Transparency Market Research, New York: In terms of value, the global marine hybrid & full electric propulsion market is expected to reach US$ 7.8 Bn by 2030, expanding at a CAGR of ~9% during the forecast period. Based on volume, the global marine hybrid & full electric propulsion market is estimated to reach 975 units by 2030, expanding at a CAGR of ~9% during the forecast period. Based on propulsion, the hybrid propulsion segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 2,857.9 Mn in 2019 and is expected to create an incremental opportunity of US$ 4,434.3 Mn during the forecast period. This can be ascribed to the increase in incorporation of hybrid propulsion systems in old as well as new marine vessels. In terms of end use, the ferries segment held a significant share of the global marine hybrid & full electric propulsion market in 2019. It is likely to continue its dominance during the forecast period. Market share of the segment is anticipated to rise to 33.36% by 2030. Demand for ferries is high across the world, as they can carry passengers as well as vehicles.
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In terms of power rating, the 2.1 MW – 3.5 MW segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment constituted prominent share of 46.23% of the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 1,388.7 Mn in 2019 and is projected to reach US$ 3,555.4 Mn by 2030. Based on RPM, the 1,001 RPM – 2,500 RPM segment accounted for significant share of 65.03% of the global marine hybrid & full electric propulsion market in 2019. The segment is anticipated to create an incremental opportunity of US$ 2,773.4 Mn during the forecast period. The demand for tugboats, yachts, ferries, and cruise ships with RPM of 1,001 RPM – 2,500 RPM has been rising since the past few years, due to increase in sea trade and tourism.
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In terms of fuel, the diesel segment led the global marine hybrid & full electric propulsion market with 76.74% share in 2019. The segment is anticipated to create an incremental opportunity of US$ 3,683.2 Mn during the forecast period. Diesel is a commonly used fuel in the marine industry, due to its ease of availability and cost-effectiveness. Asia Pacific is projected to be a highly lucrative region of the global marine hybrid & full electric propulsion market during the forecast period. Asia Pacific held 40.81% share of the global marine hybrid & full electric propulsion market in 2019. The market in the region is likely to create an incremental opportunity of US$ 1,225.8 Mn during the forecast period.
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The implementation of stringent government regulations to reduce carbon emissions across the globe is likely to boot the demand for marine hybrid & full electric propulsion during the forecast period. Ships run on bunker fuel, which causes high level of pollution. Furthermore, greenhouse gases are a major concern across the globe. Every year, air pollutants such as carbon monoxide, nitrogen oxide, sulfur oxide, and particulate matter are released in large amounts into the environment. Governments of various countries across the world are enacting rules and regulations to reduce pollution. For instance:
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From January 1, 2020, member countries of the European Union have to ensure that ships in all European Union waters use fuels with sulfur content of no more than 0.5%. Furthermore, all ships passing through these NOx emission control areas must use defined mandatory engine standards or equivalent NOx emission reduction technologies to comply with stringent NOx emission levels. Hybrid and full electric vessels can play a major role in reducing pollution, as these vessels run on electricity. Thus, implementation of stringent government regulations to lower emissions is estimated to drive the global marine hybrid & full electric propulsion market during the forecast period.
On July 16, 2020, BAE Systems announced that it had been awarded a US$ 32 Mn prototype agreement by the U.S. Army’s Rapid Capabilities and Critical Technologies Office (RCCTO) to integrate a Hybrid Electric Drive (HED) system onto a Bradley Fighting Vehicle. The company also announced, along with its teammate QinetiQ that it will use an existing Bradley Fighting Vehicle as the test bed for integrating the HED technology under the Combat Vehicle Power and Energy architecture and mobility capabilities development program. In June 2020, Caterpillar announced that it had acquired select assets from Marble Robot, Inc., a San Francisco, California-based robot and autonomy technology solutions company. It also declared that the acquisition was part of the company’s automation and autonomy strategy and demonstrates commitment to the next generation of jobsite solutions.
The market dynamics are dependent on long-term contracts, goodwill of companies, and product portfolio. Large number of shipping companies operate in the marine hybrid & full electric propulsion market. However, shipping companies prefer hybrid or full eclectic prolusion system, due to changing pollution norms and better fuel efficiency. Major players operating in the global marine hybrid & full electric propulsion market are Cummins Inc, General Electric, Caterpillar, BAE Systems, AB Volvo, IHI Power Systems Co.,Ltd., Fairbanks Morse, Masson Marine, Wärtsilä Corporation, Rolls-Royce plc., STEYR MOTORS GmbH , MAN Diesel & Turbo SE, and Torqeedo GmbH.
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Marine Hybrid & Full Electric Propulsion Market, by Propulsion
Marine Hybrid & Full Electric Propulsion Market, by End Use
Marine Hybrid & Full Electric Propulsion Market, by Power Rating
Marine Hybrid & Full Electric Propulsion Market, by RPM
Marine Hybrid & Full Electric Propulsion Market, by Fuel
Marine Hybrid & Full Electric Propulsion Market, by Region
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