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April 16, 2021, 5:49 a.m. EDT

Marine Hybrid Propulsion Market Size to Reach USD 7.78 Billion by 2027; Rising Shift towards Environment-friendly Hybrid Variety to Boost Growth: Fortune Business Insights™

Key Companies Profiled are Mitsubishi Heavy Industries, Ltd., Caterpillar Inc., Wartsila Corporation, Rolls-Royce plc, Torqeedo GmbH, Schottel GmbH, BAE Systems, General Electric Company, Siemens AG, ABB Ltd., Steyr Motors GmbH, among others.

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Apr 16, 2021 (The Expresswire) -- The global '' marinehybrid propulsion market '' is anticipated to gain momentum in the coming years on account of the advent of technologically advanced fuel-driven system for generating thrust to move naval vessels into the water. As per a recent report by Fortune Business Insights, titled, “Marine Hybrid Propulsion Market Size, Share and COVID-19 Impact Analysis, By Type (Diesel-Electric, Gas-Electric, and Others), By Operation (Parallel Hybrid Propulsion System and Serial Hybrid Propulsion System) By Deadweight (Less Than 5K DWT, 5K-10K DWT, and More than 10K DWT), By Ship Type (Anchor Handling Tug Supply vessels, Platform Supply Vessel, Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships, Submarines, ROVs, UUVs, and AUVs), By Installation (Line Fit and Retrofit) and Regional Forecasts, 2020-2027,” the value of this market was USD 3.53 billion in the year 2019 and is likely to rise at a CAGR of 10.09% to reach USD 7.78 billion by the end of 2027.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from various governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during the COVID-19 pandemic. Based on our experience and expertise, we will offer you an impact analysis of the coronavirus outbreak across industries to help you prepare for the future.

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The Report Answers the Following Queries:

  • What is the nature of the market for marine hybrid propulsion?

  • How will medical tourism aid in expansion of the market?

  • What are the key industry developments of the market for marine hybrid propulsion?

  • What is the nature of the market for marine hybrid propulsion?

Drivers and Restraints-
Development of Hybrid Automotive Technology to Add Impetus

The imposition of stringent regulations on sea emissions is a major factor boosting the global marine hybrid propulsion market growth. This, coupled with the rising switch towards environment-friendly hybrid variety from fuel-based conventional propulsion will also add impetus to the market in the forecast period. Additionally, the rising operational performance of naval vessels will also boost this market. Furthermore, nowadays, battery-powered storage systems are used as backup units for propulsion system that will help imitate the external load of the engines used in ships and vessels, thereby reducing the consumption of fuel. This will further add impetus to this market in the coming years.

On the contrary, factors such as the high cost of installation and maintenance may pose a major challenge to the market in the coming years. Additionally, the current COVID-19 pandemic has propelled all businesses on waterbodies to a temporary halt, therefore having a major impact on economy. This, coupled with the increasing adoption rate of propulsion systems running on diesel may hamper the market growth in the long run owing to the high price of diesel. Nevertheless, the increasing procurement of offshore vessel support from companies dealing with shipbuilding and increasing expenditure on small cargo ships are likely to help create new growth opportunities to this market in the coming years.

Diesel-electric Segment Earned Dominance Owing to Fuel-efficient Technology

On the basis of segmentation by type, the diesel-electric segment earned the highest marine hybrid propulsion market share in 2019. This is accountable to the fact that diesel-electric propulsion is efficient in technology and is highly adopted in naval vessels. However, the gas-electric propulsion segment is likely to emerge as the dominant segment in the coming years on account of its growing use in anchor handling supply vessels.

Regional Analysis-

Increasing Procurement of Offshore Vessel Support to Help North America Emerge Dominant

Geographically, North America earned a revenue of USD 1.01 billion in the year 2019 and earned the largest marine hybrid propulsion market share. This is attributed to the rising procurement of offshore vessel support for Canada and the U.S. The market in Europe will rank second on account of the presence of major manufacturing bases such as Rolls Royce, General Electric Company, and BAE Systems. Furthermore, this market in Asia Pacific is expected to exhibit the fastest CAGR in the coming years on account of the expansion of the shipbuilding industry in India and China.

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Key Questions Answered:

  • Why Choose Fortune Business Insights?

  • What are the key demands and trends shaping the market?

  • What are the key opportunities in the market?

  • What are the key companies operating in the market?

  • Which company accounted for the highest market share?

  • What is the market size and growth rate of the global and regional market by various segments?

  • What is the market size and growth rate of the market for selective countries?

  • Which region or sub-segment is expected to drive the market in the forecast period?

  • What Factors are estimated to drive and restrain the market growth

Competitive Landscape-
Companies Focusing on Fuel Efficiency to Gain Competitive Edge

Most of the players operating in this market are engaging in the research, designing, and development of hybrid propulsion systems that are fuel efficient. They are also investing heavily on the development of advanced materials to gain a competitive edge in the market. Furthermore, the players believe that a diverse portfolio will help them compete for the top position in the market.

Major Industry Developments of this Market include:

March 2019 CWIND and ØRSTED entered into a joint venture for delivering propulsion systems for the Surface Effect Ship.

List of the Leading Companies Operating in the Marine Hybrid Propulsion Market are:

  • Mitsubishi Heavy Industries, Ltd. (Japan)

  • Caterpillar Inc. (The U.S.)

  • Wartsila Corporation (Finland)

  • Rolls-Royce plc (The U.K.)

  • Torqeedo GmbH (Germany)

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