Hybrid Electric Marine Propulsion Engine Market 2018 - Analysis, Growth, Trends and Forecasts 2025

1
Global Hybrid Electric Marine Propulsion Engine
Market

• Size by Capacity (lt150 kW, 151-500 kW, 501-750
  kW), by Application (Commercial, Leisure), by
  Region and Forecast 2018 to 2025

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2
Global Hybrid Electric Marine Propulsion Engine
Market Size And Forecast, 2018-2025

• The global hybrid electric marine propulsion
  engine market is expected to reach a market value
  of USD 708.6 million by 2025 due to increasing
  penetration of hybrid engines especially in cargo
  ships. This surge in demand for hybrid marine
  propulsion engines is a result of reduction in
  operating and maintenance costs achieved through
  the installation of these systems.
• Along with cost reduction, deployment of hybrid
  propulsion engines is being adopted with a view
  to curb the destruction of marine environments
  caused by conventional mechanical propulsion
  systems.
• Rising growth of the global hybrid vessels market
  on account of increasing need to enhance the
  global maritime trade and cruise tourism industry
  is further supplementing the sales of electric
  propulsion engines.
• Shipping is very important to the world economy
  as it is a critical mode of distribution of goods
  between different regional markets. It is a vital
  cog in international import and export
  infrastructure.
• However, the shipping industries are facing
  mounting pressures to reduce its emissions of
  greenhouse gases such as carbon dioxide which are
  causing the destruction of the marine ecosystem.
• Browse the complete report on _at_
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  rts/hybrid-electric-marine-propulsion-engine-marke
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3
Global Hybrid Electric Marine Propulsion Engine
Market Size And Forecast, 2018-2025

• The shipping industry contributes 3 of global
  emission of CO2 gases. The hybrid systems are an
  environment friendly substitute with low exhaust
  emissions. This has pushed the cargo carriers to
  adopt hybrid electric propulsion systems as an
  appropriate solution to replace the mechanical
  propulsion systems and decrease overall CO2
  emissions.
• In a hybrid electric propulsion system, the
  energy transmission is electrical and the
  propulsion and thruster are variably electrically
  driven. This results in significant reductions in
  the fuel consumption especially in vessels with
  capacities below 150 kW. These cost reductions
  offered by the hybrid systems present the vessel
  owners better profit-making proposition as
  compared to the diesel driven propulsion systems.
• The ever-increasing demand to reduce fuel
  consumption and maintenance expenditures has led
  to a widespread adoption of these systems. Hybrid
  vessels with capacities less than 150 kW are
  expected to account for a major sales share since
  most recreational boats, small cruise ships,
  ferries and yacht owners are preferring hybrid
  propulsion engines to achieve cost reduction.
• On the basis of end users, the commercial segment
  is estimated to offer lucrative prospects in the
  coming years. The intensive adoption of hybrid
  electric marine propulsion engines in commercial
  vessels such as cargo ships, and transport
  ferries with a view to reduce operational costs
  have assisted the rapid growth of this segment.

4
Global Hybrid Electric Marine Propulsion Engine
Market Size And Forecast, 2018-2025

• Rapid growth of the global tourism industry has
  led to the production of new and technologically
  advanced ships which has further boosted the
  demand for hybrid engines.
• The commercial segment is anticipated to project
  the highest CAGR of more than 6 during the
  forecast period.
• Geographically, Asia Pacific region is
  anticipated to observe the fastest growth during
  the forecast period. This growth is facilitated
  by the growing number of cargo vessels to support
  the large-scale expansion of trade in this
  region. Asia Pacific is a rapidly developing
  economic region engaged in large scale import and
  export.
• The increasing demand for cost effective hybrid
  solution coupled with rising government
  initiatives to curb emission levels are the
  primary factors supporting the market in this
  region.
• The competitive landscape of global hybrid
  electric marine propulsion engine market is
  highly fragmented owing to the presence of
  several local players.
• Companies including Caterpillar, MAN Diesel
  Turbo, Mitsubishi Heavy Industries, Rolls-Royce,
  Wartsila Finland Oy, Cummins, Hybrid Marine,
  STEYR Motors, Elco Motor Yachts, Oceanvolt, Beta
  Marine, Leonardo DRS, and GE amongst others have
  a broader presence within the global market.

5
Key Segments of the Global Hybrid Electric Marine
Propulsion Engine Market

• Type Overview, 2013-2025 (Unit) (USD million)
• lt 150 kW
• 151-500 kW
• 501-750 kW
• Application Overview, 2013-2025 (Unit) (USD
  million)
• Commercial
• Leisure
• Regional Overview, 2013-2025 (Units) (USD
  million)
• North America (U.S., ,Canada), Europe (Spain, UK,
  Italy, France, Germany, Rest of Europe),
  Asia-Pacific (China, , India, South East Asia,
  Japan, Rest of Asia-Pacific), Latin America
  (Brazil, Mexico, Rest of Latin America), Middle
  East Africa (GCC, South Africa, Rest of Middle
  East Africa)
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6
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