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Marine Hybrid & Full Electric Propulsion Market: Overview
Marine propulsion is used to generate thrust in order to propel a boat and ship across water. The arrangement of the entire propulsion system relies on the type of operation, system of transport, and size of the vessel. Diesel marine propulsion system is common type of marine propulsion system. However, almost all types of vessels such as recreational vessels, defense vessels, yachts, ferries, and tugboats employ hybrid systems to move. Diesel-electric marine propulsion systems are increasingly used in marine vessels. Extensive usage of the system is expected to boost the global hybrid & full electric marine propulsion market. The generator is directly linked with the engine in the full electric marine propulsion system. This type of marine propulsion system is capable of enhancing the efficiency of the vessel. Additionally, it is environment friendly, as it reduces the overall carbon footprint in the environment. The environment-friendly factor of the system is likely to propel the global hybrid & full electric marine propulsion market in the near future. Demand for marine hybrid & full electric propulsion is expected to increase in the near future, due to various factors such as stringent regulations of governments to lower greenhouse gases and carbon emission in and around coastal areas; fuel efficiency; and long-term cost-effectiveness.
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Increase in Adoption of Hybrid Propulsion Systems in Retrofit Ships to Drive Global Market
Adoption of hybrid propulsion systems in retrofit ships has been increasing significantly since the past few years. This can be ascribed to various benefits provided by hybrid propulsion systems. Hybrid propulsion provides high variation in operation modes. This helps address flexible power demand, resulting in an increase in the overall operational capability of the engine. A propeller can be driven by a diesel engine or an electric motor, which provides a highly reliable propulsion system. Reduced engine operation leads to optimum use of the main engine and auxiliary gensets. The main engine and auxiliary gensets are used to provide the required amount of power, with optimal load and minimal specific fuel oil consumption. This reduces the consumption of fuel, leading to a reduction in emission of CO2, SOx, and NOx. Vessel operators are using sources of renewable energy, such as solar and wind energy, while at dock or in sea. The energy is stored in batteries, which can be utilized during peak hours in marine propulsion systems. This decreases the usage of fossil fuel. Thus, increase in adoption of marine hybrid & full electric propulsion system in retrofit ships is estimated to boost the global marine hybrid & full electric propulsion market in the near future.
Significant Rise in Sea Trade to Boost Marine Hybrid & Full Electric Propulsion Market
Significant increase in industrialization and globalization has boosted sea trade. It is highly effective and is low cost of transportation. Therefore, governments of various countries are promoting exports by developing world-class infrastructure in port areas. More than
merchant ships are trading internationally, transporting various types of cargo. The number of bulk carriers stood at around
The number of crude oil tankers stood at about 7,400 units, while the number of container ships in the world stood at about
2019 . These numbers are expected to rise in the near future due to increase in sea trade. Global seaborne trade stood at more than
20,000 million tons , in terms of volume, in
2019 . Asia Pacific is the leading region in terms of sea trade. More than 11 billion tons of goods were transported in the region in
This trend is anticipated to continue over the next few years. This, in turn, is projected to drive the global marine hybrid & full electric propulsion market in the near future.
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High Initial Investments and Inadequate Infrastructure to Hamper Marine Hybrid & Full Electric Propulsion Market
Installation of necessary equipment suitable for hybrid or full electrical propulsion entails additional costs in retrofit ships. Furthermore, the cost of batteries required to store the electricity and set it up for the propulsion system is high. For instance, the battery system costs seven times more than that of a normal diesel engine. These batteries require additional space, which can increase the dead weight of the ship. This, in turn, is hampering the marine hybrid & full electric propulsion market. Limited number of charging cycles of battery is also a key factor that discourages the use of batteries in marine vessels. Limited number of charging would lead to replacement of the battery pack, as the cost of these batteries is high. This would hinder the operational cost of shipping companies. This, in turn, is projected to adversely affect the marine hybrid & full electric propulsion market. Limited or no charging infrastructure exists for these batteries in several developing and underdeveloped countries. Port authorities as well as ship owners require additional investments for charging stations. Developed countries such as the U.S., and Canada, and some countries in Europe possess onshore marine power from where ships can charge batteries that are installed for marine hybrid & full electric propulsion. Thus, high initial investments and inadequate infrastructure for charging are projected to hamper the global marine hybrid & full electric propulsion market during the forecast period
Innovation in Propulsion Systems to Provide Opportunities for Marine Hybrid & Full Electric Propulsion Market
Increase in awareness about air pollution and its effects on the environment as well as human beings have compelled companies to seek more environment-friendly and cost-effective solutions for the global shipping industry Currently, companies are investing significantly in alternate solutions such as LNG, hydrogen, biofuel, and electric propulsion. For instance:
In In terms of full electric vessels, currently, companies are focusing on improving battery capacities and reducing battery size. This can be beneficial for the marine industry, as the dead weight of batteries would reduce. Companies are also emphasizing on increasing the number of charging cycles of batteries. This would be also beneficial for the marine industry, as the cost of batteries is high and frequent replacement increases operational costs. Thus, innovation in propulsion systems is expected to offer lucrative opportunities to the global marine hybrid & full electric propulsion market during the forecast period
December 2019 , Kawasaki Heavy Industries Ltd. introduced the world's first liquefied hydrogen carrier in Japan. This ship uses hydrogen, which can be produced using water and electricity, and subsequently stored and shipped and re-used to generate power. However, hydrogen is volatile and flammable.
