Hybrid Electric Marine Propulsion Engine Market to increase by USD 1.13 billion during 2022-2027, Stringent emission regulations to drive the growth- Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The hybrid electric marine propulsion engine market size is expected to grow by USD 1.13 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of  5.2% during the forecast period. The market is segmented by Application (Commercial and Leisure), End-user (Tugboats, Offshore support vehicles, Ferries, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America). The stringent emission regulations are one of the key drivers supporting the hybrid electric marine propulsion engine market growth. The demand for goods and raw materials is rising in emerging economies, owing to the increasing population in these countries. This is increasing the demand for large vessels such as cargo ships, containers, or bulkers. The large size of shipping vessels is critical in achieving better trade efficiency and has a direct impact on the growth of the volume of goods that are ferried in one trip. Such growth in seaborne trade and the increasing number of marine vessels are leading to an increase in carbon emissions. Such factors are expected to positively impact the global hybrid electric marine propulsion engine market during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the hybrid electric marine propulsion engine market: 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.
• Hybrid Electric Marine Propulsion Engine Market is fragmented in nature.
• Market to observe 3.71% YOY growth in 2023.

Market Dynamics:

Trends

• The increasing popularity of hybrid turbochargers for marine vessels is an emerging hybrid electric marine propulsion engine market trend.
• Other technological advances include massive investments to reduce emissions by the marine industry and improvements in fuel quality seen in hybrid turbochargers.
• Unlike conventional turbochargers, this process involves using the turboshaft as the primary mover as it generates electricity through an alternator in the turbocharger.
• Reduced carbon emissions make it a highly appealing alternative compared to conventional turbochargers.
• Hence, such trends fuel the growth of the hybrid electric marine propulsion engines market during the forecast period.

Challenges

• The availability of substitutes and maintenance complexities are some of the factors hindering the hybrid electric marine propulsion engine market growth. 
• The limited knowledge of vessel operators about hybrid-electric propulsion systems and the lack of skilled service personnel have increased the complexity of the maintenance and repair of hybrid-electric marine propulsion engines.
• For instance, conventional lead-acid batteries used in hybrid electric marine propulsion engines are being replaced by lithium-ion batteries, which increases installation complexity during retrofitting.
• Although advances in battery designs are easing the installation process, uncertainty over the development of marine battery technology and the lack of technical know-how are expected to hinder the adoption of hybrid electric marine propulsion engines during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Key Segments:

The commercial segment will be significant during the forecast period. this segment includes numerous commercial marine vessels, like cargo ships, container ships, offshore support vessels, and supply vessels used for seaborne transportation of goods across counties. In order to reduce emissions, various stakeholders are innovating methods such as alternative fuels and hybrid engines. Owing to offshore oil and gas reservoirs being larger than onshore reservoirs oil, gas companies are increasingly shifting to offshore exploration activities. Hence, such factors drive the commercial segment of the hybrid electric marine propulsion engine market during the forecast period. Get a glance at the market contribution of the segments, Request a Sample

Related Reports:

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The Diesel Engines Market for Non-Automotive Applications Market size is estimated to grow at a CAGR of 3.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 13.87 billion. This report extensively covers market segmentation by type (multi-cylinder and single-cylinder), end-user (marine, construction, agriculture, and generators), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Diesel to remain the leading fuel type in generators drives the market growth.

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

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.

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SOURCE Technavio