Marine Hybrid Propulsion Market Analysis and Business Insights Till 2027

The global marine hybrid propulsion market size was valued at USD 3.53 billion in 2019 and is projected to reach USD 7.78 billion by 2027, exhibiting a CAGR of 10.09% during the forecast period.

Increasing Operational Performance of Naval Vessels is Propelling Growth

Shipyard management and vessel owners are continuously investing in marine hybrid systems to improve the operational performance of naval vessels. The hybrid system is minimizing the power consumption of marine engines. The fuel-driven marine engines are able to handle a static load of around 65-80% of the overall capacity of a naval vessel. The reduction in the operational performance of the diesel-based marine engine is due to the interruption of wind and tidal sea waves. Moreover, introducing a battery-powered storage system act as a backup unit of the propulsion system.

Major Industry Developments of the Market for Marine Hybrid Propulsion include:

March 2019 – CWIND and ØRSTED entered into a joint venture for delivering propulsion systems for the Surface Effect Ship.

Some of the Key Players of the Marine Hybrid Propulsion Market include:

• Mitsubishi Heavy Industries, Ltd. (Japan)
• Caterpillar Inc. (The U.S.)
• Wartsila Corporation (Finland)
• Rolls-Royce plc (The U.K.)
• Torqeedo GmbH (Germany)
• Schottel GmbH (Germany)
• BAE Systems (The U.K.)
• General Electric Company (The U.K.)
• Siemens AG (Germany)
• ABB Ltd. (Switzerland)
• Steyr Motors GmbH (Austria)
• MAN Diesel & Turbo SE (Germany)
• Others