NEW YORK, July 18, 2024 /PRNewswire/ -- The
global hybrid electric marine propulsion engine
market size is estimated to grow by USD
887.8 million from 2024-2028, according to Technavio. The
market is estimated to grow at a CAGR of 4.02% during
the forecast period. Stringent emission regulations is driving
market growth, with a trend towards increasing popularity
of hybrid turbochargers for marine vessels.
However, availability of substitutes and maintenance
complexities poses a challenge. Key market players include
ABB Ltd., Aspin Kemp and Associates
Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins
Inc., General Dynamics Corp., General Electric Co., IHI Aerospace
Co. Ltd., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA,
Korindo Energy, Leonardo DRS Inc., Oceanvolt, Porsche Automobil
Holding SE, RENK GmbH, Roper Technologies Inc., TRANSFLUID S.p.A.,
Twin Disc Inc., and Wartsila Corp..
![Technavio has announced its latest market research report titled Global hybrid electric marine propulsion engine market 2024-2028 Technavio has announced its latest market research report titled Global hybrid electric marine propulsion engine market 2024-2028](https://mma.prnewswire.com/media/2463108/TECHNAVIO___Hybrid_Electric_Marine_Propulsion_Engine_Market.jpg)
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Hybrid Electric
Marine Propulsion Engine Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.02%
|
Market growth
2024-2028
|
USD 887.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.81
|
Regional
analysis
|
APAC, Europe, North
America, Middle East and
Africa, and South
America
|
Performing market
contribution
|
APAC at 47%
|
Key
countries
|
China, US, Norway,
South Korea, and Japan
|
Key companies
profiled
|
ABB Ltd., Aspin Kemp
and Associates Inc., BAE
Systems Plc, Beta
Marine Ltd., Caterpillar Inc.,
Cummins Inc., General
Dynamics Corp., General
Electric Co., IHI
Aerospace Co. Ltd., Kawasaki
Heavy Industries
Ltd., Kongsberg Gruppen ASA,
Korindo Energy,
Leonardo DRS Inc., Oceanvolt,
Porsche Automobil
Holding SE, RENK GmbH,
Roper Technologies
Inc., TRANSFLUID S.p.A.,
Twin Disc Inc.,
and Wartsila Corp.
|
Market Driver
The marine industry is investing significantly in research and
development to reduce harmful emissions, enhance fuel economy, and
lower operational costs. One of the latest advancements in this
regard is the hybrid turbocharger technology. Unlike conventional
turbochargers, hybrid turbochargers generate electrical power
through an alternator in the turbocharger, which does not consume
additional fuel. This innovation contributes to improved fuel
economy and reduced carbon emissions. Mitsubishi Heavy Industries,
in collaboration with Calnetix Technologies, has developed a hybrid
turbocharger that utilizes a heat recovery system to power the
alternator, eliminating the requirement for an auxiliary blower for
the main engine. This technology not only enhances energy
efficiency but also reduces fuel consumption and carbon emissions.
The integration of hybrid turbochargers and hybrid electric
propulsion systems is anticipated to boost the global hybrid
electric marine propulsion engine market during the forecast
period.
Hybrid electric marine propulsion engines are gaining traction
among shipowners as they seek to reduce CO2, SOx, and NOx emissions
in line with climate change initiatives. The digitization challenge
in marine propulsion is being addressed through webinars and online
trade events showcasing serial and parallel hybrid systems,
megawatt and kilowatt systems, magnet electric motors, and battery
makers. Shipbuilders and energy discharge providers are
collaborating to create fuel-efficient systems using local
manufacturing of components. Megawatt systems power large cargo and
defense ships, while kilowatt systems are suitable for short-sea
shipping and adventure cruise ships. Renewable energy sources like
solar power, wind energy, and hydrogen are being integrated into
hybrid systems. Fuel cell propulsion using hydrogen, LNG, and
biofuel are also being explored. Strict rules and budgets allocated
for carbon reduction strategies have led to the retrofitting of
existing ships with hybrid electric propulsion systems. Charging
infrastructure is being developed to support the growing number of
hybrid ships. The maritime tourism sector and global trade are
driving the demand for fuel-efficient systems as rising disposable
income fuels travel and commodities prices remain volatile.
Kongsberg Maritime and other industry leaders are investing in
research and development to create advanced propeller systems and
power generators for hybrid marine propulsion. The transition to
hybrid electric marine propulsion is a significant step towards
reducing air pollution and improving fuel efficiency in the
maritime industry.
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Market Challenges
- The hybrid electric marine propulsion engine market is
experiencing early growth due to stricter emissions regulations and
the focus on fuel savings. However, the market faces challenges
from alternative propulsion methods, such as LNG-based, gas
turbine-based, wind energy-based, solar energy-based, hydrogen
fuel-based, and pure-electric propulsion systems. While some
substitutes, like solar and pure-electric, have limitations,
others, like gas turbine and LNG, are projected to grow
significantly. Maintenance complexities, including the shift from
lead-acid to lithium-ion batteries, and the uncertainty surrounding
marine battery technology, further hinder the adoption of hybrid
electric marine propulsion engines.
- The Hybrid Electric Marine Propulsion Engine market is
witnessing significant growth due to the increasing demand for
eco-friendly and fuel-efficient solutions in the maritime industry.
