October 23, 2018: Adroit Market Research launched a study titled, “Global Hybrid Electric Marine Propulsion Engine Market Size 2017 By Type (< 150 kW, 151-500 kW, 501-750 kW), By Application (Commercial, Leisure), By Region and Forecast 2018 to 2025”. The study covers the global hybrid electric marine propulsion engine market value and volume for a period ranging between 2012 to 2025, where 2012 to 2017 imply the actual annual revenue with forecast between 2018 and 2025. The global hybrid electric marine propulsion engine market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages.
The global hybrid electric marine propulsion engine market is expected to reach a market value of USD 708.6 million by 2025 due to the rising focus on reducing the carbon emission by the large vessels and cargo ships. The installation of hybrid electric propulsion engine is witnessing a rising trend in the global marine propulsion engine market as its results in the reduction in the operation and maintenance related costs.
The cost reduction benefits provided by the installation hybrid electric marine propulsion engine is the primary driver of the market. However, the increasing focus of government to reduce the destruction of marine ecosystem that is caused by the conventional marine propulsion engine systems. Tourist vessels and yachts are beginning the adoption of hybrid vessels fitted with the hybrid propulsion system, as these propulsion systems are comparatively less harmful to the marine ecosystem than the conventional mechanical propulsion system.
Global Hybrid Electric Propulsion Engine Market Share, By End-Use Industry, 2017 (%)
Shipping is a critical channel through which trade activities, such as the distribution of goods between different regional markets are carried out. The trade components, which include the import and export of commodities and other materials is majorly carried out through sea routes. Large vessels and cargo ships are used for this purpose and even a minor reduction in the costs results in major changes in the overall profit margins for the traders. The installation of hybrid electric propulsion engines in such vessels results in substantial cost reduction in terms of maintenance and operational costs. The carbon emission from the shipping industry which stands at ~3% of total CO2 emission is also a major factor driving the installation of these engines, thereby accelerating the growth of the global hybrid electric propulsion engine market size.
Based on the end users of the global marine propulsion engines market, the commercial segment is expected to exhibit the most lucrative market segment during the forecast period. The energy transmission being electrical and the thrusters being driven variably, the deployment of hybrid vessels is driving the hybrid vessels market. Installing hybrid propulsion systems results in reduced fuel consumptions in cargo ships, thereby offering a more profitable proposition than the conventional diesel driven propulsion systems. However, the leisure segment is expected to witness rapid growth on account of luxury cruise and yacht owners adopting hybrid vessels to achieve cost reduction.
Geographically, Asia Pacific region is anticipated to witness the fastest growth during the forecast period. The increasing trade activities in economies such as China, India, Japan, Singapore is one of the primary factors accelerating the demand for hybrid propulsion systems. The increasing focus to curb emission levels by the cargo vessels and the subsequent government initiatives, is expected to drive the hybrid electric propulsion engine market during the forecast period.
The global hybrid electric marine propulsion engine market is fragmented with the presence of several global and regional players. These companies include Caterpillar, MAN Diesel & Turbo, Mitsubishi Heavy IndustriesCummins, Hybrid Marine, STEYR Motors, Rolls-Royce, Wartsila Finland Oy, Elco Motor Yachts, Oceanvolt, Beta Marine, Leonardo DRS, and GE among others.
Key segments of the global hybrid electric marine propulsion engine market
Type Overview, 2013-2025 (Unit) (USD million)
- < 150 kW
- 151-500 kW
- 501-750 kW
Application Overview, 2013-2025 (Unit) (USD million)
Regional Overview, 2013-2025 (Units) (USD million)
- North America
- Rest of Europe
- South East Asia
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa