Growing Preference for Clean Propulsion Systems to Underscore Growth in Global Marine Hybrid Propulsion Market: TMR

-The vendor landscape of the global marine hybrid propulsion market is consolidated and witnessing proactive players opting for varied growth measures

-Europe and North America are expected to emerge at the top of the regional charts in terms of revenue share in the global marine hybrid propulsion market from 2019 to 2027

ALBANY, N.Y., Oct. 27, 2020 /PRNewswire/ -- Transparency Market Research, New York: Forecast period of the report prepared by Transparency Market Research (TMR) on global marine hybrid propulsion market is 2019 to 2027. And, it can be noted in the report that the compound annual growth rate of the market will be 8.4% over this period. It will help the market improve upon its valuation by a significant value, charting a notable growth trajectory as a result. It is pertinent to note here that the worth would reach a mark of about USD 7.5 billion by 2027 from about USD 3.6 billion in 2018.

TMR further notes, "Emerging as clean propulsion systems, marine hybrid propulsion is witnessing a growing preference and adoption across the world, particularly in the European and Asia Pacific (APAC) regions. As global warming gets pronounced and impact is beyond what was earlier anticipated, the clamor for greener alternative to conventional options is greater now than ever before."

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Key Findings of Global Marine Hybrid Propulsion Market Study:

• Technological advancement is set to be a major growth factor in the global marine hybrid propulsion market
• The global marine hybrid propulsion market is competitive and consolidated and players operating in the landscape are highly focused on innovation
• Europe is set to emerge as a notable regional market over the forecast period

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Key Drivers of Growth in Global Marine Hybrid Propulsion Market:

• Increasing international trade is a notable growth factor in the global marine hybrid propulsion market
• Cost effectiveness of water transportation and efficiency are major reasons keeping market buoyant
• Increasingly stringent environmental regulations favor hybrid marine propulsion, adding to growth in the market

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Regional Analysis of Global Marine Hybrid Propulsion Market:

• Across the world, highest demand for marine hybrid propulsion is seen in the European region owing to high environmental consciousness
• Over the forecast period of 2019 to 2027, Asia Pacific will chart growth rate of 10.8%, compounded annually
• Lucrative prospects are set to emerge in the Asia Pacific (APAC) region over the stated period

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Competitive Landscape of Global Marine Hybrid Propulsion Market:

The consolidated vendor landscape of the global marine hybrid propulsion market has the following players making its topmost tier- Cummins Inc, AB Volvo Penta, Rolls-Royce Plc, Nigata Power Systems Co., Ltd., Fairbanks Morse Engine, Masson-Marine S.A.S, Caterpillar Inc., BAE Systems plc, Wartsila Corporation, and MAN Diesel & Turbo SE, among others.

Players are dabbling with a host of strategies that promise growth. One such measure is better and innovative product development. For instance, Rolls Royce is working towards launching a novel range of MTU systems of hybrid propulsion. The aim is to bring them forth by the end of the year 2020. It is believed that the power range of these products will be 1000kW to 4000kW per powertrain. These would be environmentally more friendly, efficient, and flexible.

Transparency Market Research covers these strategies and also recent developments in great detail to allow players to make well-informed decisions. Profiling of these players also carries details into financials and product launch information.

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Global Marine Hybrid Propulsion Market: Propulsion Type Analysis

• Diesel-electric
• Parallel Hybrid
• Serial Hybrid

Global Marine Hybrid Propulsion Market: End-use Analysis

• Tugboats
• Offshore Support Vessels
• Ferries
• Defense Vessels
• Yacht
• Cruise Ships
• Others

Global Marine Hybrid Propulsion Market: Power Rating Analysis

• 0-300 kW
• 301-500 kW
• 501-800 kW
• Above 801 kW

Global Marine Hybrid Propulsion Market: Stroke Analysis

• Two Stroke
• Four Stroke

Global Marine Hybrid Propulsion Market: RPM Analysis

• 0-1,000 rpm
• 1,001-2,500 rpm
• Above 2,500 rpm

Global Marine Hybrid Propulsion Market: By Region/Country/Sub-region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Mexico
• Rest of Latin America

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Marine Hybrid & Full Electric Propulsion Market - In terms of value, the global marine hybrid & full electric propulsion market is expected to reach US$ 7.8 Bn by 2030, expanding at a CAGR of ~9% during the forecast period. Based on volume, the global marine hybrid & full electric propulsion market is estimated to reach 975 units by 2030, expanding at a CAGR of ~9% during the forecast period. Based on propulsion, the hybrid propulsion segment dominated the global marine hybrid & full electric propulsion market in 2019. The segment was valued at US$ 2,857.9 Mn in 2019 and is expected to create an incremental opportunity of US$ 4,434.3 Mn during the forecast period. This can be ascribed to the increase in incorporation of hybrid propulsion systems in old as well as new marine vessels. In terms of end use, the ferries segment held a significant share of the global marine hybrid & full electric propulsion market in 2019. It is likely to continue its dominance during the forecast period. Market share of the segment is anticipated to rise to 33.36% by 2030. Demand for ferries is high across the world, as they can carry passengers as well as vehicles.

Marine Powerboat Battery Market - The global marine powerboat battery market was valued at US$ 150 Mn in 2019 and is anticipated to expand at a CAGR of ~8% during the forecast period. Based on battery type, the absorbent glass mat segment held a prominent share of the global marine powerboat battery market in 2019, as absorbent glass mat batteries tend to charge more quickly and hold longer than lead-acid batteries. In terms of power rating, the above 20 V segment accounted for a major share of the global marine powerboat battery market in 2019. Above 20V batteries are largely employed in marine powerboats to power electronic devices. Based on vessel type, the cruiser segment constituted significant share of the global marine powerboat battery market in 2019. The demand for cruiser powerboat is high, as it offers variety of onboard activities and is available in different types of sizes and shapes.

Battery Pack for Marine Hybrid & Full Electric Propulsion Market - The global battery pack for marine hybrid & full electric propulsion market was valued at ~US$ 240 Mn in 2019 and is anticipated to expand at a CAGR of ~9% during the forecast period. Among power ratings, the above 3.5 MW segment held a dominant share of the global battery pack for marine hybrid & full electric propulsion market in 2019, primarily due to high demand from the marine industry. In terms of propulsion type, the hybrid propulsion segment accounted for a major share of the global battery pack for marine hybrid & full electric propulsion market in 2019. This can be ascribed to high adoption of hybrid propulsion systems in retrofit ships. Based on vessel type, the ferries segment constituted a significant share of the global battery pack for marine hybrid & full electric propulsion market in 2019. Demand for hybrid and full electric ferries is high, as they reduce the pollution near port areas and save operational costs.

Marine Instrumentation Market - The marine instrumentation market can be segmented based on type, application, and region. In terms of types, the marine instrumentation market cab be divided into oil & gas instruments, marine sensors and systems, marine acoustic imaging, environmental instrumentation, and testing & measuring instruments. Oil & gas instruments include instruments from exploration to refinery, storage to distribution, and plant upgrade to new projects. Marine sensors & systems comprise long term observation and real time monitoring of underwater activities. Marine acoustic imaging includes a 360-degree acoustic imaging to further investigate the conditions of the underwater portion of a marine-based structure. Environmental instrumentation includes monitoring of water beneath the sea for rapid exploitation in sheltered coastal and inshore areas. Based on application, the marine instrumentation market can be divided into offshore energy & global infrastructure, aircraft information management, defense security & satellite communication, and machine learning & automation.

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