The Hybrid Electric Marine Propulsion Engine Market is estimated to grow at a faster CAGR over the forecast period (2020-2027).

The factors driving growth of the Hybrid Electric Marine Propulsion Engine Market includes growing demand for large vessels such as cargo ships and containers, increasing concerns related to marine emissions, rise in international seaborne trade activities and improvements in the living standards. For instance, the International seaborne trade has calculated around 8 thousand billion tonne-miles in 1968 to over 32 thousand billion tonne-miles in 2008, which is expected to accelerate the Hybrid Electric Marine Propulsion Engine Market size in the approaching years. Moreover, expansion of the shipbuilding industry, growing adoption of advanced technologies by manufacturers, rising focus of manufacturers on developing fuel-efficient systems, increase in the launch of new products and rapid urbanization are propelling the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships and collaborations between leading players and growing population growth rates, are further contributing towards the market growth.

However, growth of the Hybrid Electric Marine Propulsion Engine Market is hindered due to variations in the prices of crude oil.

The leading players operating in the market are Torqeedo GmbH, Rolls-Royce Plc, Schottel GmbH, ABB Ltd., BAE Systems Plc, Caterpillar Inc., Siemens AG, Wartsila Corporation, General Electric Company and Mitsubishi Heavy industries, Ltd., among others.

Based on Type, the Diesel Electric segment is predicted to grow at a significant CAGR during the forecast period

Increasing application of diesel electric propulsion engines in naval vessels, and large ships, is propelling segment’s growth.

Based on Ship Type, the Anchor Handling Tug Supply Vessel segment is projected to grow at a robust CAGR over the forecast period

Rising application of anchor handling tug supply vessels in rescue operations, firefighting and oil recovery, is propelling growth of the segment.

Based on Region, the Asia-Pacific region is projected to expand at a fastest CAGR during the forecast period

Presence of the leading players such as Mitsubishi Heavy industries, Ltd., BOS Offshore & Marine Pte Ltd., and Yanmar Holdings Co., Ltd., growing demand for advanced recreational boats, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Development

• In 2020, Vigor Fab LLC, entered into a strategic partnership with ABB Ltd. ABB Ltd will provide the hybrid-electric propulsion and energy storage system for the Olympic Class ferries in the U.S.

Market Segmentation

Segmentation by Type

• Diesel Electric
• Gas Electric
• Others

Segmentation by Ship Type

• Anchor Handling Tug Supply Vessel
• Platform Supply Vessel
• Yacht
• Motor Ferry
• Cruise Liner
• Others

Segmentation by Region

• Asia Pacific
  • China
  • Japan
  • India
  • Rest of APAC
• North America
  • United States of America
  • Canada
• Europe
  • United Kingdom
  • Germany
  • France
  • Spain
  • Rest of Europe
• RoW
  • Brazil
  • South Africa
  • Saudi Arabia
  • UAE

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