PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462846
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462846
Global Marine Parallel Hybrid Propulsion Market is valued approximately at USD 0.90 billion in 2022 and is anticipated to grow with a growth rate of more than 11.9% over the forecast period 2023-2030. Marine Parallel Hybrid Propulsion is a propulsion system utilized in marine vessels that integrates both traditional internal combustion engines and electric propulsion systems in a parallel configuration. In this setup, both the conventional engine and electric motor are connected to the vessel's propeller shaft, allowing them to work in tandem or independently depending on the operational requirements. The parallel hybrid design offers greater flexibility and efficiency, enabling vessels to optimize their power sources based on factors such as speed, load and environmental considerations. The Marine Parallel Hybrid Propulsion market is expanding because of factors such as rising focus on fuel efficiency and operational cost savings, increasingly stringent environmental regulations and a government incentives and funding,
The primary concern for ship owners revolves around fuel consumption in diesel engine propulsion systems. Factors such as volatile fossil fuel prices, heightened sulfur emissions, and a reliance on low-grade fuel have prompted major industry players to prioritize the development of hybrid propulsion systems. According to various marine journals, hybrid propulsion systems can effectively reduce NOx emissions by up to 40% through maximum load reduction. A report from the International Council on Clean Transportation (ICCT) suggests that the installation of a hybrid propulsion system on a container ship has the potential to cut fuel consumption by 10-20%. Another study supports these findings, indicating that hybrid propulsion systems could achieve fuel savings of up to 30% compared to traditional propulsion systems. These compelling statistics underscore the pivotal role of hybrid propulsion systems in curbing fuel consumption, thereby resulting in lower operating costs for maritime operators, resulting in market growth. In addition, increased shipbuilding and retrofitting activities and ongoing advancements in hybrid propulsion technology are creating new opportunities to the market growth. However, high initial costs and increase in complexity of propulsion system compared to conventional system stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Marine Parallel Hybrid Propulsion Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 with largest market share. The regional market expansion can be attributed to the growing size of the marine fleet. Moreover, the market is being positively influenced by the heightened emphasis of various Original Equipment Manufacturers (OEMs) on research and development, along with the implementation of hybrid propulsion systems. In April 2022, the Canadian federal and provincial governments announced a significant injection of USD 3 million towards the adaptation of efficient hybrid and electric engines tailored for fishing vessels. This investment seeks to alleviate the initial financial burden for fishermen keen on incorporating hybrid systems, thereby streamlining the integration of hybrid fishing vessel systems. Notable beneficiaries include companies such as AKA Group and others operating within the hybrid propulsion market. Asia Pacific is expected to grow at a fastest rate during the forecast period, owing to upsurge in international trade, complemented by a rise in shipbuilding activities across countries like China, India, Japan, and others.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Landing Crafts
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable