Marine Hybrid Propulsion Market Size, Share, Growth Analysis, By Type(Diesel-Electric, Gas-Electric, Fully Electric), By Deadweight(Less Than 5K DWT, 5K-10K DWT, More Than 10K DWT), By Ship Type(Anchor Handling Tug Supply (AHTS) Vessel, Platform Supply Vessel (PSV), Yachts, Motor Ferry), By Application(Commercial, Logistics, Offshore Drilling, Naval), By Region - Industry Forecast 2024-2031

Marine Hybrid Propulsion Market was valued at USD 3.83 billion in 2019, and it is expected to reach a value of USD 8.97 billion by 2031, at a CAGR of more than 10.49% over the forecast period (2024-2031).

marine hybrid propulsion market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd. (Switzerland)', 'BAE Systems (UK)', 'Caterpillar Inc. (US)', 'General Electric Company (US)', 'MAN Diesel & Turbo SE (Germany)', 'Mitsubishi Heavy Industries, Ltd. (Japan)', 'Rolls-Royce plc (UK)', 'Schottel GmbH (Germany)', 'Siemens AG (Germany)', 'Steyr Motors GmbH (Austria)', 'Torqeedo GmbH (Germany)', 'Wartsila Corporation (Finland)'

Growing shipbuilding industry demand for electric propulsion technology. Generally speaking, merchant ships, recreational boats, and naval ships all use marine hybrid propulsion. Diesel and gas turbines are used in the electric propulsion system. Three-phase electricity is primarily generated by diesel generators. It provides electric motors for propeller rotation. By eliminating the need for gearboxes and clutches, electric propulsion technology helps to reduce the unpleasant noise made by marine engines. This is anticipated to support the growth of the marine hybrid propulsion market.

Due to rising disposable income and people's growing propensity to spend money on maritime leisure activities, the maritime tourism industry has been expanding over time. Luxury yachts and passenger cruise ships are now being used more frequently as a result of this. One of the main trade associations for the cruise industry, Cruise Lines International Association (CLIA), claimed in its report that the cruise sector has been growing steadily over the years. The report also notes that, with a 7 percent increase in passenger numbers, cruising played a significant role in international tourism. This may favour the market growth in future.

marine hybrid propulsion market is dominated by Europe and the region is expected to experience significant growth during the forecast period. Because of growing public concern for the environment and government initiatives to support electrically powered transportation modes, Germany has emerged as a significant contributor to market growth in Europe. In addition, it is predicted that the rising demand for electric recreational and leisure vessels in the region's fishing, water sports, and marine tourism will fuel market expansion. Due to the increased number of ships brought on by the booming international seaborne trade, the demand for propulsion systems and propellers increased throughout Europe.