the basis of configuration, end-users, and geography. For the purpose of this study, 2015 has been taken as the base year while all forecasts have been given for the 2016–2024 period. Market data for all the segments has been provided at the regional as well as country-specific levels for the 2013–2022 period. The regional segments have been further divided into sub-segments comprising seven unique countries that are major players in the global marine hybrid propulsion market. The report provides a comprehensive competitive landscape and features companies engaged in the marine hybrid propulsion business. The report also provides a detailed industry analysis of the marine hybrid propulsion market with the help of the Porter’s Five Forces model. The Porter’s Five Forces analysis aids in understanding the five major forces that affect the industry structure and profitability of the global marine hybrid propulsion market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition in the market.     

Global Hybrid Propulsion Market: Scope of Report

The high-level analysis provides detailed insights into the business of marine hybrid propulsion globally. Major drivers, restraints, and opportunities of the marine hybrid propulsion market are analyzed in detail and illustrated in the report through graphs and tables. One of the most prominent drivers is the increasing investments by vessel operators in fuel-efficient and environment-friendly technologies. Vessel and towage operators in the marine industry are now investing in marine hybrid propulsion systems to optimize operational performance. Development in technology originating from the hybrid automotive industry has assisted technology developers in designing efficient and economical marine hybrid propulsion systems. Market attractiveness analysis was carried out for the marine hybrid propulsion industry on the basis of end-use. Market attractiveness was estimated on the basis of consumer preferences that directly impact the market. 

Global Hybrid Propulsion Market: Trends and Opportunities

Marine engineering companies are committed to developing efficient propulsion technologies. Several technology developers have collaborated with vessel operators to develop propulsion systems which offer increased power density coupled with fuel efficiency. Several major port authorities and maritime organizations have declared emission standards for vessels operating in designated areas. Shipping operators are obligated to comply with emission regulations while operating in those areas. Marine hybrid propulsion system is a cost-efficient option to meet the NOx Emission Control Area (NECA) and Sulfur Emission Control Area (SECA) requirements. The new International Maritime Organization (IMO) regulations on ship emissions are imposed starting in 2015 in Emission Control Areas (ECAs). As marine regulations are being primarily imposed in the coastal regions of Europe and North America, the majority of the development in the hybrid propulsion market is being witnessed only in these regions. Factors driving the demand for marine hybrid systems are growing seaborne trade, raw material prices, increasing investments in shipping industries, and regulations and policies to minimize carbon emissions in different regions.

Global Hybrid Propulsion Market: Key Segments

The marine hybrid propulsion market has been segmented into three broad categories on the basis of configuration as diesel-electric, parallel, and serial hybrid systems. The marine hybrid propulsion market was also analyzed on the basis of end-users as tugboats & OSV’s, ferries, defense vessels, and others. The marine hybrid propulsion market was analyzed across five geographies: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Although hybrid propulsion systems are being widely adopted across the world, the major share of development is witnessed in Europe alone. Regional data has been provided for each sub-segment of the marine hybrid propulsion market.

Companies Mentioned in Report

Key market participants in the marine hybrid propulsion market include Siemens AG, General Electric, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE among others. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.  

Marine Hybrid Propulsion Market: Configuration Analysis

  • Diesel-electric
  • Parallel
  • Serial

Marine Hybrid Propulsion Market: End-use Analysis

  • Tugboats & OSVs
  • Ferries
  • Defense Vessels
  • Others

Marine Hybrid Propulsion Market: Regional Analysis

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • Norway
    • Netherlands
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of MEA
  • Latin America
    • Brazil
    • Rest of Latin America


 
 
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