Two main segments in this market are Diesel-electric and
Gas-electric. Hybrid propulsion systems combine the benefits of
Internal Combustion Engines (ICE) and Battery power. Operating
profiles and power requirements vary for different vessels,
including boats or businesses, such as Container ships, Passenger
ships, Fishing vessels, and Yachts. Serial and Parallel hybrid
propulsion systems offer advantages like noise level reduction,
fuel efficiency increase, and carbon emissions reduction. Factors
like emission standards, expected mileage, duration of operation,
speed of operation, and fuel consumption decrease are driving the
adoption of these systems. Technological capabilities, complexity
of propulsion, and maintenance costs decrease are also essential
considerations. Components like the Generator, Power management
system, Battery, and Gearbox play a crucial role in the
functionality and efficiency of these systems. The choice between a
Diesel-electric or Gas-electric system depends on the type of
operation, vessel size, and fuel availability. Overall, the Hybrid
Electric Marine Propulsion Engine market presents opportunities for
cost savings, improved environmental performance, and regulatory
compliance.
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Segment Overview
This hybrid electric marine propulsion engine market report
extensively covers market segmentation by
- Application
- 1.1 Commercial
- 1.2 Leisure
- End-user
- 2.1 Tugboats
- 2.2 Offshore support vehicles
- 2.3 Ferries
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Commercial- The commercial segment of the
global hybrid electric marine propulsion engine market caters to
various types of commercial marine vessels, including cargo ships,
container ships, offshore support vessels, and supply vessels.
Seaborne trading, an efficient method of shipping goods across
countries, is experiencing a surge in demand due to rising
logistics costs of alternative transportation methods. This growth
in seaborne activities will boost the demand for offshore support
vessels, such as tugboats. However, the increasing number of
shipping activities contributes to environmental pollution through
emissions. To mitigate this issue, stakeholders in the marine
industry are turning to energy-efficient and eco-friendly
solutions, such as hybrid electric engines. The US is a leading
adopter of hybrid electric tugboats, and the trend is expected to
continue as the demand for offshore oil and natural gas exploration
and production increases. The US Energy Information Administration
forecasts global liquid fuel consumption to reach 100.6 million
barrels per day by 2022, leading to a higher demand for maritime
support services, including tugboats. Thus, the need to reduce
carbon emissions is driving fleet owners to adopt hybrid electric
propulsion systems, fueling the growth of the commercial segment of
the hybrid electric marine propulsion engine market.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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reports
The global Commercial Aircraft Gas Turbine Engine Market is
experiencing robust growth, driven by increasing air travel demand
and advancements in engine technology. Meanwhile, the global
Recommendation Engine Market is expanding rapidly, fueled by the
rise of e-commerce and personalized customer experiences. In
North America, the Gas Engine
Market is thriving due to the region's focus on cleaner energy
solutions and the growth of the natural gas industry. These markets
are poised for significant development, offering substantial
opportunities for innovation and investment.
Research Analysis
The Hybrid Electric Marine Propulsion Engine market is
experiencing significant growth due to increasing focus on climate
change mitigation and stricter regulations against air pollution
from ships. Shipowners are allocating budgets to adopt
fuel-efficient systems, including hybrid propulsion, to meet these
requirements. Short-sea shipping and defense ships are leading the
adoption of these systems. The digitization challenge in marine
propulsion is driving the need for webinars and online trade events
to discuss the latest trends and technologies. Serial hybrid
systems, which combine the benefits of both internal combustion
engines and battery power, are gaining popularity due to their
flexibility in meeting power requirements based on operating
profiles. Local manufacturing of these systems is also on the rise
to reduce transportation costs and ensure timely delivery. Cargo
ships and vessels of various types and operations are adopting
these systems to improve fuel efficiency and reduce emissions.
Commodities prices and global trade dynamics also play a role in
the market's growth. Hybrid propulsion systems offer a balance
between power and efficiency, making them a viable alternative to
traditional internal combustion engines. The choice between serial
and parallel hybrid propulsion depends on the boat or business's
specific needs and operating profiles.
Market Research Overview
The Hybrid Electric Marine Propulsion Engine market is
experiencing significant growth due to increasing climate change
concerns and stricter emission regulations. Shipowners are adopting
hybrid propulsion systems to reduce CO2, SOx, and NOx emissions, as
well as noise levels. The digitization challenge is driving the
adoption of integrated propulsion systems, serial hybrid systems,
and parallel hybrid systems. Short-sea shipping and local
manufacturing are key areas of focus for the commercial and
logistics segments. Webinars and online trade events provide a
platform for industry professionals to learn about the latest
technologies, including magnet electric motors, battery makers, and
energy discharge systems. Megawatt and kilowatt systems are being
used in cargo ships, defense ships, and passenger cruise ships to
increase fuel efficiency and reduce carbon impact. Fuel cells and
hydrogen propulsion systems are gaining popularity in the
commercial and naval segments. Adventure cruise ships, luxury
yachts, and passenger cruise ships are also adopting hybrid
propulsion systems as part of their carbon reduction strategy.
Havyard, a Norwegian shipbuilding company, is leading the way with
innovative fuel-efficient systems and hydrogen propulsion systems.
The market is expected to grow further due to budgets allocated for
fuel-efficient systems, global trade, and the rising demand for
maritime leisure activities. The use of renewable energy sources
such as solar power and wind energy is also on the rise, with
retrofit ships and new builds incorporating these technologies. The
challenges of charging infrastructure and the carbon impact of LH2
tanks are being addressed through advancements in fuel cell
technology and the development of more efficient battery systems.
The future of the Hybrid Electric Marine Propulsion Engine market
is bright, with a focus on reducing emissions, increasing fuel
efficiency, and improving operational profiles to meet the needs of
various types of vessels and businesses.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- End-user
-
- Tugboats
- Offshore Support Vehicles
- Ferries
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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