The marine hybrid and full electric propulsion market has grown significantly, rising from $4.07 billion in 2023 to $4.56 billion in 2024, with a compound annual growth rate (CAGR) of 12.2%. This growth is attributed to the increase in global trade, rising fuel costs, economic benefits of reduced fuel consumption in hybrid and electric vessels, growing consumer awareness of environmentally friendly products and services, environmental regulations, and sustainability goals. The market is projected to expand to $7.31 billion by 2028, growing at a CAGR of 12.5%, driven by increased maritime trade, local manufacturing, industrialization, globalization, rising passenger numbers, and heightened awareness of air pollution. Key trends include advancements in battery technology, renewable energy, automatic pitch adjustment systems for propellers, development of autonomous and unmanned vessels, and innovations in propeller systems.
Global Marine Hybrid And Full Electric Propulsion Market Key Driver
The rise in the popularity of maritime trade is expected to boost the growth of the marine hybrid and full electric propulsion market. Maritime trade, which involves exchanging goods and commodities through sea routes, is increasing due to higher fuel prices, port expansions, and modernization of shipping lanes. Marine hybrid and electric propulsion systems are becoming more popular because they offer greater fuel efficiency and lower emissions compared to traditional diesel-powered vessels, supporting the maritime industry's sustainability goals. For instance, UN Trade Development projects that maritime trade will grow by 2.4% in 2023 and more than 2% annually from 2024 to 2028. The marine hybrid and full electric propulsion market, valued at $1 billion in 2023, is projected to grow to $1.2 billion in 2024 and reach $2 billion by 2028, driven by the increasing adoption of environmentally friendly propulsion systems in maritime trade.
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Global Marine Hybrid And Full Electric Propulsion Market Segments
The marine hybrid and full electric propulsion market covered in this report is segmented –
1) By Type: Hybrid Propulsion, Full Electric Propulsion
2) By Ship Type: Naval Ships, Yachts, Platform Supply Vessel, Cruise Liner, Other Ship Types
3) By Application: Tugboats, Ferries, Defense Vessels, Other Applications
By Geography:The regions covered in the marine hybrid and full electric propulsion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the marine hybrid and full electric propulsion market in 2023.
Major Marine Hybrid And Full Electric Propulsion Industry Players
Siemens AG, Caterpillar Inc., AB Volvo, ZF Friedrichshafen AG, Cummins Inc., BAE Systems PLC, Rolls-Royce plc, Danfoss, Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, WEG S.A., MAN Diesel & Turbo SE, Kongsberg Gruppen, Schottel GmbH, General Electric Company, Heesen Yachts, Steyr Motors GmbH, Mitsubishi Heavy Industries Ltd., Aspin Kemp and Associates Inc., IHI Power Systems Co.,Ltd., Beta Marine Ltd., Masson Marine, Korindo Energy
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Marine Hybrid And Full Electric Propulsion Market Overview
Marine hybrid and full electric propulsion systems are mechanisms that propel ships and boats across the water by combining battery power with alternative fuels such as diesel or liquefied natural gas (LNG). These systems integrate electric motors alongside traditional internal combustion engines or turbines. Marine hybrid propulsion offers a combination of conventional and electric propulsion systems for improved efficiency and flexibility, while full electric propulsion provides a completely emission-free and quieter alternative for maritime operations.
Marine Hybrid And Full Electric Propulsion Global Market Report 2023 provides data on the global marine hybrid and full electric propulsion market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The marine hybrid and full electric propulsion market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
