Hybrid Electric Marine Propulsion Engine Market by Application and Geography - Forecast and Analysis 2020-2024

  • Published: Sep 2020
  • Pages: 120
  • SKU: IRTNTR41625
Technavio

The 2022-2026 version of this report is just being published. Buy it now and get up to $1000 worth of free customization!

Get me the latest version! (includes COVID-19 impact)
Safe and Secure SSL Encrypted
  • 2500.00
  • USD

The hybrid electric marine propulsion engine market size has the potential to grow by $ 418.51 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (commercial and leisure) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., MAN SE, Oceanvolt, Rolls-Royce Plc, and Wärtsilä Corp.

What will be the Hybrid Electric Marine Propulsion Engine Market Size in 2020?

hybrid-electric-marine-propulsion-engine-market-size

Browse TOC and LoE with selected illustrations and example pages of hybrid electric marine propulsion engine market

Request a FREE sample now!

Who are the Major Hybrid Electric Marine Propulsion Engine Vendors?

The hybrid electric marine propulsion engine market is fragmented and dominated by well-established global players. The market is highly capital intensive and poses a stiff challenge to regional players. Small players find it difficult to compete with global vendors in terms of quality, features, functionalities, and services. The introduction of products with new features and innovative technologies is expected to intensify the competition further. With stringent regulations for diesel engines, marine engine manufacturers are focusing on the design and development of engines that run on alternative fuels, such as bio-methane and algal oils, as well as hybrid technologies. Moreover, vendors also focus on mergers and acquisitions to gain a competitive edge over their peers. General Electric Co., MAN SE, Oceanvolt, Rolls-Royce Plc, and Wärtsilä Corp. are some of the major market participants. Although the stringent emission regulations will offer immense growth opportunities, the availability of substitutes and maintenance complexities will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this hybrid electric marine propulsion engine market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this hybrid electric marine propulsion engine market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • AB Volvo
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • General Electric Co.
  • MAN SE
  • Oceanvolt
  • Rolls-Royce Plc
  • Wärtsilä Corp.

Which are the Key Markets for Hybrid Electric Marine Propulsion Engine?

hybrid-electric-marine-propulsion-engine-market-share-by-region

For more insights on the market share of various regions Request for a FREE sample now!

APAC had the largest hybrid electric marine propulsion engine market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The implementation of various regulations across several countries in APAC to control exhaust emissions from marine vessels will significantly influence hybrid electric marine propulsion engine market growth in this region.

58% of the market’s growth will originate from APAC during the forecast period. China and South Korea are the key markets for hybrid electric marine propulsion engine in APAC. Market growth in this region will be slower than the growth of the market in Europe.

What are the Major Application Segments in the Hybrid Electric Marine Propulsion Engine Market?

hybrid-electric-marine-propulsion-engine-market-share-by-distribution-channel

Request for a FREE sample and Get more information on the market contribution of various segments

Factors such as the increased utilization of commercial ships such as cargo and container ships, technological enhancements in commercial ships, and the environmental regulations will contribute to the growth of this industry segment in the coming years.

Market growth in this segment will be slower than the growth of the market in the leisure segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the hybrid electric marine propulsion engine market size.

How will Stringent Emission Regulations Influence Hybrid Electric Marine Propulsion Engine Market Growth?

The implementation of stringent emission regulations like MARPOL to control marine pollution will significantly influence market growth. The rise in environmental pollution has a considerable impact on seas and oceans around the world and is leading to a rise in the emphasis on marine pollution from ships and other seaborne vessels. The International Convention on the Prevention of Pollution from Ships or MARPOL is the major international regulation that addresses the problem of marine pollution caused by ships. The MARPOL has a total of six annexes, each dealing with pollutants that result from accidents or routine operations. Annex VI specifically addresses the problem of air pollution caused by ocean-bound ships. This Annex establishes limits on the emission of nitrogen and mandates vessels to use fuel with lower sulfur content to protect the environment and human health. Initiatives like these are expected to drive the demand for hybrid electric propulsion engines.

The emergence of dual-fuel engines, one of the key hybrid electric marine propulsion engine market trends, will also drive market growth. Dual-fuel engines use both liquid and gaseous fuels for operations. The most important benefit of fuel conversion to natural gas is that it is effective in lowering carbon emissions compared with diesel engines. These engines also offer high energy-efficiency, excellent long-term reliability, torque, and power characteristics, similar to those provided by diesel engines, and offer attractive reductions in operational costs by replacing diesel with gas. Such technological and commercial advancements are likely to be adopted in a wide range of industries and regions and will lead hybrid electric marine propulsion engine market growth. As a result, the market will register a CAGR of over 2% during the forecast period.

hybrid-electric-marine-propulsion-engine-market-report

Request for a FREE sample now!

What are the Key Factors Covered in this Hybrid Electric Marine Propulsion Engine Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive hybrid electric marine propulsion engine market growth during the next five years
  • Precise estimation of the hybrid electric marine propulsion engine market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the hybrid electric marine propulsion engine industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of hybrid electric marine propulsion engine market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • Commercial - Market size and forecast 2019-2024
  • Leisure - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • AB Volvo
  • BAE Systems Plc
  • Beta Marine Ltd.
  • Caterpillar Inc.
  • Cummins Inc.
  • General Electric Co.
  • MAN SE
  • Oceanvolt
  • Rolls-Royce Plc
  • Wärtsilä Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
Interested in this report?
Get your FREE sample now!
The hybrid electric marine propulsion engine market growth will increase by $418.51 million during 2019-2024.
The hybrid electric marine propulsion engine market is expected to grow at a CAGR of 2.14% during 2019-2024.
Technavio has segmented the hybrid electric marine propulsion engine market by application (Commercial and Leisure) and geographic (APAC, Europe, North America, MEA, and South America).
AB Volvo, BAE Systems Plc, Beta Marine Ltd., Caterpillar Inc., Cummins Inc., General Electric Co., MAN SE, Oceanvolt, Rolls-Royce Plc, Wärtsilä Corp. are a few of the key vendors in the hybrid electric marine propulsion engine market.
APAC will register the highest growth rate of 58.13% among the other regions. Therefore, the hybrid electric marine propulsion engine market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Norway
  • South Korea (Republic of Korea)
  • Japan
The key factors driving the hybrid electric marine propulsion engine market growth are:
  • Stringent emission regulations
The hybrid electric marine propulsion engine market vendors should focus on grabbing business opportunities from the commercial segment as it accounted for the largest market share in the base year.
Safe and Secure SSL Encrypted
Technavio

Single User:

2500 USD

Technavio Get the report (PDF) sent to your email within minutes.

Subscribe & Save

Get lifetime access to our
Technavio Insights

Want to customize this report?

This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.

We offer $1000 worth of FREE customization at the time of purchase
Technavio
Enquire Before Buying
  1. Home
  2. Industrials
  3. Published Report
17,000 reports available | Plans starting from just 5,000 USD | Get FREE trial>>