The marine parallel hybrid propulsion market has seen rapid growth, increasing from $0.88 billion in 2023 to $0.98 billion in 2024, with a compound annual growth rate (CAGR) of 11.4%. This growth is driven by the need for fuel-efficient solutions, environmental sustainability, and rising orders for marine hybrid engines. The market is expected to reach $1.52 billion by 2028, growing at a CAGR of 11.7%. Future growth factors include investment in the oil and gas sector, stringent emission regulations, and long-term cost savings. Major trends include advancements in battery technology, retrofitting older vessels, and the adoption of eco-friendly technologies.
Major Driver In The Marine Parallel Hybrid Propulsion Market
The marine parallel hybrid propulsion market is expected to benefit from the increase in maritime transportation. As global maritime trade and transportation expand, the need for advanced propulsion systems grows. The market is projected to grow significantly with maritime trade increasing by 2.4% in 2023 and continuing to rise. The marine parallel hybrid propulsion market is anticipated to reach $1.2 billion in 2024 and $2 billion by 2028, up from $1 billion in 2023.
Request A Free Sample Of The Marine Parallel Hybrid Propulsion Market Report
Marine Parallel Hybrid Propulsion Market Competitive Landscape
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.
Key Marine Parallel Hybrid Propulsion Market Trend
The marine parallel hybrid propulsion market is seeing advancements with next-generation hybrid propulsion systems that integrate combustion engines with electric motors. BAE Systems, a UK-based technology company, launched its HybriGen power and propulsion system in November 2021. This next-generation system features compact and lightweight components, offering flexibility for zero emissions and enhanced propulsion power. Its modular design and customizable power control systems are suitable for various marine vessels, including sailboats, tugs, and passenger ferries.
Purchase The Global Marine Parallel Hybrid Propulsion Market Report Directly And Get A Swift Delivery
Marine Parallel Hybrid Propulsion Market Segmentation
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
By Geography:The regions covered in the marine parallel hybrid propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Marine Parallel Hybrid Propulsion Global Market Report 2024 furnishes information about the global marine parallel hybrid propulsion market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
