NEW
YORK, May 6, 2024 /PRNewswire/ -- The
global hybrid electric marine propulsion engine
market size is estimated to grow by USD 1.13 billion from 2023 to 2027,
according to Technavio. This growth is expected to occur at a
Compound Annual Growth Rate (CAGR) of 5.2% during the forecast
period.
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Report
Attribute
|
Details
|
Base Year
|
2022
|
Forecast
period
|
2023-2027
|
Historic Data
for
|
2017 - 2021
|
Segments
Covered
|
Application (Commercial
and Leisure) and End-user (Tugboats, Offshore support vehicles,
Ferries, and Others)
|
Key Companies
Covered
|
ABB Ltd., Aspin Kemp
and Associates Inc., BAE Systems Plc, Beta Marine Ltd., Caterpillar
Inc., Cummins Inc., General Dynamics Corp., General Electric Co.,
IHI Corp., Kawasaki Heavy Industries Ltd., Kongsberg Gruppen ASA,
Korindo Energy, Leonardo DRS Inc., Oceanvolt, Porsche Automobil
Holding SE, RENK GmbH, Roper Technologies Inc., TRANSFLUID S.p.A.,
Twin Disc Inc., and Wartsila Corp.
|
Regions
Covered
|
APAC, Europe, North
America, Middle East and Africa, and South America
|
Key Trends Fueling Growth
- Increasing popularity of hybrid turbochargers for marine
vessels:
-
- The marine industry has put a lot of money into research and
development to lower harmful emissions from ships while also making
them use less fuel and cost less to run. Recent advancements
include hybrid turbochargers, which are different from regular ones
in how they recover waste gas energy and improve fuel
efficiency.
- Unlike regular turbochargers that use exhaust gas to turn the
compressor, hybrid turbochargers use a shaft to generate
electricity through an alternator. This electrical power doesn't
need extra fuel since it's made by the turbocharger's shaft, making
fuel use more efficient.
- Mitsubishi Heavy Industries and Calnetix Technologies
collaborated on a hybrid turbocharger that uses a heat recovery
system to power the alternator, removing the need for an extra
blower for the main engine. This setup boosts fuel efficiency and
cuts carbon emissions.
- Combining hybrid turbochargers with hybrid electric propulsion
further improves energy efficiency and cuts carbon emissions. This
trend is expected to help the global hybrid electric marine
propulsion engine market grow.
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Major Challenges:
- Availability of substitutes and maintenance
complexities
-
- The global market for hybrid electric marine propulsion engines
is still in its early growth phase. Stricter regulations on
emissions and the drive to cut fuel use are boosting the uptake of
these engines worldwide. But, there are hurdles. One biggie is the
availability of substitutes. Other propulsion methods like LNG and
gas turbines are gaining traction, posing a challenge to hybrid
electric engines.
- Another snag is that many vessel operators aren't clued up on
hybrid tech, making maintenance trickier. Plus, battery tech is
evolving fast, with lithium-ion batteries replacing old-school
ones, adding complexity to installation, especially during
retrofits.
- Though battery design progress helps, uncertainty around marine
battery tech and a lack of technical knowledge may slow hybrid
engine adoption in the future.
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Segmentation Overview
- Application
- 1.1 Commercial
- 1.2 Leisure
- End-user
- 2.1 Tugboats
- 2.2 Offshore support vehicles
- 2.3 Ferries
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Commercial
During the projected period, the commercial segment is expected
to witness significant growth in market share. This segment
comprises various vessels such as cargo ships, container ships, and
offshore support vessels utilized for transporting goods via sea
routes. Stakeholders are actively innovating to curb emissions,
exploring alternatives like hybrid engines and alternative
fuels.
- Demand for hybrid electric engines is particularly rising in
vessels like tugboats. The commercial segment exhibited steady
growth, reaching USD 2,452.76 million
in 2017 and continuing to expand until 2021. Growing energy, oil,
and natural gas needs are driving the demand for offshore support
vessels such as tugboats.
- Moreover, offshore exploration activities are gaining momentum
due to the larger size of offshore oil and gas reservoirs compared
to onshore ones. Consequently, maritime support services like
tugboats, adopting hybrid electric marine propulsion engines, are
anticipated to experience robust growth during the forecasted
period.
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Analyst Review
In the maritime industry, shipowners are increasingly focusing
on climate change mitigation and digitization to enhance the
sustainability and efficiency of their fleets. One of the key
challenges is the adoption of hybrid electric marine propulsion
engines in short-sea shipping and local manufacturing sectors.
Webinars and online trade events provide valuable insights into the
latest trends and technologies, such as serial and parallel hybrid
propulsion systems, fuel-efficient internal combustion engines, and
battery power.
Strict rules and budgets allocated by global trade organizations
necessitate the implementation of fuel-efficient systems, including
serial hybrid systems and hybrid propulsion systems, to reduce air
pollution from cargo ships and defense vessels. Operating profiles
and power requirements vary depending on the type of operation,
making it essential to consider the specific needs of each boat or
business when selecting a hybrid propulsion system.
Market Overview
The Hybrid Electric Marine Propulsion Engine market is
experiencing significant growth due to the increasing demand for
eco-friendly and sustainable shipping solutions. These systems
combine the benefits of traditional diesel engines with electric
motors, resulting in reduced emissions and improved fuel
efficiency. The Charge and Discharge system, Power Generation
system, and Energy Management system are crucial components of
Hybrid Electric Marine Propulsion Engines.
Observe the following keywords: Charge and Discharge system,
Power Generation system, Energy Management system, Climate, Carbon,
Reduction, Sustainability, Shipping, Propulsion, Engine, Electric
motors, Diesel engines, Fuel efficiency, Emissions. The integration
of Observe and Sox systems enhances the overall performance of
these engines. The Logistics industry is a major adopter of Hybrid
Electric Marine Propulsion Engines due to the need for efficient
and cost-effective transportation solutions.
The future of marine propulsion lies in the integration of
advanced technologies like Artificial Intelligence and Internet of
Things to optimize engine performance and reduce maintenance
costs.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- End-user
-
- Tugboats
- Offshore Support Vehicles
- Ferries
- Others
- Geography
-
- APAC
- Europe
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio