The marine parallel hybrid propulsion market has seen rapid growth, with its size increasing from $0.88 billion in 2023 to $0.98 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.4%. This historical growth is attributed to the increasing need for fuel-efficient solutions, focus on environmental sustainability in maritime transportation, rising orders for marine hybrid engines, growing demand for sustainable shipping, and increased shipbuilding activities. The market is expected to grow to $1.52 billion by 2028, with a CAGR of 11.7%, supported by increasing demand for environmentally friendly propulsion systems, investment in the oil and gas sector, consumer and business demand, stringent global emission regulations, and long-term operational cost savings. Major trends include technological advancements, improvements in battery technology, retrofitting older vessels, implementation of advanced digital technologies and IoT, and adoption of eco-friendly technologies.
Global Marine Parallel Hybrid Propulsion Market Key Driver
The increase in maritime transportation is anticipated to significantly boost the marine parallel hybrid propulsion market. Maritime transportation, which involves moving goods, passengers, or cargo by sea using various watercraft, is expanding due to economic, technological, and logistical factors that support global trade and financial integration. Marine parallel hybrid propulsion systems are becoming increasingly relevant as sustainable and technologically advanced solutions to address environmental and operational efficiency concerns in the maritime industry. For example, in September 2023, UN Trade Development reported a 2.4% growth in maritime trade for 2023, with expectations of more than a 2% increase annually from 2024 to 2028. This growth trajectory underscores the rising demand for marine parallel hybrid propulsion systems.
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Global Marine Parallel Hybrid Propulsion Market Segments
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.
Major Marine Parallel Hybrid Propulsion Industry Players
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.
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Marine Parallel Hybrid Propulsion Market Overview
Marine parallel hybrid propulsion refers to a propulsion system for ships and boats that combines a traditional internal combustion engine (ICE) with an electric motor. In this configuration, the combustion engine and electric motor are connected to the same driveline or propeller shaft, allowing them to operate in parallel. This system enhances efficiency, reduces emissions, and provides operational flexibility in various maritime applications.
Marine Parallel Hybrid Propulsion Global Market Report 2023 provides data on the global marine parallel hybrid propulsion market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The marine parallel hybrid propulsion market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
