Marine Parallel Hybrid Propulsion Market
Marine Parallel Hybrid Propulsion Market Forecasts to 2030 - Global Analysis By Ship Type (Tanker, Passenger Ship, Container Ship, Fishing Vessel, Yacht, Cruise Ship and Other Ship Types), Operation Type, System Type, Component, Installation, End User and By Geography
According to Stratistics MRC, the Global Marine Parallel Hybrid Propulsion Market is accounted for $1.03 billion in 2023 and is expected to reach $2.52 billion by 2030 growing at a CAGR of 13.6% during the forecast period. Marine Parallel Hybrid Propulsion is a propulsion system that combines traditional internal combustion engines with electric propulsion. In this setup, both the conventional engine and an electric motor work in parallel to drive the vessel. This hybrid configuration allows for enhanced fuel efficiency, reduced emissions, and increased flexibility in power management. The system seamlessly switches between the combustion engine and electric power, optimizing performance based on demand and environmental considerations, making it an environmentally friendly and economically viable solution for marine transportation.
According to a report by the International Council on Clean Transportation (ICCT) a hybrid propulsion system installed on a container ship could reduce fuel consumption by 10-20%.
Market Dynamics:
Driver:
Growing demand for sustainable solutions
As maritime industries prioritize environmental considerations, the need for eco-friendly propulsion systems has intensified. Parallel hybrid propulsion, combining traditional and electric power sources, offers enhanced fuel efficiency and reduced emissions, aligning with the global push for sustainable practices in the marine sector. This escalating demand reflects a broader industry shift towards greener technologies to mitigate environmental impact and promote a more sustainable future for marine transportation. The market is experiencing a surge in demand driven by a growing emphasis on sustainable solutions.
Restraint:
Lack of standardization
The absence of universally accepted norms and guidelines hampers interoperability among different hybrid propulsion systems, limiting seamless integration and compatibility. This lack of standardization results in increased complexities for manufacturers, shipbuilders, and operators, leading to higher development costs and potential performance variations. These are the factors hampering the growth of the market.
Opportunity:
Stringent environmental regulations
Governments worldwide are imposing strict standards to reduce emissions and promote sustainable maritime practices. These regulations focus on limiting air and water pollution, fostering energy efficiency, and encouraging the adoption of eco-friendly technologies in the maritime sector. As a result, the industry is experiencing a surge in demand for innovative and compliant parallel hybrid propulsion systems to meet these stringent environmental requirements and ensure a more sustainable future for marine transportation.
Threat:
High initial cost
The integration of advanced hybrid technologies, including electric propulsion systems and energy storage, contributes to elevated upfront expenses. Vessels equipped with parallel hybrid systems require substantial investments in specialized components and infrastructure. While these systems offer long-term operational cost savings and environmental benefits, the initial financial barrier can deter potential adopters. These are the factors hindering the growth of the market.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the market, causing disruptions in supply chains and constraining manufacturing activities. Lockdowns, travel restrictions, and economic uncertainties have led to project delays and reduced demand for new vessels. However, the crisis has also accelerated the industry's focus on sustainability, driving interest in hybrid propulsion systems as a means to improve fuel efficiency and environmental performance in the post-pandemic recovery.
The container ships segment is expected to be the largest during the forecast period
The container ships segment is expected to be the largest during the forecast period. Container ships are increasingly adopting innovative technologies for enhanced fuel efficiency and environmental sustainability. The integration of parallel hybrid propulsion systems allows these vessels to switch between conventional engines and electric power, optimizing performance and reducing emissions. This trend reflects the maritime industry's commitment to greener solutions, aligning with global efforts to address climate change and promote eco-friendly transportation methods.
The battery segment is expected to have the highest CAGR during the forecast period
The battery segment is expected to have the highest CAGR during the forecast period. Battery technology plays a pivotal role in enhancing the efficiency of these systems, providing reliable power for electric propulsion alongside traditional engines. As the maritime industry increasingly adopts hybrid solutions, advancements in battery technology are crucial for optimizing performance, reducing emissions, and meeting stringent environmental regulations. This trend reflects a paradigm shift towards sustainable and energy-efficient solutions in the marine transportation sector.
