Marine Hybrid Propulsion System Market Analysis 2018-2023: Key Findings, Regional Analysis, Top Key Players Profiles and Future Prospects

“Global Marine Hybrid Propulsion System Market”
Global Marine Hybrid Propulsion System Market Report By Type (Diesel-Electric, Gas-Electric, and Others), By Deadweight (Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT), By Ship Type (Anchor Handling Tug Supply (AHTS) vessels , Platform Supply Vessel (PSV), Yachts, Motor Ferry, Cruise Liner, Small Cargo Ships, Naval Ships and Submarines), By Application (Commercial, Logistics, Offshore Drilling, Naval and Others) and By Region – Global Forecast to 2023.

Market Highlights

A diesel-electric propulsion system with the provision for additional storage of electrical devices and enhanced controls is known as a hybrid electric propulsion system. The key components of a hybrid electric system include electric motor, generator, electrical storage devices, charging system for these electrical devices, and control system. Other components include an engine that is either fueled by diesel or gasoline. At present, a more environment-friendly and cleaner fuel, liquefied natural gas (LNG), is being increasingly used by commercial vessels.

Marine hybrid propulsion comes along with benefits such as, silent running at low speeds, which is perfect for overnight travel. Marine hybrid propulsion is also widely used for emission-free running in harbors & marinas. It also subsequently provides speed boost at propulsion full power. Marine hybrid propulsion also allows for a highly flexible layout on board, as generators do not need to be positioned near the propeller shafts. This permits the engine room to be positioned anywhere on board, rather than placing it in the center of the hull where the comfort levels are typically greatest. Hybrid systems, therefore, are efficient and provide significant cost savings, while addressing two of the largest comfort issues on board, noise and vibration.

The Global Marine Hybrid Propulsion System Market is expected to grow at ~ 6.5% CAGR during the forecast period.

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Market Research Analysis

Diesel-Electric by type, anchor handling tug supply (AHTS) vessels by ship type, 5K-10K DWT by Deadweight and commercial sector by application are expected to grow at the highest CAGR

Global marine hybrid propulsion system market has been segmented based on type, deadweight, ship type and application and region. Based on type the market is segmented into diesel-electric, gas-electric, and others. Among these the diesel-electric type system, is projected to dominate the marine hybrid propulsion system market through 2023. The dominant position of this segment can be attributed to the highly fuel efficient and silent propulsion operation. Also, it is cost-effective to install in the new vessel. Based on the ship type, the market is segmented into Anchor Handling Tug Supply (AHTS) vessel, Platform Supply Vessel (PSV), yachts, motor ferry, cruise liner, small cargo ships, naval ships and submarines. Anchor Handling Tug Supply (AHTS) vessel dominated the market in 2016 and is projected to be the fastest-growing ship type over the next five years. The suitability of hybrid marine propulsion for AHTS is due to the large variations in the load profile of propulsors and thrusters. Based on the deadweight the market is segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. 5K-10K DWT dominated the market in 2016 and is projected to be the fastest-growing deadweight segment for a ship. 5K-10K DWT is the ideal dead weight tonnage for the ship, which is suitable for installation of marine hybrid propulsion systems, given its exact load variation required for the hybrid system. This helps the systems, perform efficient propulsion operation. Based on the application, the market is segmented into commercial, logistics, offshore drilling, naval and others. Commercial application dominated the market in 2016 and is projected to be the fastest-growing application over the next five years. The growth in cruise, ferry, fishing boats and ship building have resulted into in the rise of application of hybrid propulsion system in commercial applications.

Key Players

The key players of global marine hybrid propulsion system market are General Electric Company (U.S.), Siemens AG (Germany), Caterpillar Inc. (U.S.), BAE Systems (U.K), Wartsila Corporation (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo GmbH (Germany), Steyr Motors GmbH (Austria), ABB Ltd. (Switzerland), MAN Diesel & Turbo SE (Germany), Schottel GmbH (Germany) and Rolls-Royce plc (U.K.).

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