The marine parallel hybrid propulsion global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Marine Parallel Hybrid Propulsion Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The marine parallel hybrid propulsion market size has grown rapidly in recent years. It will grow from $0.88 billion in 2023 to $0.98 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to increasing need for fuel-efficient, increasing focus on environmental sustainability in maritime transportation, increasing orders for marine hybrid engines, increasing demand for sustainable shipping, and increased shipbuilding.
The marine parallel hybrid propulsion market size is expected to see rapid growth in the next few years. It will grow to $1.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to increasing demand for environmentally friendly propulsion systems, increasing demand for investment in the oil and gas sector, increasing demand from consumers and businesses, increasingly stringent global regulations on emissions and marine pollution, and long-term operational cost savings. Major trends in the forecast period include technological advancements, advancements in battery technology, growing trend of retrofitting older vessels, implementation of advanced digital technologies, and internet of things (IoT), and adoption of eco-friendly technologies.
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Scope Of Marine Parallel Hybrid Propulsion Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Marine Parallel Hybrid Propulsion Market Overview
Market Drivers –
The increase in maritime transportation is expected to propel the growth of the marine parallel hybrid propulsion market going forward. Maritime transportation refers to transporting goods, passengers, or cargo by sea using ships, boats, or other watercraft. The increase in maritime transportation is driven by economic, technological, and logistical factors supporting global trade and financial integration. Marine parallel hybrid propulsion systems represent a sustainable and technologically advanced solution for modern maritime transportation, addressing environmental concerns and operational efficiency demands in the marine industry. For instance, in September 2023, according to UN Trade Development, a Switzerland-based intergovernmental organization, maritime trade grew 2.4% in 2023 and is expected to grow by more than 2% between 2024 and 2028. Therefore, the rise in maritime transportation drives the marine parallel hybrid propulsion market.
Market Trends –
Major companies operating in the marine parallel hybrid propulsion market are focused on developing innovative products such as next-gen hybrid propulsion systems. A next-generation hybrid propulsion system combines the advantages of traditional combustion engines with electric propulsion. It typically consists of a combustion engine working alongside an electric motor and batteries. This setup allows for greater efficiency, reduced emissions, and flexibility in power delivery, making it suitable for various marine applications. For instance, in November 2021, BAE Systems, a UK-based technology company, launched its HybriGen power and propulsion system, a next-generation power and propulsion system for the marine market. This system utilizes compact and lightweight components designed for marine vessels, offering flexibility to achieve zero emissions. It enhances electrical efficiency and vessel range, boosts propulsion power, and streamlines installation. Its modular accessory power system and power control system are customizable, enabling tailored solutions to meet the diverse power and propulsion needs of vessels such as sailboats, tugs, and passenger ferries.
The marine parallel hybrid propulsion market covered in this report is segmented –
1) By Component: Power Management System, Gearbox, Battery, Generator, Internal Combustion Engine (ICE), Electric Motor, Other Components
2) By Ship Type: Tanker, Passenger Ship, Container Ship, Fishing Vessel, Yacht, Cruise Ship, Other Ship Types
3) By Operation Type: Serial Hybrid Propulsion System, Parallel Hybrid Propulsion System
4) By Installation: Line Fit, Retrofit
5) By End-User: Commercial Shipping, Naval Applications, Recreational Boating, Other End-Users
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Regional Insights –
North America was the largest region in the marine parallel hybrid propulsion market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine parallel hybrid propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the marine parallel hybrid propulsion market are Siemens AG, General Electric Company, Caterpillar Inc., ABB Ltd., Cummins Inc., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings plc, Danfoss, Warstsila Oyj Abp, Brunswick Corporation, MAN Energy Solutions, Kongsberg Maritime, Schottel GmbH, Groupe Beneteau, Nidec Industrial Solutions, Volvo Penta, Steyr Motors GmbH, Corvus Energy, Transfluid, Niigata Power Systems Co. Ltd, Oceanvolt Ltd.
Table of Contents
1. Executive Summary
2. Marine Parallel Hybrid Propulsion Market Report Structure
3. Marine Parallel Hybrid Propulsion Market Trends And Strategies
4. Marine Parallel Hybrid Propulsion Market – Macro Economic Scenario
5. Marine Parallel Hybrid Propulsion Market Size And Growth
…..
27. Marine Parallel Hybrid Propulsion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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