Global marine hybrid propulsion market is forecast to reach S$5.25 bn by the end of 2024, from US$2.65 bn in 2016. If these figures hold true, the global market will exhibit a CAGR of 8.2% between 2017 and 2024.
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The marine industry is increasingly investing in technologies that help lower emissions, improve fuel efficiency, and adhere to new environmental regulations. Thus, hybrid propulsion systems are being rapidly deployed by vessel operators across the world. Marine hybrid propulsion systems are gradually emerging as one of the most preferred clean propulsion systems globally and are being used in several vessel categories.
Fuel charges account for substantial share of a vessel's operating expenditure. As a result, shipping liners are adopting efficient fuel technologies such as hybrid propulsion to increase their profit margins. Implementation of stringent government regulations and strict monitoring of spillage in the marine ecosystem are driving the demand for hybrid propulsion systems. The operating power requirements and size of drive components are important factors in the selection of appropriate hybrid configurations for vessels.
Spurred by the aforementioned factors, the global marine hybrid propulsion market is forecast to reach S$5.25 bn by the end of 2024, from US$2.65 bn in 2015. If these figures hold true, the global market will exhibit a CAGR of 8.2% between 2016 and 2024.
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Diesel-electric Systems Emerge as Widely Adopted Hybrid Technology
The marine hybrid propulsion market has been segmented into three categories: Configuration, end use, and region. In terms of configuration, the marine hybrid propulsion market has been classified into diesel-electric, parallel hybrid, and serial hybrid. Of these, the diesel-electric segment accounted for the leading share of 53.3% in 2015. Diesel-electric system is a widely adopted hybrid technology owing to its simple structure and low installation costs. Diesel-electric systems are easy to configure and install. Therefore, several vessel operators have been switching from the conventional diesel systems to diesel-electric configurations to comply with the environmental regulations prevalent in their respective regions. Diesel-electric propulsion systems have witnessed a rapid growth rate in the past few decades and is expected to dominate the marine hybrid propulsion market based on configuration through the forecast period.
In terms of end use, the market has been segregated into tugboats & OSV's, ferries, defense vessels, and others. Installations of these configuration types are completely dependent on the operational requirements of the vessel operators. The operating power requirements and size of the drive components are crucial factors considered while vessel operators select the appropriate hybrid configurations for their respective vessels.
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Europe to Remain Dominant Market through Forecast Period
Regionally, the global hybrid propulsion market encompasses North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these nations, Europe emerged dominant with a share of 34.60% in 2015. The region market is driven by the presence of several manufacturing companies. However, growth in the region will remain moderate through the forecast period. In North America, several associations are monitoring carbon emission. The leading nations in North America also have maritime monitoring satellites that detect excess carbon emission from ferries and if there is any oil spillage. Spurred by these factors, the maritime hybrid propulsion market will witness positive growth in North America.
In the coming years, Asia Pacific is expected to offer greener pastures to a large number of small- and large-scale hybrid propulsion manufacturing companies. China and Japan have emerged as lead in terms of production and consumption in Asia Pacific. Rising opportunities in these nations will significantly aid the expansion of the marine hybrid propulsion market. Besides this, the market is also expected to witness lucrative opportunities in the Middle East and Africa and Latin America.
Some of the major companies operating in this market are Siemens AG, General Electric, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE among others.
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