Recent Developments, Expansions, Acquisitions, and New Contracts in Marine Hybrid & Full Electric Propulsion Market
June 2020 , Cummins Inc. announced that the B6.7 and L9 Performance Series Power Units would feature new engine power take-off (PTO) capabilities to support key applications such as cranes, crushers, and screeners. Cummins Inc.'s power units are available from 75 – 503kW (100 – 675hp) as a complete and ready-made package. These comprise engine, exhaust after-treatment system, radiator and cooling system, and auxiliaries such as mounting feet, hoses, and an air cleaners. In
December 2019 , AB Volvo announced that it had contributed to a project with shipyard Concordia Damen and operator Sendo Shipping to deliver the Sendo Liner, the first battery-hybrid inland barge. The Sendo Liner is a 110m inland container ship operating routes between the North of the Netherlands and the Port of Rotterdam.
Asia Pacific Highly Lucrative Region of Global
marine hybrid & full electric propulsion market
Asia Pacific is projected to be a highly lucrative region of the global marine hybrid & full electric propulsion market during the forecast period. Investments in the shipping industry have increased significantly in the region over the past few years, due to rise in sea trade in countries such as China and Japan. This is expected to boost the marine hybrid & full electric propulsion market in Asia Pacific. North America is also a key region in terms of adoption of alternate marine power, as it helps lower greenhouse gas emissions. Countries in the region have enacted stringent rules to reduce air pollution in coastal areas. North America is estimated to be a lucrative region of the global marine hybrid & full electric propulsion market during the forecast period.
Intense Competition in Global Marine Hybrid & Full Electric Propulsion Market
The global marine hybrid & full electric propulsion market is highly competitive. Shift in demand from conventional diesel propulsion to hybrid and full electrical in the shipping industry has prompted companies to develop new products and focus on R&D to provide more efficient systems. The marine hybrid & full electric propulsion market is dominated by international players. A few regional companies also function in the global marine hybrid & full electric propulsion market. Key players present in the global marine hybrid & full electric propulsion market are
Cummins Inc. AB Volvo IHI Power Systems Co.,Ltd. General Electric Caterpillar BAE Systems Fairbanks Morse Masson Marine Wärtsilä Corporation Rolls-Royce plc STEYR MOTORS GmbH MAN Diesel & Turbo SE Torqeedo GmbH
Marine Hybrid & Full Electric Propulsion Market – Scope of the Report
The latest study collated and published analyzes the historical and present-day scenario of the global marine hybrid & full electric propulsion market in order to accurately gauge its growth potential. The study presents detailed information about important drivers, restraints, and key trends that are creating a landscape for growth of the global marine hybrid & full electric propulsion market in order to identify opportunities for market stakeholders. The report also provides insightful information about how the global marine hybrid & full electric propulsion market would expand during the forecast period of 2022 to 2031.
The report offers intricate dynamics about different aspects of the global marine hybrid & full electric propulsion market, which aids companies operating in the market in making strategic decisions. The study also elaborates on significant changes that are anticipated to configure growth of the global marine hybrid & full electric propulsion market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global marine hybrid & full electric propulsion market and estimates statistics related to the market in terms of volume (units) and value (US$ Mn).
This study covers detailed segmentation of the global marine hybrid & full electric propulsion market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global marine hybrid & full electric propulsion market, wherein various developments, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in the Report on Marine Hybrid & Full Electric Propulsion Market
The report provides detailed information about the global marine hybrid & full electric propulsion market on the basis of comprehensive research on various factors that are playing a key role in accelerating growth of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the market so as to help them design successful strategies and make target-driven decisions.
Which segments of the global marine hybrid & full electric propulsion market would emerge as key revenue generators for the market during the forecast period? How are major market players successfully earning revenues in the global marine hybrid & full electric propulsion market? What would be the Y-o-Y growth trend of the global marine hybrid & full electric propulsion market between 2020 and 2030? What are the winning imperatives of leading players operating in the global marine hybrid & full electric propulsion market?
Research Methodology – Marine Hybrid & Full Electric Propulsion Market
The research methodology adopted by analysts for compiling the report on the global marine hybrid & full electric propulsion market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global marine hybrid & full electric propulsion market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global marine hybrid & full electric propulsion market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global marine hybrid & full electric propulsion market.
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