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Marine Hybrid Propulsion: Introduction
Marine Hybrid Propulsion is a technologically advanced system that generates thrust that can propel vessels across the water. At present, about 85% of all sea-going vessels are powered by diesel, and however ship owners would prefer to lower their fuel expenses and decrease the environmental impact of their operations.
Marine hybrid propulsion is a mix of propulsion systems powered by batteries with alternative fuels like diesel or LNG, which is liquefied natural gas (LNG) used in the propulsion of naval vessels.
The Global Marine Hybrid Propulsion Market Forecast:
The market for marine hybrid propulsion is USD 3,053.2 million by 2020. Based on our research, this market showed an enormous decrease of 13.60% in 2020 in comparison to the average year-on-year Growth of 2017 to 2019. The market is anticipated to increase by USD 3,370.9 million by 2021 to USD 8,122.2 Million by 2028, with a CAGR of 13.39% over the forecast period 2021-2028.
Market Driving Factors and Restraining Factors of the Global Marine Hybrid Propulsion Market:
Growing Demand for Electric Propulsion Technology from the Shipbuilding Industry Has Been driving the growth:
Marine hybrid propulsion is primarily employed in commercial vessels, recreational boats, and naval vessels. Electric propulsion is a blend of engines that run on diesel and gas. The electricity in three phases is produced through diesel engines. It is supplied to electric motors that power propellers to rotate. The technology of electric propulsion helps to cut down on the unintentional sound generated by marine engines and also eliminates the requirement for gearboxes and clutches.
The technology offers many advantages over conventional systems. It has high redundancy and greater maneuverability, as well as increased payload because of the ability to move machinery components and environmental advantages due to lower emissions and reduced use of fuel. Additionally, technology also offers improved performance even in the most extreme conditions of ice because of the maximum torque at zero-speed, which decreases the cost of living and offers greater comfort because of the lower noise. Thanks to these advantages, the technology is seeing a growing demand from shipbuilding companies and, consequently, could drive the market to expand.
As of May 2020, Daewoo Shipbuilding (South Korea) and Marine Engineering designed and developed an electric propulsion system to be used on the KDDX destroyer and the LPX-2 LHD initiatives that are part of the Republic of Korea Navy. Thus, the growing need for technology for electric motors in the shipbuilding industry is expected to boost the growth in the industry.
Growing International Seaborne Trade Activities Anticipated to Boost Marine Hybrid Propulsion Market Growth:
Based on the United Nations Conference on Trade and Development (UNCTAD), maritime trade-in goods increased by 0.5 percent in the year 2019 and was 11.08 billion tonnes. In the UNCTAD report on maritime transport for 2018, the world's trade in seaborne goods had increased by 4 percent growth which was the most in the period 2014-2018. The report showed a 17.1 percent growth in containerized trade, 2.4 percent increase in crude oil shipments, as well as 29.9 percent expansion in bulk dry commodities.
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Merchant ships are used primarily to conduct trade via sea. The Asia Pacific is the largest sea-based trading region. In the year 2019, Asian seaports handled 6.9 billion tons of goods unloaded and 4.5 million tons of goods loaded. Asian countries like China, India, Japan as well as South Korea have emerged as the most important nations in the field of shipbuilding. These countries were responsible for 90.5 percent of the global supply of naval vessels in 2017.
Constant Swing in Crude Oil Prices Anticipated to Hamper the Market Growth
Diesel is a byproduct of crude oil. Hybrid propulsion systems utilize diesel as fuel. The stringent environmental regulations hinder the growth of the market for the marine industry. Price volatility in crude oil could hinder the development of the industry. Furthermore, the cost of the development of hybrid propulsion systems is also expected to limit the market's growth.
The Key Market Segmentation of the Global Marine Hybrid Propulsion Market:
This Research Report Categorized The Global Marine Hybrid Propulsion Market Based on Types, Operation, Deadweight, End-Users, Installation, and Geographical Landscape.
Marine Hybrid Propulsion Market Segmentation By Type:
Marine Hybrid Propulsion Market Segmentation By Operation:
Parallel Hybrid Propulsion System
Serial Hybrid Propulsion System
Marine Hybrid Propulsion Market Segmentation By Deadweight:
Less Than 5K DWT
More than 10K DWT
Marine Hybrid Propulsion Market Segmentation By Installation:
Marine Hybrid Propulsion Market Segmentation By End-Users:
Anchor Handling Tug Supply vessels
Platform Supply Vessel
Small Cargo Ships
Marine Hybrid Propulsion Market Segmentation By Geographical Landscape:
Major Key Players in the Global Marine Hybrid Propulsion Market Are:
The Covid-19 Impact Analysis:
For the last 18 months, many industries across the globe have been affected negatively. This could be due to major disruptions suffered by their respective supply chain and manufacturing operations due to various lockdowns to prevent accidents, along with other restrictions enforced by the governing authorities around the world.
The same is true of the world Marine Hybrid Propulsion market. In addition, demand from consumers has subsequently decreased since people are more focused on cutting unnecessary expenditures from their budgets, as the general financial situation of the majority of individuals has been severely affected by the crisis. These factors are predicted to impact the revenue growth of the world Marine Hybrid Propulsion market over the projected timeframe.
As the various governing authorities get ready to ease these lockdowns globally, the Marine Hybrid Propulsion marketplace will likely grow in line with this.
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