Region with largest share:
North America is projected to hold the largest market share during the forecast period. The integration of hybrid propulsion systems, combining traditional engines with electric power, is gaining traction. This approach enhances operational efficiency, reduces fuel consumption, and lowers emissions, aligning with the region's increasing focus on environmental sustainability in maritime transportation. The market is witnessing a surge in demand for advanced hybrid propulsion technologies, reflecting a broader industry trend towards greener and more efficient marine solutions.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period due to the increasing focus on environmental sustainability and fuel efficiency in the maritime industry. The demand for hybrid propulsion systems, combining traditional engines with electric components, is rising. Government initiatives promoting green technology and stringent emission regulations are further propelling the market. Key players in the region are investing in research and development to offer innovative solutions, contributing to the expansion of the market.
Key players in the market
Some of the key players in Marine Parallel Hybrid Propulsion market include Mitsubishi Heavy Industries, ABB Ltd., Wärtsilä Corporation, MAN Energy Solutions, BAE Systems, Rolls-Royce Holdings plc, Siemens AG, Steyr Motors , General Electric Company, Caterpillar Inc., Cummins Inc., Volvo Penta, Nidec Industrial Solutions, Corvus Energy, GE Aviation and Danfoss Editron.
Key Developments:
In March 2023, Cummins Inc. and Leclanche S.A. announced the signing of a Memorandum of Understanding (MOU). In accordance with the MOU signed between Leclanché and Cummins, a broad range of hybrids, battery-only, or fuel cell package solutions are available to customers in maritime applications, taking advantage of different energy sources, such as engines, hydrogen fuel cells, battery packs, and racking as well as additional components.
In October 2022, ABB and Incat Tasmania signed an agreement to design an electric ship with hybrid propulsion, which could be adapted to battery energy utilization due to the availability of shore charging. This collaboration paves the way for ABB to deliver a breakthrough zero-emissions propulsion system and power solutions.
Ship Types Covered:
• Tanker
• Passenger Ship
• Container Ship
• Fishing Vessel
• Yacht
• Cruise Ship
• Other Ship Types
Operation Types Covered:
• Serial Hybrid Propulsion System
• Parallel Hybrid Propulsion System
System Types Covered:
• Diesel Electric
• Gas Electric
• Turbine Electric
• Other System Types
Components Covered:
• Power Management System
• Gearbox
• Battery
• Generator
• Internal Combustion Engine (ICE)
• Electric Motor
• Other Components
Installations Covered:
• Line Fit
• Retrofit
End Users Covered:
• Commercial Shipping
• Naval Applications
• Recreational Boating
• Other End Users
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 2021, 2022, 2023, 2026, and 2030
- 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 End User Analysis
3.7 Emerging Markets
3.8 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 Parallel Hybrid Propulsion Market, By Ship Type
