Marine Hybrid And Full Electric Propulsion Market
Marine Hybrid & Full Electric Propulsion Market Forecasts to 2028 - Global Analysis By Product (Diesel Electric, Hybrid Marine Propulsion, Full Electric, Gas Electric and Other Products), Ship Type, Deadweight, Fuel, Power Rating, Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $4.6 BN |
|
Projected Year Value (2028) |
US $9.9 BN |
|
CAGR (2022 - 2028) |
13.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Marine Hybrid & Full Electric Propulsion Market is accounted for $4.6 billion in 2022 and is expected to reach $9.9 billion by 2028 growing at a CAGR of 13.6% during the forecast period. Marine propulsion is a system or device used to generate thrust to move a ship or boat across water. The setup of a propulsion system depends on the vessel size, transport system, and type of operation. Diesel marine propulsion system is a common type of marine propulsion system. The engine is directly connected to the generator in a full electric marine propulsion system. Full electric marine propulsion enhances the overall efficiency of the vessel and also reduces the carbon footprint. Full electric marine propulsion system consists of a series of motors and generators where electric power is transmitted from the engine to the propeller shaft through the motor controller and electric motor.
According to the U.N. international maritime organization if ocean shipping were a country, it would be the sixth-largest carbon emitter and accounts about 2.2% of all global greenhouse gas emissions.
Market Dynamics:
Driver:
Innovation in Propulsion Systems
Increased awareness about air pollution and its consequences on the environment has prompted businesses to explore more environmentally friendly and cost-effective solutions for the industry. Companies are concentrating on increasing battery capacity and reducing battery size for fully electric vessels. Thus, innovation in propulsion systems is expected drive the market growth.
Restraint:
Strict regulations
The stringent environmental regulations, the need for fuel efficiency and the high initial investment cost are the factors impeding the market growth. The cost of electric and hybrid propulsion systems is significantly higher than the conventional propulsion systems. In addition, the lack of trained personnel for operating and maintaining these systems is also a challenge for the market growth.
Opportunity:
Increasing trade of resources
Large vessels are used more frequently in the trade of resources. These massive ships are being driven through the market while carrying vast amounts of resources. Also, the market is expanding due to ongoing advances in the marine sector and rising ship owners' desires for high fuel-efficient features. Furthermore, increasing defence budget by various emerging economies is expected to expand the market growth.
Threat:
High cost of raw materials
The high cost of maintenance is another big issue for ship owners. Regular upkeep and service of the electric and hybrid propulsion systems raises the overall cost. Ships that have been retrofitted incur additional costs for the installation of the gear required for hybrid or all-electric propulsion. The high cost of batteries and the lack of availability of charging infrastructure are the major aspects hampering the market growth.
Covid-19 Impact
The marine sector is already seeing the effects of the COVID-19 outbreak. In order to implement methods that aid in the creation of prospects for revenue generation, ship owners, suppliers, and analysts in the market for marine hybrid & full electric propulsion are on the lookout for opportunities to attend webinars and online trade events. Companies in the market have experienced problems like climate change and the difficulty of digitization, and it is expected that things will get worse as a result of the COVID-19 outbreak.
The diesel electric segment is expected to be the largest during the forecast period
The diesel electric segment is estimated to have a lucrative growth, due to the fuel-efficient technology of diesel-electric propulsion. It is a method in which a generator is powered by a diesel internal combustion engine (ICE) to generate electricity for an electric motor in a naval vessel. It is a propulsion system that naval ships use extensively. These are the major factors propelling the growth of the segment.
The yachts segment is expected to have the highest CAGR during the forecast period
The yachts segment is anticipated to witness the fastest CAGR growth during the forecast period, due to protecting the world and ocean by developing luxury yachts that have the lowest environmental footprint, along other benefits. The proven and versatile hybrid propulsion package combines a conventional diesel propulsion with and efficient diesel-electric propulsion. Thus, these factors are enhancing the growth of the segment.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising orders and deliveries of new aircraft. Investments in shipping industry have expanded dramatically in the region due to expansion in marine traffic in countries. The highly developed shipbuilding industry, which is involved in the creation of intricate naval vessels, is responsible for the growth. This is expected to boost the market in the region.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the rising trade and tourism, demand for fuel-efficient technology, and stringent rules and regulations on emissions. Rising demand for propulsion systems and propellers was caused by an increase in the number of ships brought on by expanding international seaborne trade. Hence, this is the major factor influencing the growth.
Key players in the market
Some of the key players profiled in the Marine Hybrid & Full Electric Propulsion Market include Rolls-Royce Plc., AB Volvo Penta, IHI Power Systems Co.,Ltd.., Cummins Inc., BAE Systems, Caterpillar, Masson Marine, General Electric, MAN Diesel & Turbo SE, STEYR MOTORS GmbH, Fairbanks Morse Engine, Torqeedo GmbH., Heesen Yachts Sales B.V, Niigata Power Systems Co Ltd, Wartsila Corporation, ABB Ltd, Siemens AG, Mitsubishi Heavy Industries, Ltd., Schottel GmbH and Kongsberg Maritime.
Key Developments:
In July, 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.
In June 2020, Cummins Inc. announced that the B6.7 and L9 Performance Series Power Units would feature new engine power take-off (PTO) capabilities to support key applications such as cranes, crushers, and screeners. Cummins Inc.’s power units are available from 75 – 503kW (100 – 675hp) as a complete and ready-made package.
