Europe Marine Hybrid Propulsion Market Growth, Size, Trends, Share, Revenue and Future Outlook
Europe Marine Hybrid Propulsion Market Size- By Operation Type, By Component, By Ship Type, By Installation- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Sep-2024 | Report ID: POAE2484 | Pages: 1 - 156 | Formats*: |
| Category : Power & Energy | |||
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. |
| Regions covered | France, Germany, Italy, Spain, United Kingdom, Rest of Europe |
| Companies Covered | ABB Ltd, BAE Systems, Nidec Industrial Solutions, MAN Energy Solutions, Siemens, Wartsila Corporation, Steyr Motors, Others. |
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: | |
| By Component: | |
| By Ship Type: | |
| By Installation: |
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
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Europe Marine Hybrid Propulsion Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Europe Marine Hybrid Propulsion Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Europe Marine Hybrid Propulsion Market
7. Europe Marine Hybrid Propulsion Market, By Operation Type (USD Million) 2020-2033
7.1. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Operation Type, 2020-20267.2. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Operation Type, 2027-20337.3. Parallel Hybrid Propulsion System7.4. Serial Hybrid Propulsion System
8. Europe Marine Hybrid Propulsion Market, By Component (USD Million) 2020-2033
8.1. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Component, 2020-20268.2. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Component, 2027-20338.3. IC Engine8.4. Generator8.5. Power Management System8.6. Battery8.7. Gear Box8.8. Others
9. Europe Marine Hybrid Propulsion Market, By Ship Type (USD Million) 2020-2033
9.1. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Ship Type, 2020-20269.2. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Ship Type, 2027-20339.3. Container Ship9.4. Passenger Ship9.5. Fishing Vessel9.6. Yacht9.7. Tanker9.8. Others
10. Europe Marine Hybrid Propulsion Market, By Installation (USD Million) 2020-2033
10.1. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Installation, 2020-202610.2. Europe Marine Hybrid Propulsion Market Size, Share and Forecast, By Installation, 2027-203310.3. Linefit10.4. Retrofit
11. Europe Marine Hybrid Propulsion Market Forecast, 2020-2033 (USD Million)
11.1. Europe Marine Hybrid Propulsion Market Size and Market Share
12. Europe Marine Hybrid Propulsion Market, By Region, 2020-2033 (USD Million)
12.1. Europe Marine Hybrid Propulsion Market Size and Market Share By Region (2020-2026)12.2. Europe Marine Hybrid Propulsion Market Size and Market Share By Region (2027-2033)12.3. France12.4. Germany12.5. Italy12.6. Spain12.7. United Kingdom12.8. Rest of Europe
13. Company Profile
13.1. ABB Ltd
13.1.1. Company details13.1.2. Financial outlook13.1.3. Product summary13.1.4. Recent developments
13.2. BAE Systems
13.2.1. Company details13.2.2. Financial outlook13.2.3. Product summary13.2.4. Recent developments
13.3. Nidec Industrial Solutions
13.3.1. Company details13.3.2. Financial outlook13.3.3. Product summary13.3.4. Recent developments
13.4. MAN Energy Solutions
13.4.1. Company details13.4.2. Financial outlook13.4.3. Product summary13.4.4. Recent developments
13.5. Siemens
13.5.1. Company details13.5.2. Financial outlook13.5.3. Product summary13.5.4. Recent developments
13.6. Wartsila Corporation
13.6.1. Company details13.6.2. Financial outlook13.6.3. Product summary13.6.4. Recent developments
13.7. Steyr Motors
13.7.1. Company details13.7.2. Financial outlook13.7.3. Product summary13.7.4. Recent developments
13.8. Others
14. Conclusion
15. Reference Links
16. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Europe Marine Hybrid Propulsion Market is projected to reach USD 16.56 billion by 2033, growing at a CAGR of 12.63% during the forecast period.
Europe Marine Hybrid Propulsion Market grew in Market size from 2024. The Market is expected to reach USD 16.56 billion by 2033, at a CAGR of 12.63% during the forecast period.
Europe Marine Hybrid Propulsion Market CAGR of 12.63% during the forecast period.
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Europe Marine Hybrid Propulsion Market size is USD 16.56 billion from 2024 to 2033.
Europe Marine Hybrid Propulsion Market is covered By Operation Type, By Component, By Ship Type, By Installation.
The Europe is anticipated to have the highest Market share in the Europe Marine Hybrid Propulsion Market.
The key players in the Market include Companies Covered ABB Ltd, BAE Systems, Nidec Industrial Solutions, MAN Energy Solutions, Siemens, Wartsila Corporation, Steyr Motors, Others.
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.
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