The GMI Research speculates that the Hybrid Electric Marine Propulsion Engine Market is beholding acceleration in demand over the forecast period. This is mainly due to their execution on offshore vessels, efficient navigation of ships, cost-effectiveness, and enhanced safety of the marine ecosystem.

Introduction of the Market

Hybrid propulsion is a system applied in vehicles and involves two or more propulsion sources across one design used together or alternately. The engine is a mixture of diesel engines and electricity-powered propulsion systems that optimize engine operation while minimizing emissions.

Leading Players of the Market:

• ABB Ltd.
• Caterpillar Inc.
• BAE Systems Plc
• Mitsubishi Heavy industries, Ltd.
• Siemens AG
• General Electric Company
• Torqeedo GmbH
• Schottel GmbH
• Wartsila Corporation
• Rolls-Royce Plc

Hybrid Electric Marine Propulsion Engine Market Dynamics

The drivers responsible for the growth in the global hybrid electric marine propulsion engine market includes the augmenting endorsement of fuel-effective systems, less operating cost owing to their lower fuel usage, decreased operating expenditure, and intensified implementation of shops and ferries to transport in coastal waterways. In addition, several other factors, which include the better performance of the marine vessel, minimized discharge, and mounting seaborne exchange is strengthening the hybrid electric marine propulsion engine market size. In accordance with the United Nations Conference on Trade and Development (UNCTAD), in 2019, the worldwide commercial shipping fleet expanded by 4.1%, with the global maritime trade predicting to reach nearly 3.4% annual growth from 2019 to 2024.

However, as per the market research, inflated costs associated with the manufacturing and maintenance of these systems may hinder market growth. Additionally, the surging prominence and acceptance of diesel-based systems will curb the hybrid electric marine propulsion engine market share.

Type Segment Drivers

Based on the type, diesel-electric is predicted to dominate the market over the forecast period. This is mainly because of their aggravating employment in naval vessels and large ships led by high dependability, fuel proficiency, and less emission during functioning.

On the basis of ship type, the anchor handling tug supply (AHTS) vessel is forecasted to attain a higher share owing to their robust demand in oil drilling application and growing utilization in the form of Emergency Response and Rescue Vessel (ERRV). Moreover, their usage in anchor handling services, firefighting, and oil recovery, rescue operations, further bolsters the market growth.

Regional Drivers

On the basis of regional coverage, Asia Pacific will hold a major CAGR over the coming years due to the escalating seaborne trade and acceleration in the manufacturing of marine vessels and hybrid propulsion systems. Additionally, the prevalence of key players, such as BOS Offshore & Marine Pte Ltd., Mitsubishi Heavy Industries, Ltd., and Yanmar Holdings Co., Ltd., is paving the way for market growth.

Hybrid Electric Marine Propulsion Engine Market Segmentation:

Segmentation by Type

• Diesel Electric
• Gas Electric
• Others

Segmentation by Ship Type

• Anchor Handling Tug Supply Vessel
• Platform Supply Vessel
• Yacht
• Motor Ferry
• Cruise Liner
• Others

Segmentation by Region:

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • South Africa
  • Brazil
  • UAE
  • Saudi Arabia

About The Organization

GMI Research provides business insights and market research reports for small & medium enterprises and large organizations. The research team assists the clients in acknowledging the influence of market dynamics like size, share, drivers, growth opportunities, and other market aspects. Our team of analysts and industry experts conducts market intelligence studies to make sure all proper and fact-based research reaches various sectors such as FMCG, Technology, Energy, and Healthcare. The prime emphasis is keeping our clients updated about the leading opportunities and challenges across different industries. Our step-by-step guidance helps clients reach a managerial and actionable decision.