Published: Jan, 2019

The global hybrid and full electric marine propulsion market was valued at US$ 3,247.4 Mn in 2017 and is anticipated to expand at a CAGR of 9.8% from 2018 to 2026 according to a new report titled Hybrid and Full Electric Marine Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026” by Transparency Market Research (TMR). The global shipping industry is expected to expand significantly by 2020. Shift to better fuel-efficient systems to maximize operational efficiency in the marine transportation system is driving investments in hybrid and full electric marine propulsion systems.

hybrid and full electric marine propulsion market

Request A Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=58002

Increase in Demand for Retrofit of Existing Marine Fleets

Retrofit activities relate to existing marine fleets that are outdated as per the current norms and regulations imposed by governments of various countries. This provides lucrative opportunities for the deployment of more efficient marine propulsion systems for voyage. Several countries in Europe are shifting toward the production of renewable energy. This has paved the way for the adoption of clean technology systems, such as marine hybrid and full electric systems, in the existing marine fleet. Of late, interest in battery hybrid installations for new buildings and retrofits has increased significantly. The marine industry is investing significantly in technologies that improve fuel efficiency, adhere to new environmental regulations, and help lower emissions. Thus, retrofit of the existing marine fleet is anticipated to boost investments in the hybrid and full electric marine propulsion systems business.

Shift from Conventional to Hybrid Propulsion Marine Vessels

Various ship operators are utilizing renewable energy, including solar energy, as storage option in hybrid propulsion systems. Stored solar energy is used during peak hours or at night in marine propulsion systems, thus eliminating the round-the-clock need for conventional marine fuel. Hence, a shift toward usage of hybrid propulsion units is expected to take place in the near future. Technology advancement in the development of fuel efficient systems is anticipated to propel the hybrid and full electric marine propulsion market.

Hybrid Vessel Segment Dominates Global Hybrid and Full Electric Marine Propulsion Market

Based on propulsion type, the hybrid vessel segment dominated the global hybrid and full electric marine propulsion market in 2017. This trend is expected to change moderately during the forecast period, owing to the implementation of government norms regarding carbon emissions in the marine ecosystem. In marine hybrid propulsion systems, a combination of engines, generators, battery bank, and electric motors facilitate propulsion. The configuration and design of these components determine the category of the marine hybrid propulsion system. Diesel-electric, parallel hybrid, and serial hybrid are types of marine hybrid propulsion systems. In full electric marine propulsion systems, the engine is directly connected to the generator. Full electric marine propulsion enhances the overall efficiency of the vessel and reduces the carbon footprint. A full electric marine propulsion system consists of a series of motors and generators. Electric power is transmitted from the engine to the propeller shaft through the motor controller and the electric motor.

High Adoption of Hybrid and Full Electric Marine Propulsion Systems in Ferries

In terms of vessel, ferries accounted for major share of 30% of the hybrid and full electric propulsion systems in 2017. The number of operational hybrid and full electric ferries is higher than that of tugboats, defense vessels, OSVs, etc. Utilization of marine propulsion systems in ferries used in coastal waterways has increased after the successful voyage of MV Hallaig in Scotland. Globally, more than 60% of operational full electric marine vessels are ferries.

Countries in Europe, Especially Norway, to Lead Market

In terms of value, Europe dominated the marine hybrid and full electric marine propulsion market in 2017. The European Union has been actively promoting the development of carbon emission-free fuel efficient systems in the marine industry. Governments of various countries in Europe have funded several projects in the recent past to encourage the adoption of marine hybrid/renewable propulsion systems in ferries and vessels operating around the major ports of the region. Norway is the leading nation in Europe to invest in the marine propulsion technology, especially hybrid/renewable technology. DNV GL, an international certification body and classification society, has initiated a project that lays the foundation for clean shipping in the coastal areas of Norway.

Highly Competitive Market with Domination of Leading Players

The global hybrid and full electric marine propulsion market is a highly competitive. Leading players dominate the market. Key players operating in the market include Caterpillar Inc., MAN Diesel & Turbo SE, Wartsila Corporation, Cummins Inc., AB Volvo Penta, BAE Systems, Rolls Royce Plc., Niigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S., GE, STEYR MOTORS GmbH, and Torqeedo GmbH.

Global Hybrid and Full Electric Marine Propulsion Market, by Propulsion Type

  • Full Electric Vessel
  • Hybrid Vessel

Global Hybrid and Full Electric Marine Propulsion Market, by Vessel

  • Tugboats & OSVs
  • Ferries
  • Defense Vessels
  • Yachts
  • Cruise Ships
  • Others (Fishing Vessels, Underwater Vehicles (AUV), and Water Sports)

Global Hybrid and Full Electric Marine Propulsion Market, by Power Rating

  • Up to 1 MW
  • 1.1-2 MW
  • 2.1-3.5 MW
  • Above 3.5 MW

Global Hybrid and Full Electric Marine Propulsion Market, by RPM

  • 0-1000 RPM
  • 1001-2500 RPM
  • Above 2500 RPM

Global Hybrid and Full Electric Marine Propulsion Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa 

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

90 State Street, Suite 700

Albany, NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: https://www.transparencymarketresearch.com

.