How Has the Marine Parallel Hybrid Propulsion Market Size Evolved in Recent Years?
The marine parallel hybrid propulsion market has seen considerable growth due to a variety of factors.
• The marine parallel hybrid propulsion market has grown rapidly in recent years. It will rise from $0.98 billion in 2024 to $1.09 billion in 2025, reflecting a CAGR of 12.0%.
The growth is driven by the need for fuel efficiency, focus on sustainability in maritime transport, rising orders for marine hybrid engines, and increased demand for sustainable shipping.
What are the Market Size and Expected Growth Rates for the Marine Parallel Hybrid Propulsion Market?
The marine parallel hybrid propulsion market is expected to maintain its strong growth trajectory in upcoming years.
• The marine parallel hybrid propulsion market is projected to grow to $1.7 billion by 2029, at a CAGR of 11.6%.
Growth is attributed to the demand for eco-friendly propulsion systems, investments in oil and gas, stringent global emissions regulations, and cost savings. Trends include advancements in battery technology, retrofitting vessels, digital technologies, IoT integration, and eco-friendly technologies.
Which Key Drivers Are Propelling The Marine Parallel Hybrid Propulsion Market's Growth?
The increase in maritime transportation is expected to drive the marine parallel hybrid propulsion market. Global trade and technological advancements are boosting maritime transportation, leading to greater demand for sustainable propulsion systems. According to UN Trade Development in September 2023, maritime trade grew by 2.4% in 2023, further supporting the growth of marine parallel hybrid propulsion systems.
What Are The Key Segments Within The Global Marine Parallel Hybrid Propulsion Market?
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
Subsegments:
1) By Power Management System: Energy Storage Management, Power Distribution System
2) By Gearbox: Planetary Gearbox, Cycloidal Gearbox
3) By Battery: Lithium-Ion Batteries, Lead-Acid Batteries
4) By Generator: Diesel Generators, Gas Turbine Generators
5) By Internal Combustion Engine (ICE): Diesel Engines, Gasoline Engines
6) By Electric Motor: Permanent Magnet Electric Motor, Induction Electric Motor
7) By Other Components: Inverters, Rectifiers, Transformers
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What Emerging Trends Are Influencing The Growth Of The Marine Parallel Hybrid Propulsion Market?
Leading entities in the marine parallel hybrid propulsion market are striving to gain a competitive advantage by focusing their efforts on the development of innovative products like hybrid propulsion systems. These systems, used for marine applications, work on a dual-mode technology that allows the concerned vessel to function using standard diesel engines or electric motors, bestowing it with a degree of adaptability and a reduced emission profile. An example is the product launched in March 2023 by VULKAN Gruppe, a manufacturing firm located in Germany. Named BIIM (Battello Ibrido Innovativo Modulare), this groundbreaking vessel is equipped with VULKAN’s own hybrid propulsion system. Thanks to this system, the BIIM vessel can operate on either standard diesel or in a completely electric mode, resulting in a noiseless operation that is free from emissions.
Who Are the Key Players In The Marine Parallel Hybrid Propulsion Market?
Major companies operating in the marine parallel hybrid propulsion market are:
• 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.
What Are The Regional Insights Into The Marine Parallel Hybrid Propulsion Market?
North America was the largest region in the marine parallel hybrid propulsion market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine parallel hybrid propulsion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
