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Global Marine Hybrid Propulsion Market to reach USD 11.77 billion by the end of 2030

Global Marine Hybrid Propulsion Market Size study&Forecast, by Operation Type (Parallel Hybrid Propulsion System, Serial Hybrid Propulsion System), by Components (I.C. Engine, Generator, Power Management System, Battery, Others), by Ship Type (Container Ship, Passenger Ship, Fishing Vessel, Others), by Installation (Line Fit, Retro Fit) and Regional Analysis, 2023-2030

Product Code: ALTAWT-54518657
Publish Date: 29-02-2024
Page: 200

Global Marine Hybrid Propulsion Market is valued at approximately USD4.62 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 12.4%duringthe forecast period 2023-2030.Marine hybrid propulsion amalgamates internal combustion engines with electric motors and energy storage, leading to enhanced fuel efficiency and a diminished environmental footprint. This innovative approach provides adaptability, allowing vessels to navigate effectively across diverse speedsand cargo requirements. Through the utilization of both traditional and electric power sources, marine hybrid propulsion systems actively support sustainability initiatives within the maritime sector, concurrently bolstering operational efficacy and dependability.The Global Marine Hybrid Propulsion Market is continuously growing due to factors such as decreasing fuel consumption and growing environmental concerns.

Growing trend towards sustainability and decreasing consumption of fuel, the Marine Hybrid Propulsion Market is continuously growing. According to the International Maritime Organization (IMO), the initial GHG strategy aims to reduce CO2 emissions per transport work in international shipping by at least 40% by 2030 and 70% by 2050 compared to 2008 levels. To meet these targets, International Maritime Organization (IMO) has implemented a series of goal-based measures to lower the carbon intensity of international shipping, promoting investments in fuel-saving technologies. In line with these efforts, the marine hybrid propulsion market is poised for growth, offering ship-owners and operators innovative solutions to enhance energy efficiency and reduce emissions, aligning with IMO’s sustainability objectives for the maritime industry. This led to the growth of Marine Hybrid Market globally. Moreover, advancement in technologies and expansion in renewable energy integration are the opportunities for Global Marine Hybrid Propulsion Market that led to market growth. However, the heavy installation costs and increase in complexity stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Marine Hybrid Propulsion Marketstudy includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.North America dominated the market in 2022owing to the dominance of the rising fleet size, increased focus on various OEMs on R&D and implementation of hybrid propulsion systems.Asia Pacific is expected to grow significantly overthe forecast period, owing to factors such as rising international trade, increasein ship building activities and growing environmental concerns led to the market growth of Marine Hybrid Propulsion Market globally.

Major market player included in this report are:
Cummins Inc
AB Volvo Panta
Rolls-Royce plc
Nigata Power Systems Co., Ltd.
Mitsubishi Heavy Electrics Ltd.
Schottel Group
Steyr Motors GmbH
Torqueedo GmbH
Wartsila Corporation

Recent Developments in the Market:
Ø In August 2023, Ilika and Cirtec Medical finalized a 10-year licensing agreement for the manufacturing of the Stereax range of millimeter-scale batteries at Cirtec’s facility.

Ø In December 2020, Rolls-Royce unveiled a comprehensive line of fully integrated MTU hybrid propulsion systems tailored for a diverse range of maritime vessels, including ships, yachts, workboats, ferries, and patrol boats. These propulsion systems boasted a power spectrum spanning approximately 1,000kW to 4,000kW per powertrain. The company’s objective was to deliver substantial advantages to its clientele by blending diesel engines and electric motors, complemented by battery technology. This innovative integration promised enhanced efficiency, environmental friendliness, and operational versatility for marine propulsion applications.

Global Marine Hybrid Propulsion MarketReport Scope:
ü Historical Data –2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered –OperationType, Components, Ship Type,Installation, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporatespotential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

ByOperation Type:
Parallel Hybrid Propulsion System
Serial Hybrid Propulsion System

