Europe Marine Hybrid Propulsion Market Introduction and Overview
According to SPER Market Research, the Europe Marine Hybrid Propulsion Market is estimated to reach USD 16.56 billion by 2033 with a CAGR 12.63%.
The report includes an in-depth analysis of the Europe Marine Hybrid Propulsion Market, including market size and trends, product mix, distribution channels, and supplier analysis. Marine hybrid propulsion is the process of integrating two or more power sources to improve a vessel's economy and environmental performance. Typically, this involves combining standard diesel engines with electric motors. This system optimizes fuel use and lowers pollution by enabling ships to run on either power source or a combination of both. With the use of batteries, fuel cells, or even renewable energy sources, hybrid systems allow ships to operate quietly and with little influence on the environment when performing specific tasks like docking or maneuvering in port.
- June: Taiga, a power system platform for electric tugs, was awarded to ABB by IHI Power Systems. Constructed at Kanagawa Shipyard, the electric tug is scheduled for delivery by year's end.
- In November: Leading electric propulsion supplier BAE Systems unveiled its next-generation power and propulsion technology for the marine industry. Systems for hybridGen power and propulsion provide operators adaptable ways to save pollution while enhancing vessel electricity efficiency and range, boosting propulsion, and streamlining installation.
Market Opportunities and Challenges
Opportunities: The kind of vessel, its age, its existing propulsion system, and its intended hybrid propulsion system are some of the variables that affect how simple an upgrade is. There are numerous hybrid propulsion systems available, and each has unique benefits and drawbacks. Wärtsilä was chosen by the Norwegian company Eidesvik AS in October 2019 to update its Viking Neptun design vessel. The order was placed in August 2019, and the company has inked two similar hybrid upgrade agreements in the recent several months. Furthermore, the market for marine hybrid propulsion in Europe is expected to develop significantly due to strict environmental restrictions and an increasing focus on sustainability. For both commercial and recreational vessels, the adoption of hybrid propulsion systems is growing more alluring as governments and organizations work to reduce greenhouse gas emissions and improve air quality. Furthermore, developments in energy management and battery technologies are improving the viability and effectiveness of hybrid solutions.
Challenges: One of the main concerns for the growth of the marine hybrid propulsion system market is the lack of infrastructure in the area. Alternative energy sources like electricity, hydrogen, or other fuels are used by hybrid propulsion systems; these sources need a specific infrastructure in order to be charged or refueled. In many circumstances, Europe lacks the necessary infrastructure, either completely established or broadly accessible. For example, in ports throughout Europe, there might not be enough or an unequal distribution of marine charging facilities for electric or hybrid vessels.
Market Competitive Landscape
The paint and coatings industry in North America is highly consolidated. Among the leading companies in the market are ABB Ltd, BAE Systems, Nidec Industrial Solutions, MAN Energy Solutions, Siemens, Wartsila Corporation, Steyr Motors, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Operation Type, By Component, By Ship Type, By Installation.
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| Regions covered | France, Germany, Italy, Spain, United Kingdom, Rest of Europe
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| Companies Covered | ABB Ltd, BAE Systems, Nidec Industrial Solutions, MAN Energy Solutions, Siemens, Wartsila Corporation, Steyr Motors, Others.
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COVID-19 Impact on Europe Marine Hybrid Propulsion Market
The COVID-19 epidemic had a major effect on the European marine hybrid propulsion business, causing supply chain interruptions, project delays, and a brief halt in orders for new vessels. Implementing hybrid technology was hampered by travel restrictions and lockdowns, which also made it difficult to deliver essential components and impede production processes. Furthermore, the pandemic's decreased marine activity had an impact on the market for new ships with cutting-edge propulsion technologies. But the crisis also brought about a change toward sustainability as the marine sector realized how beneficial hybrid systems could be in the long run in terms of lower emissions and operating costs.
Key Target Audience:
- Shipbuilders
- Vessel Operators
- Maritime Equipment Manufacturers
- Regulatory Authorities
- Environmental Organizations
- Research and Development Institutions
- Shipping Companies
- Investors and Financial Institutions
Our in-depth analysis of the Europe Marine Hybrid Propulsion Market includes the following segments:
| By Operation Type: | Parallel Hybrid Propulsion SystemSerial Hybrid Propulsion System |
| By Component: | IC EngineGeneratorPower Management SystemBatteryGear BoxOthers |
| By Ship Type: | Container ShipPassenger ShipFishing VesselYachtTankerOthers |
| By Installation: | LinefitRetrofit |
Key Topics Covered in the Report:
- Europe Marine Hybrid Propulsion Market Size (FY’2024-FY’2033)
- Overview of Europe Marine Hybrid Propulsion Market
- Segmentation of Europe Marine Hybrid Propulsion Market By Operation Type (Parallel Hybrid Propulsion System, Serial Hybrid Propulsion System)
- Segmentation of Europe Marine Hybrid Propulsion Market By Component (IC Engine, Generator, Power Management System, Battery, Gear Box, Others)
- Segmentation of Europe Marine Hybrid Propulsion Market By Ship Type (Container Ship, Passenger Ship, Fishing Vessel, Yacht, Tanker, Others)
- Segmentation of Europe Marine Hybrid Propulsion Market By Installation (Linefit, Retrofit)
- Expansion Analysis of Europe Marine Hybrid Propulsion Market
- Problems and Obstacles in Europe Marine Hybrid Propulsion Market
- Competitive Landscape in the Europe Marine Hybrid Propulsion Market
- Impact of COVID-19 and Demonetization on Europe Marine Hybrid Propulsion Market
- Details on Current Investment in Europe Marine Hybrid Propulsion Market
- Competitive Analysis of Europe Marine Hybrid Propulsion Market
- Prominent Players in the Europe Marine Hybrid Propulsion Market
- SWOT Analysis of Europe Marine Hybrid Propulsion Market
- Europe Marine Hybrid Propulsion Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst