Global Marine Hybrid Propulsion Market to Experience 12.4% CAGR during 2023-2030; Key Players Focus on Collaborated Ventures to Grow Forward: Fortune Business Insights

The global marine hybrid propulsion market size was valued at USD 4.62 billion in 2022

is projected to grow from USD 5.13 billion in 2023 to USD 11.59 billion by 2030, exhibiting a CAGR of 12.4%. Fortune Business Insights™ presents this information in its report titled “Marine Hybrid Propulsion Market Size, Share & COVID-19 Impact Analysis, By Operation Type (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System), By Component (I.C. Engine, Generator, Power Management System, Battery, Gear Box, and Others), By Ship Type (Container Ship, Passenger Ship, Fishing Vessel, Yacht, Tanker, and Others), By Installation (Line Fit and Retrofit), and Regional Forecast, 2023-2030”.

Marine hybrid propulsion systems minimize pollution and improve engine performance by combining internal combustion with battery power. They are perfect for vessels that have variable operating profiles and runtimes with different power needs. The most widely used hybrid propulsion topologies are serial and parallel hybrid propulsion, although there are other forms as well. Low carbon emissions, flexible power generation, and minimal maintenance costs are all features of hybrid propulsion systems. The market is anticipated to expand throughout the forecast period as a result of these important qualities.

Marine Hybrid Propulsion Demand Decreased as Supply Chains were Affected by COVID-19

Owing to COVID-19, numerous cargo and passenger ships were prohibited from entering ports by local authorities. As a result, a number of merchant sailors were left stranded on the ship. As the ship remained stranded in territorial waters for a long time, the owner had to pay additional expenses. The pandemic's influence on fishing tourism, cruise tourism, and leisure activities has an effect on the boat market as well. As so many seafarers had to renew their job contracts, the outbreak had an impact on shipping traffic. Importing and exporting items were also restricted to stop the spread of coronavirus.

High-performing Superyachts in Demand from Big Players

The luxury sailing yacht builder Southern Wind has chosen BAE Systems, a prominent supplier of electric propulsion, to provide the electric hybrid power and propulsion systems for its new high-performance superyacht in July 2021. The SW96 Nyumba, the first sea vessel to utilize BAE Systems' most recent propulsion technology, will receive next-generation systems from the business, which it will also integrate.

Wide Network of OEMs and Technical Capabilities to Drive the Industry

In this industry, technological innovations and advancements are major trends that are becoming more popular. A number of OEMs are concentrating on working together to put a marine hybrid propulsion system on board. For example, Senesco Marine chose Crowley to handle the design review and product packaging for a hybrid electric passenger ferry for Casco Bay Lines in Portland in August 2022. Crowley contributes a variety of abilities to sustainable, low-emission design, and construction services as a member of an exceptional project team.

However, propulsion systems are complex compared to conventional systems, which may impede the marine hybrid propulsion market growth.

Competitive Landscape

Market Leaders Increase Joint Ventures to Spur Growth

ABB Ltd. (Switzerland), BAE Systems (U.K.), Caterpillar Inc. (U.S.), General Electric Company (U.S.), Nidec Industrial Solutions (Italy), MAN Energy Solutions (Germany), Siemens (Germany), and other major companies are among the key players present in the highly fragmented global market share. The main criteria by which businesses can contend is the product implementation. Collaboration and other developments in technology assist businesses in lowering production and installation costs while increasing the number of system installations.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/marine-hybrid-propulsion-market-100128

Notable Industry Development:

June 2022 – Senesco Marine of North Kingstown, Rhode Island recently won a contract from the Maine Department of Transportation to build a new passenger vessel for the Maine Ferry Service (MSFS).

List of Key Players Profiled in the Report:

• ABB Ltd. (Switzerland)


• BAE Systems (U.K.)


• Caterpillar Inc. (U.S.)


• General Electric Company (U.S.)


• Nidec Industrial Solutions (Italy)


• MAN Energy Solutions (Germany)


• Siemens (Germany)


• Mitsubishi Heavy Industries (Japan)


• Wärtsilä Corporation (Finland)


• Steyr Motors (Austria)

Further Report Findings:

• In 2022, North America had USD 0.59 billion market value. The expansion of the marine fleet is the cause of this region's development. In addition, a significant market driver is the growing focus of various manufacturers on R&D and the use of hybrid propulsion systems.


• Throughout the forecast period, it is anticipated that the Asia Pacific market would exhibit a considerable CAGR during the forecast period. The expansion of the region is the result of rising international trade and expanding shipbuilding operations there.


• In the near future, the Middle East market will experience significant expansion. Offshore vessels, container ships, and bulk carriers have increasing opportunities as a result of the increase in demand for investment in the oil and gas sectors.

Table of Segmentation