The process of combining two or more power sources to increase a vessel's efficiency and environmental performance is known as marine hybrid propulsion. This usually entails the combination of electric motors and regular diesel engines. This technique allows ships to run on either power source, or a combination of both, which optimizes fuel use and reduces emissions. Hybrid systems, which make use of batteries, fuel cells, or even renewable energy sources, enable ships to run silently and with minimal environmental impact during specialized duties such as docking or port maneuvering.
Europe Marine Hybrid Propulsion Market Driving Factors and Challenges
Drivers: Numerous important reasons are driving the growth of the marine hybrid propulsion market in Europe. Tight environmental laws are forcing the marine sector to implement greener technology in order to cut emissions and meet global requirements. Operators are further motivated to look for more efficient propulsion technologies that can reduce operating costs by rising fuel costs. Performance and dependability of hybrid systems are being enhanced by technological developments, including better energy storage options.
Furthermore, Hybrid systems have several benefits over conventional gasoline and electric systems, including dispersed propulsion, lower fuel usage, redundancy, and less of an influence on the environment. Utilizing a portion of the exhaust gases' thermal energy can result in even greater energy efficiency. Because of these benefits, the newest trend in the area is the development of energy-efficient propulsion systems. The European Short Sea Shipping Company (UECC) received its new multifuel LNG battery hybrid vessel, built in China, in October 2022 and had it put into service in Europe. Being at the vanguard of the shift to greener ships, the firm thinks its actions can set an example for the larger European maritime sector.
Challenges: The absence of infrastructure in the region is a major factor impeding the growth of the marine hybrid propulsion system market. Hybrid propulsion systems use other energy sources, such as electricity, hydrogen, or other fuels; these sources require a certain infrastructure to be charged or refueled. Europe frequently lacks the requisite infrastructure, either fully developed or widely available. For instance, there may not be enough or an uneven distribution of marine charging stations for electric or hybrid ships in ports across Europe.
Impact of COVID-19 on Europe Marine Hybrid Propulsion Market
The COVID-19 pandemic significantly impacted the European marine hybrid propulsion industry, resulting in disruptions to supply chains, postponements of projects, and a temporary suspension of new vessel orders. Lockdowns and travel restrictions made it difficult to implement hybrid technologies, hinder production processes, and make it difficult to deliver necessary components. Furthermore, the market for new ships with cutting-edge propulsion systems was impacted by the pandemic's reduction in sea activity. However, as the marine industry learned how advantageous hybrid systems could be in the long run in terms of lower emissions and operating costs, the crisis also brought about a shift toward sustainability.
Europe Marine Hybrid Propulsion Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; ABB Ltd, BAE Systems, Nidec Industrial Solutions, MAN Energy Solutions, Siemens, Wartsila Corporation, Steyr Motors, Others.
Europe Marine Hybrid Propulsion Market Segmentation:
By Operation Type: Based on the Operation Type, Europe Marine Hybrid Propulsion Market is segmented as; Parallel Hybrid Propulsion System, Serial Hybrid Propulsion System.
By Component: Based on the Component, Europe Marine Hybrid Propulsion Market is segmented as; IC Engine, Generator, Power Management System, Battery, Gear Box, Others.
By Ship Type: Based on the Ship Type, Europe Marine Hybrid Propulsion Market is segmented as; Container Ship, Passenger Ship, Fishing Vessel, Yacht, Tanker, Others.
By Installation: Based on the Installation, Europe Marine Hybrid Propulsion Market is segmented as; Linefit, Retrofit.
By Region: This research also includes data for France, Germany, Italy, Spain, United Kingdom, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.