By Components:
I.C. Engine
Power Management System
Gear Box

Ship Type:
Container Ship
Passenger Ship
Fishing Vessel

By Installation:
Line Fit
Retro Fit

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Marine Hybrid Propulsion Market, by Region, 2020-2030 (USD Billion)
1.2.2. Marine Hybrid Propulsion Market, by Operation Type,2020-2030 (USD Billion)
1.2.3. Marine Hybrid Propulsion Market, by Components, 2020-2030 (USD Billion)
1.2.4. Marine Hybrid Propulsion Market, by Ship Type, 2020-2030 (USD Billion)
1.2.5. Marine Hybrid Propulsion Market, by Installation, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Marine Hybrid Propulsion Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Marine Hybrid Propulsion Market Dynamics
3.1. Marine Hybrid Propulsion Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Decreasing Fuel Consumption Growing Environmental Concerns
3.1.2. Market Challenges Heavy Installation Costs Increase in Complexity
3.1.3. Market Opportunities Advancements in Technology Expansion in Renewable Energy Integration
Chapter 4. Global Marine Hybrid Propulsion MarketIndustry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Marine Hybrid Propulsion Market, by Operation Type
5.1. Market Snapshot
5.2. Global Marine Hybrid Propulsion Market by Operation Type, Performance – Potential Analysis
5.3. Global Marine Hybrid Propulsion Market Estimates & Forecasts by Operation Type2020-2030 (USD Billion)
5.4. Marine Hybrid Propulsion Market, Sub Segment Analysis
5.4.1. Parallel Hybrid Propulsion System
5.4.2. Serial Hybrid Propulsion System
Chapter 6. Global Marine Hybrid Propulsion Market, by Components
6.1. Market Snapshot
6.2. Global Marine Hybrid Propulsion Market byComponents, Performance – Potential Analysis
6.3. Global Marine Hybrid Propulsion Market Estimates & Forecasts by Components2020-2030 (USD Billion)
6.4. Marine Hybrid Propulsion Market, Sub Segment Analysis
6.4.1. I.C. Engine
6.4.2. Generator
6.4.3. Power Management System
6.4.4. Battery
6.4.5. Gear Box
6.4.6. Others
Chapter 7. Global Marine Hybrid Propulsion Market, by Ship Type
7.1. Market Snapshot
7.2. Global Marine Hybrid Propulsion Market byShip Type, Performance – Potential Analysis
7.3. Global Marine Hybrid Propulsion Market Estimates & Forecasts by Ship Type2020-2030 (USD Billion)
7.4. Marine Hybrid Propulsion Market, Sub Segment Analysis
7.4.1. Container Ship
7.4.2. Passenger Ship
7.4.3. Fishing Vessel
7.4.4. Yacht
7.4.5. Tankers
7.4.6. Others
Chapter 8. Global Marine Hybrid Propulsion Market, by Installation
8.1. Market Snapshot
8.2. Global Marine Hybrid Propulsion Market byInstallation, Performance – Potential Analysis
8.3. Global Marine Hybrid Propulsion Market Estimates & Forecasts by Installation 2020-2030 (USD Billion)
8.4. Marine Hybrid Propulsion Market, Sub Segment Analysis
8.4.1. Line Fit
8.4.2. Retro Fit
Chapter 9. Global Marine Hybrid Propulsion Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Marine Hybrid Propulsion Market, Regional Market Snapshot
9.4. North America Marine Hybrid Propulsion Market
9.4.1. U.S.Marine Hybrid Propulsion Market Operation Typebreakdown estimates & forecasts, 2020-2030 Components breakdown estimates & forecasts, 2020-2030 Ship Typebreakdown estimates & forecasts, 2020-2030 Installation breakdown estimates & forecasts, 2020-2030
9.4.2. CanadaMarine Hybrid Propulsion Market
9.5. Europe Marine Hybrid Propulsion Market Snapshot
9.5.1. U.K. Marine Hybrid Propulsion Market
9.5.2. Germany Marine Hybrid Propulsion Market
9.5.3. France Marine Hybrid Propulsion Market
9.5.4. Spain Marine Hybrid Propulsion Market
9.5.5. Italy Marine Hybrid Propulsion Market
9.5.6. Rest of EuropeMarine Hybrid Propulsion Market
9.6. Asia-PacificMarine Hybrid Propulsion Market Snapshot
9.6.1. China Marine Hybrid Propulsion Market
9.6.2. India Marine Hybrid Propulsion Market
9.6.3. JapanMarine Hybrid Propulsion Market
9.6.4. Australia Marine Hybrid Propulsion Market
9.6.5. South Korea Marine Hybrid Propulsion Market
9.6.6. Rest of Asia PacificMarine Hybrid Propulsion Market
9.7. Latin America Marine Hybrid Propulsion Market Snapshot
9.7.1. Brazil Marine Hybrid Propulsion Market
9.7.2. MexicoMarine Hybrid Propulsion Market
9.8. Middle East & AfricaMarine Hybrid Propulsion Market
9.8.1. Saudi ArabiaMarine Hybrid Propulsion Market
9.8.2. South AfricaMarine Hybrid Propulsion Market
9.8.3. Rest of Middle East & AfricaMarine Hybrid Propulsion Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Cummins Inc Key Information Overview Financial (Subject to Data Availability) ProductSummary Recent Developments
10.3.2. AB Volvo Panta
10.3.3. Rolls-Royce plc
10.3.4. Nigata Power Systems Co., Ltd.
10.3.5. Mitsubishi Heavy Electrics Ltd.
10.3.6. Schottel Group
10.3.7. Siemens
10.3.8. Steyr Motors GmbH
10.3.9. Torqueedo GmbH
10.3.10. Wartsila Corporation
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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