Products Covered:
• Diesel Electric
• Hybrid Marine Propulsion
• Full Electric
• Gas Electric
• Other Products
Ship Types Covered:
• Naval Ships
• Cruise Liner
• Anchor Handling Tug Supply (AHTS) Vessels
• Small Cargo Ships
• Platform Supply Vessel (PSV)
• Yachts
• Submarines
• Other Ship Types
Deadweights Covered:
• More Than 10K Dead Weight Tonnage (DWT)
• 5K-10K Dead Weight Tonnage (DWT)
• Less Than 5K Dead Weight Tonnage (DWT)
Fuels Covered:
• Diesel
• Hydrogen
• LNG
• Other Fuels
Power Ratings Covered:
• Upto 1 MW
• 1.1 MW - 2 MW
• 2.1 MW - 3.5 MW
• Above 3.5 MW
Applications Covered:
• Naval
• Commercial
• Offshore Drilling
• Logistics
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Marine Hybrid & Full Electric Propulsion Market, By Product
5.1 Introduction
5.2 Diesel Electric
5.3 Hybrid Marine Propulsion
5.4 Full Electric
5.5 Gas Electric
5.6 Other Products
6 Global Marine Hybrid & Full Electric Propulsion Market, By Ship Type
6.1 Introduction
6.2 Naval Ships
6.3 Cruise Liner
6.4 Anchor Handling Tug Supply (AHTS) Vessels
6.5 Small Cargo Ships
6.6 Platform Supply Vessel (PSV)
6.7 Yachts
6.8 Submarines
6.9 Other Ship Types
7 Global Marine Hybrid & Full Electric Propulsion Market, By Deadweight
7.1 Introduction
7.2 More Than 10K Dead Weight Tonnage (DWT)
7.3 5K-10K Dead Weight Tonnage (DWT)
7.4 Less Than 5K Dead Weight Tonnage (DWT)
8 Global Marine Hybrid & Full Electric Propulsion Market, By Fuel
8.1 Introduction
8.2 Diesel
8.3 Hydrogen
8.4 LNG
8.5 Other Fuels
9 Global Marine Hybrid & Full Electric Propulsion Market, By Power Rating
9.1 Introduction
9.2 Upto 1 MW
9.3 1.1 MW - 2 MW
9.4 2.1 MW - 3.5 MW
9.5 Above 3.5 MW
10 Global Marine Hybrid & Full Electric Propulsion Market, By Application
10.1 Introduction
10.2 Naval
10.3 Commercial
10.4 Offshore Drilling
10.5 Logistics
10.6 Other Applications
11 Global Marine Hybrid & Full Electric Propulsion Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Rolls-Royce Plc.
13.2 AB Volvo Penta
13.3 IHI Power Systems Co.,Ltd..
13.4 Cummins Inc.
13.5 BAE Systems
13.6 Caterpillar
13.7 Masson Marine
13.8 General Electric
13.9 MAN Diesel & Turbo SE
13.10 STEYR MOTORS GmbH
13.11 Fairbanks Morse Engine
13.12 Torqeedo GmbH.
13.13 Heesen Yachts Sales B.V
13.14 Niigata Power Systems Co Ltd
13.15 Wartsila Corporation
13.16 ABB Ltd
13.17 Siemens AG
13.18 Mitsubishi Heavy Industries, Ltd.
13.19 Schottel GmbH
13.20 Kongsberg Maritime
List of Tables
1 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Region (2020-2028) ($MN)
2 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Product (2020-2028) ($MN)
3 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Diesel Electric (2020-2028) ($MN)
4 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Hybrid Marine Propulsion (2020-2028) ($MN)
5 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Full Electric (2020-2028) ($MN)
6 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Gas Electric (2020-2028) ($MN)
7 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Other Products (2020-2028) ($MN)
8 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Ship Type (2020-2028) ($MN)
9 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Naval Ships (2020-2028) ($MN)
10 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Cruise Liner (2020-2028) ($MN)
11 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Anchor Handling Tug Supply (AHTS) Vessels (2020-2028) ($MN)
12 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Small Cargo Ships (2020-2028) ($MN)
13 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Platform Supply Vessel (PSV) (2020-2028) ($MN)
14 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Yachts (2020-2028) ($MN)
15 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Submarines (2020-2028) ($MN)
16 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Other Ship Types (2020-2028) ($MN)
17 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Deadweight (2020-2028) ($MN)
18 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By More Than 10K Dead Weight Tonnage (DWT) (2020-2028) ($MN)
19 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By 5K-10K Dead Weight Tonnage (DWT) (2020-2028) ($MN)
20 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Less Than 5K Dead Weight Tonnage (DWT) (2020-2028) ($MN)
21 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Fuel (2020-2028) ($MN)
22 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Diesel (2020-2028) ($MN)
23 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Hydrogen (2020-2028) ($MN)
24 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By LNG (2020-2028) ($MN)
25 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Other Fuels (2020-2028) ($MN)
26 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Power Rating (2020-2028) ($MN)
27 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Upto 1 MW (2020-2028) ($MN)
28 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By 1.1 MW - 2 MW (2020-2028) ($MN)
29 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By 2.1 MW - 3.5 MW (2020-2028) ($MN)
30 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Above 3.5 MW (2020-2028) ($MN)
31 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Application (2020-2028) ($MN)
32 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Naval (2020-2028) ($MN)
33 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Commercial (2020-2028) ($MN)
34 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Offshore Drilling (2020-2028) ($MN)
35 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Logistics (2020-2028) ($MN)
36 Global Marine Hybrid & Full Electric Propulsion Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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