Marine Hybrid Propulsion Global Market Report 2021: COVID-19 Impact and Recovery

Major players in the market are BAE Systems, Schottel, MAN Energy Solutions, Siemens, ABB Ltd, General Electric Company, Steyr Motors, Mitsubishi Heavy Industries, Torqeedo, and Wartsila Corporation.

New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Hybrid Propulsion Global Market Report 2021: COVID-19 Impact and Recovery" - https://www.reportlinker.com/p06130527/?utm_source=GNW

The global marine hybrid propulsion market is expected to grow from $2.88 billion in 2020 to $3.10 billion in 2021 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the increase in international trade, expanding shipbuilding industry, rising demand for electric propulsion technology, and rising shift from conventional to hybrid propulsion units. The market is expected to reach $5.02 billion in 2025 at a CAGR of 12.8%.

The marine hybrid propulsion market consists of sales of marine hybrid propulsion systems by entities (organizations, sole traders, and partnerships) that manufacture marine hybrid propulsion systems.Hybrid propulsion is a propulsion system for a vehicle that involves two or more sources of propulsion in one design usually that can be used collectively or alternately.

Hybrid propulsion improves the fuel efficiency of vessels with variable power demand such as tug boats, fishing vessels, and others.

The main propulsion types of marine hybrid propulsion are diesel-electric, parallel hybrid, serial hybrid, full electric, gas turbine, and fuel cell.A diesel-electric propulsion system can employ a single engine to drive several propellers or several engines to power one or more propellers.

Electric propulsion is widely used in specific vessel designs.Diesel engines provide approximately 90% of the energy in marine applications.

In parallel hybrid propulsion system, the engine and electric motor work in tandem to generate the power that drives the wheels.When power demands are low, parallel hybrids utilize the motor as a generator for supplemental recharging.

The serial hybrid system uses a single electric motor and can both generate power and store energy. The system optimizes fuel consumption with a constant-speed generator engine. Full electric propulsion systems utilize electrical power to drive propeller blades for propulsion. Normally electrical propulsion is used in small vessel but now a day shipping companies are adopting this system for big size cargo vessel as well. Gas turbine propulsion systems is a type of continuous and internal combustion engine that pulls together all of the systems and subsystems associated with gas turbine engines in aircraft and marine warship applications. Fuel cell propulsion systems are similar to that of electric vehicles, where energy stored as hydrogen is converted to electricity by the fuel cell. The different types of ships include anchor handling tug supply vessels, platform supply vessels, yachts, motor ferry, cruise liner, others and operates in various power ranges such as 0-300 KW, 301-500KW, 501KW-800KW. It is used in commercial, logistics, offshore drilling and naval, and other applications.

Europe was the largest region in the marine hybrid propulsion market in 2020 The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The launch of integrated propulsion systems has emerged as a key trend in the marine hybrid propulsion market.Major players operating in the marine hybrid propulsion field are focusing on introducing new hybrid propulsion systems to improve performance, environmental compatibility, and propulsion system versatility.

For instance, in November 2020, Havyard, a Norwegian shipbuilding group announced that its new hydrogen propulsion system for large ocean-going ships should be completed next year as a potential alternative fuel to help reduce its carbon footprint. It has developed a ship’s propulsion systems with integrated LH2 tank and fuel cells.

In June 2020, Gula Skrinet AB, a global supplier of customized marine propulsion systems acquired Caterpillar Propulsion AB for an undisclosed amount.The proposed acquisition develops Gula Skrinet AB’s external relationships, products, and services in close cooperation with customers and partners.

Caterpillar Propulsion AB is a Sweden-based manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.

An increase in international trade is contributing to the growth of the marine hybrid propulsion market.Most of the internationally traded goods are transported using cargo vessels and ships.

Hybrid propulsion improves the fuel efficiency of vessels with variable power demands.According to the International Chamber of Shipping, in 2019, the total value of the annual world shipping trade had reached more than $14 trillion.

Moreover, nearly 2 billion tons of crude oil, 1 billion tons of iron ore, 350 million tons of grains, and 11 billion tons of goods are transported by ship each year and about 90% of the world trade is carried by the shipping industry. Thus, the surge in international trade boosts the number of cargo vessels and ships fleet and which in turn, drives the market for marine hybrid propulsion.

The countries covered in the marine hybrid propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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