5.1 Introduction
5.2 Tanker
5.3 Passenger Ship
5.4 Container Ship
5.5 Fishing Vessel
5.6 Yacht
5.7 Cruise Ship
5.8 Other Ship Types
6 Global Marine Parallel Hybrid Propulsion Market, By Operation Type
6.1 Introduction
6.2 Serial Hybrid Propulsion System
6.3 Parallel Hybrid Propulsion System
7 Global Marine Parallel Hybrid Propulsion Market, By System Type
7.1 Introduction
7.2 Diesel Electric
7.3 Gas Electric
7.4 Turbine Electric
7.5 Other System Types
8 Global Marine Parallel Hybrid Propulsion Market, By Component
8.1 Introduction
8.2 Power Management System
8.3 Gearbox
8.4 Battery
8.5 Generator
8.6 Internal Combustion Engine (ICE)
8.7 Electric Motor
8.8 Other Components
9 Global Marine Parallel Hybrid Propulsion Market, By Installation
9.1 Introduction
9.2 Line Fit
9.3 Retrofit
10 Global Marine Parallel Hybrid Propulsion Market, By End User
10.1 Introduction
10.2 Commercial Shipping
10.3 Naval Applications
10.4 Recreational Boating
10.5 Other End Users
11 Global Marine Parallel Hybrid 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 Mitsubishi Heavy Industries
13.2 ABB Ltd.
13.3 Wärtsilä Corporation
13.4 MAN Energy Solutions
13.5 BAE Systems
13.6 Rolls-Royce Holdings plc
13.7 Siemens AG
13.8 Steyr Motors
13.9 General Electric Company
13.10 Caterpillar Inc.
13.11 Cummins Inc.
13.12 Volvo Penta
13.13 Nidec Industrial Solutions
13.14 Corvus Energy
13.15 GE Aviation
13.16 Danfoss Editron
List of Tables
1 Global Marine Parallel Hybrid Propulsion Market Outlook, By Region (2021-2030) ($MN)
2 Global Marine Parallel Hybrid Propulsion Market Outlook, By Ship Type (2021-2030) ($MN)
3 Global Marine Parallel Hybrid Propulsion Market Outlook, By Tanker (2021-2030) ($MN)
4 Global Marine Parallel Hybrid Propulsion Market Outlook, By Passenger Ship (2021-2030) ($MN)
5 Global Marine Parallel Hybrid Propulsion Market Outlook, By Container Ship (2021-2030) ($MN)
6 Global Marine Parallel Hybrid Propulsion Market Outlook, By Fishing Vessel (2021-2030) ($MN)
7 Global Marine Parallel Hybrid Propulsion Market Outlook, By Yacht (2021-2030) ($MN)
8 Global Marine Parallel Hybrid Propulsion Market Outlook, By Cruise Ship (2021-2030) ($MN)
9 Global Marine Parallel Hybrid Propulsion Market Outlook, By Other Ship Types (2021-2030) ($MN)
10 Global Marine Parallel Hybrid Propulsion Market Outlook, By Operation Type (2021-2030) ($MN)
11 Global Marine Parallel Hybrid Propulsion Market Outlook, By Serial Hybrid Propulsion System (2021-2030) ($MN)
12 Global Marine Parallel Hybrid Propulsion Market Outlook, By Parallel Hybrid Propulsion System (2021-2030) ($MN)
13 Global Marine Parallel Hybrid Propulsion Market Outlook, By System Type (2021-2030) ($MN)
14 Global Marine Parallel Hybrid Propulsion Market Outlook, By Diesel Electric (2021-2030) ($MN)
15 Global Marine Parallel Hybrid Propulsion Market Outlook, By Gas Electric (2021-2030) ($MN)
16 Global Marine Parallel Hybrid Propulsion Market Outlook, By Turbine Electric (2021-2030) ($MN)
17 Global Marine Parallel Hybrid Propulsion Market Outlook, By Other System Types (2021-2030) ($MN)
18 Global Marine Parallel Hybrid Propulsion Market Outlook, By Component (2021-2030) ($MN)
19 Global Marine Parallel Hybrid Propulsion Market Outlook, By Power Management System (2021-2030) ($MN)
20 Global Marine Parallel Hybrid Propulsion Market Outlook, By Gearbox (2021-2030) ($MN)
21 Global Marine Parallel Hybrid Propulsion Market Outlook, By Battery (2021-2030) ($MN)
22 Global Marine Parallel Hybrid Propulsion Market Outlook, By Generator (2021-2030) ($MN)
23 Global Marine Parallel Hybrid Propulsion Market Outlook, By Internal Combustion Engine (ICE) (2021-2030) ($MN)
24 Global Marine Parallel Hybrid Propulsion Market Outlook, By Electric Motor (2021-2030) ($MN)
25 Global Marine Parallel Hybrid Propulsion Market Outlook, By Other Components (2021-2030) ($MN)
26 Global Marine Parallel Hybrid Propulsion Market Outlook, By Installation (2021-2030) ($MN)
27 Global Marine Parallel Hybrid Propulsion Market Outlook, By Line Fit (2021-2030) ($MN)
28 Global Marine Parallel Hybrid Propulsion Market Outlook, By Retrofit (2021-2030) ($MN)
29 Global Marine Parallel Hybrid Propulsion Market Outlook, By End User (2021-2030) ($MN)
30 Global Marine Parallel Hybrid Propulsion Market Outlook, By Commercial Shipping (2021-2030) ($MN)
31 Global Marine Parallel Hybrid Propulsion Market Outlook, By Naval Applications (2021-2030) ($MN)
32 Global Marine Parallel Hybrid Propulsion Market Outlook, By Recreational Boating (2021-2030) ($MN)
33 Global Marine Parallel Hybrid Propulsion Market Outlook, By Other End Users (2021-2030) ($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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