Marine Hybrid & Full Electric Propulsion Market was estimated at USD 3056 million in 2020 and projected to grow at 13.6% CAGR during the forecast period.

Introduction of the Marine Hybrid & Full Electric Propulsion Market Report
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. hybrid systems, such as diesel-electric marine propulsion systems, are used in almost all types of vessels such as tugboats, ferries, yachts, defence vessels, and recreational vessels. 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.

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Market Dynamic
Key Drivers and Emerging Trends
Implementation of stringent regulation related to minimizing of harmful carbon emission is propelling the demand for fuel efficient propulsion systems such as hybrid and full electric marine propulsion systems. For instance, in 2020, International Maritime Organization (IMO) has agreed on draft of a ban on the use and carriage for heavy fuel oil (HFO) in the Arctic. The use of heavy fuel oil (HFO) has been banned in Antarctic waters since 2011 which likely represents the implementation of oil-based propulsion.
Furthermore, increase in seaborne trade has resulted in spillage of marine fuel in the marine ecosystem. Cargo ships dock use auxiliary engines that generate SOx, NOx, CO2 and particulate discharges, while also creating noxious noise and vibrations. For instance, in 2018, according to the U.N. international maritime organisation 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.

Restraint in the Marine Hybrid & Full Electric Propulsion Market
However, most container and cruise ships, oil tankers, and cargo vessels run on heavy diesel oil and consume enormous of diesel. The exhaust gases have disastrous consequence in the environment like ocean acidifying which can hamper overall growth of the market.

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Product – Segment Analysis
Based on the product, hybrid marine propulsion is expected to grow at high CAGR rate in the global marine hybrid & full electric propulsion market during the forecast period owing to the ability to produce more energy in naval vessel. The hybrid propulsion system offers the flexibility of being able to manoeuvre very precisely using the electric motor, or to deliver a powerful bollard pull using the entire power output of the diesel engines and electric motors combined.

Ship Type – Segment Analysis
Based on the ship type, yachts is expected to grow at high growth rate over the forecasted period in the global marine hybrid & full electric propulsion market owing to protecting the world and ocean by developing luxury yachts that have the lowest environmental footprint, along other benefits. In recent decades the idea of “Green Yachting” has become better understood and more widely applied in luxury yacht setting. For instance, in 2021, Heesen delights announced the launch of the second hybrid yacht in the 5000 aluminium FDHF class, a yacht with a distinctive exterior and a progressive and über-efficient shallow-draft hull. The proven and versatile hybrid propulsion package combines a conventional diesel propulsion with and efficient diesel-electric propulsion.

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Regional – Segment Analysis:
Based on the region, Asia-Pacific region is expected to grow at a higher growth rate in the global marine hybrid & full electric propulsion market owing to its significant increase in seaborne trade and demand for eco-friendly ships and shipping services, coupled with supply chain disruption due to higher demand in the region. For instance, in 2021, according to the State Council the people’s republic of China, the industry completed the construction of ships totalling over 20.92 million deadweight tons (dwt) from January to June, up 19 percent year-on-year, according to data from the Ministry of Industry and Information Technology.

Top Market Players
Various notable players operating in the Market, include, ABB, BAE Systems, MAN Diesel & Turbo SE, Heesen Yachts Sales B.V., Rolls-Royce plc, AB Volvo, Cummins Inc, GE, Fairbanks Morse, Caterpillar, among others.

Key Developments:

• • In 2021, a consortium of Japanese companies is working together to build a new generation hybrid propulsion system, which will be installed on a limestone carrier operating in coastal Japan. The Global Environment Bureau of the Japanese Ministry of the Environment and the Maritime Bureau of the Japanese Ministry of Land, Infrastructure, Transport and Tourism are supporting the project to promote the introduction of advanced technologies that will simultaneously achieve social innovation and decarbonization.
  • In 2021, Danfoss and Zhenjiang Shipyard partner to cooperate on speeding up electrification in the Chinese marine sector and improving the shipyard’s hybrid tugboats to accelerate sustainable shipping.

Segments covered in the Report:

The global marine hybrid & full electric propulsion market has been segmented on the basis of product, ship type, and regions. Based on product, the market is segmented into full electric, hybrid marine propulsion. The hybrid electric segment is further categorized into diesel-electric, gas-electric, and others. Based on ship type, the market is segmented into naval ships, yachts, platform supply vessel, cruise liner, and others. Based on deadweight, the market is segmented into Less Than 5K DWT, 5K-10K DWT, more than 10K DWT.

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Key questions answered in this research report:

• • At what pace is global marine hybrid & full electric propulsion market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in marine hybrid & full electric propulsion 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 marine hybrid & full electric propulsion market?
  • Which product generated maximum revenues in 2020 and identify the most promising product during the forecast period?
  • What are the various ship type areas of global marine hybrid & full electric propulsion 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?

Market Segmentation

Global Marine Hybrid & Full Electric Propulsion Market by Product

• • Full Electric
  • Hybrid Marine Propulsion
  • Diesel-Electric
  • Gas-Electric
  • Others

Global Marine Hybrid & Full Electric Propulsion Market by Ship Type

• • Naval Ships
  • Yachts
  • Platform Supply Vessel
  • Cruise Liner
  • Others

Global Marine Hybrid & Full Electric Propulsion Market by Deadweight

• • Less Than 5K DWT
  • 5K-10K DWT
  • More than 10K DWT

Global Marine Hybrid & Full Electric Propulsion Market by Region

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

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

• • ABB
  • BAE Systems
  • MAN Diesel & Turbo SE
  • Heesen Yachts Sales B.V.
  • Rolls-Royce plc
  • AB Volvo
  • Cummins Inc
  • GE
  • Fairbanks Morse
  • Caterpillar