Hybrid Electric Marine Propulsion Engine Market is expected to witness a promising CAGR over the upcoming years, owing to the emerging need to reduce carbon emissions.

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Key Drivers

Increase in global seaborne trade, rising usage of cargo ships and ferries for transportation purposes in coastal waterways, and growing adoption of fuel-efficient propulsion system are the factors expected to drive the growth of the hybrid electric marine propulsion engine market size. In addition, the hybrid electric marine propulsion engines have several benefits including reduced emission, improved marine vessel performance, lower operating cost due to lower fuel consumption, lower maintenance cost of engines, reduced noise level and vibration, higher redundancy, and long-term efficiency of the power system. Moreover, according to the United Nations Conference on Trade and Development (UNCTAD), in 2019, the global commercial shipping fleet grew by 4.1%, and the world maritime trade is projected to have 3.4% annual growth for the period 2019–2024. The increase in the commercial shipping is likely to expand the market growth. The growing deployment of hybrid electric propulsion engines on offshore vessels is forecast to expand the market growth, as they help in minimizing hazardous CO2 emissions as well as reduce fuel consumption which helps in improving efficiency and minimizing operational cost, thereby expanding the market size. In addition, the market is forecast to grow in the light of several policies enforced at a local as well as international level. Growing demand for tourist ships, accelerating number of marine freight and increasing investments to improve naval fleet are some major factors driving the growth. Moreover, the growing emphasis on minimizing marine emissions and rigorous emission norms have encouraged the adoption of marine vessels with gas turbine propulsion and hybrid-electric propulsion systems, emitting low carbons, which is predicted to expand the market growth.

Restraint in the Hybrid Electric Marine Propulsion Engine Market

However, high manufacturing and maintenance cost of hybrid marine propulsion system is one of the major factors restraining the growth of the market. Additionally, the high popularity and adoption of diesel based propulsion system may further hamper the market growth. The wide availability of alternatives and maintenance complexities are predicted to hamper the market growth. Inadequate knowledge associate with the hybrid-electric propulsion systems among vessel operators has hindered the market growth.

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Type – Segment Analysis

Based on the type, the diesel electric is projected to hold a prominent market share over the forecast period. This can be attributed to increasing usage of diesel electric propulsion engines in naval vessels, and large ships owing to high reliability, fuel efficiency, and low emissions during operation.

Ship Type – Segment Analysis

Based on the ship type, the anchor handling tug supply (AHTS) vessel is projected to grow notably over the forecast period owing to its high demand in oil drilling application and increasing use as an Emergency Response and Rescue Vessel (ERRV). Moreover, the AHTS vessels are used in anchor handling services, rescue operations, firefighting, and oil recovery, which is further propelling the market growth.

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Regional – Segment Analysis:

On the basis of region, the Asia Pacific is expected to grow notably over the forecast period primarily due to the increasing seaborne trade and rise in the manufacturing of marine vessels and hybrid propulsion systems. Additionally, the presence of leading players including Mitsubishi Heavy industries, Ltd., BOS Offshore & Marine Pte Ltd., and Yanmar Holdings Co., Ltd. is contributing to the market growth. The growing emphasis to curb emission levels by the cargo vessels and the government initiatives, is projected to expand the hybrid electric propulsion engine market during the forecast period. On the other hand, increasing disposable incomes and growing expenditure towards leisure activities have augmented the demand for technologically advanced recreational boats in the North American region, paving the way for market growth. Also, the presence of leading hybrid electric propulsion engine manufacturers and a strong shipbuilding industry, primarily in the U.S., fueling the market growth.

Top Market Players

Several Leading players operating in the market, include, ABB Ltd., BAE Systems Plc, Caterpillar Inc., General Electric Company, Mitsubishi Heavy industries, Ltd., Torqeedo GmbH, Rolls-Royce Plc, Schottel GmbH, Siemens AG, Wartsila Corporation, and others. 

Key Developments: 

• • In 2020, Vigor Fab LLC, a shipbuilding company partnered with ABB Ltd. ABB Ltd will provide the hybrid-electric propulsion and energy storage system for the Olympic Class ferries in the U.S.

Segments covered in the Report:

The global Hybrid Electric Marine Propulsion Engine Market has been segmented on the type, ship type, and key regions. Based on type, the market is segmented into diesel electric, gas electric, and others. Based on ship type, the market is segmented into anchor handling tug supply vessel, platform supply vessel, yacht, motor ferry, cruise liner, and others 

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Key questions answered in this research report:

• • At what pace is global Hybrid Electric Marine Propulsion Engine Market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Hybrid Electric Marine Propulsion Engine Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Hybrid Electric Marine Propulsion Engine Market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various ship types of global Hybrid Electric Marine Propulsion Engine Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Ship Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB Ltd., BAE Systems Plc, Caterpillar Inc., General Electric Company, Mitsubishi Heavy industries, Ltd., Torqeedo GmbH, Rolls-Royce Plc, Schottel GmbH, Siemens AG, and Wartsila Corporation among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Hybrid Electric Marine Propulsion Engine Market by Type

• • Diesel Electric
  • Gas Electric
  • Others

Global Hybrid Electric Marine Propulsion Engine Market by Ship Type

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

Global Hybrid Electric Marine Propulsion Engine Market by Region

• • North America Hybrid Electric Marine Propulsion Engine Market (Option 1: As a part of the free 25% customization)
    • North America Hybrid Electric Marine Propulsion Engine Market by Type
    • North America Hybrid Electric Marine Propulsion Engine Market by Ship Type
    • US Hybrid Electric Marine Propulsion Engine Market All-Up
    • Canada Hybrid Electric Marine Propulsion Engine Market All-Up
  • Europe Hybrid Electric Marine Propulsion Engine Market (Option 2: As a part of the free 25% customization)
    • Europe Hybrid Electric Marine Propulsion Engine Market by Type
    • Europe Hybrid Electric Marine Propulsion Engine Market by Ship Type
    • UK Hybrid Electric Marine Propulsion Engine Market All-Up
    • Germany Hybrid Electric Marine Propulsion Engine Market All-Up
    • France Hybrid Electric Marine Propulsion Engine Market All-Up
    • Spain Hybrid Electric Marine Propulsion Engine Market All-Up
    • Rest of Europe Hybrid Electric Marine Propulsion Engine Market All-Up
  • Asia-Pacific Hybrid Electric Marine Propulsion Engine Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Hybrid Electric Marine Propulsion Engine Market by Type
    • Asia-Pacific Hybrid Electric Marine Propulsion Engine Market by Ship Type
    • China Hybrid Electric Marine Propulsion Engine Market All-Up
    • India Hybrid Electric Marine Propulsion Engine Market All-Up
    • Japan Hybrid Electric Marine Propulsion Engine Market All-Up
    • Rest of APAC Hybrid Electric Marine Propulsion Engine Market All-Up
  • RoW Hybrid Electric Marine Propulsion Engine Market (Option 4: As a part of the free 25% customization)
    • RoW Hybrid Electric Marine Propulsion Engine Market by Type
    • RoW Hybrid Electric Marine Propulsion Engine Market by Ship Type
    • Brazil Hybrid Electric Marine Propulsion Engine Market All-Up
    • South Africa Hybrid Electric Marine Propulsion Engine Market All-Up
    • Saudi Arabia Hybrid Electric Marine Propulsion Engine Market All-Up
    • UAE Hybrid Electric Marine Propulsion Engine Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Hybrid Electric Marine Propulsion Engine Market All-Up

Major Players Operating in the Hybrid Electric Marine Propulsion Engine Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

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