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 systems are being employed in a variety of vessel types and are gradually becoming one of the most popular clean propulsion systems worldwide. Hybrid propulsion systems' clean and effective mechanism, which greatly reduces emissions when compared to conventional propulsion systems, is one of its main benefits. Operators of vessels and towage have made investments in this technology because of features like silent maneuvering, emission-free operations, and lower levels of fuel consumption.

These systems generate power and store it in batteries using the primary diesel engine's unused capacity. Marine hybrid propulsion systems have become a dependable clean propulsion option in recent years, and various vessel types are using them. Additional factors that are anticipated to create new opportunities in the global marine hybrid propulsion market include increased defense spending by several emerging economies, particularly for sea-based defense and maritime security, and the gradual substitution of LNG for conventional marine fuels. The marine hybrid propulsion market systems have been growing gradually over the past several years, and it is anticipated to continue growing steadily over the projected period. A machine that generates thrust to move an object forward is called a propulsion system. Typically, the system contains of a source that produces mechanical power and a propeller that converts this power into propulsive force.

An electric-powered marine ship is now more necessary than ever because of the growing pressure to reduce carbon footprints and fuel consumption. The marine hybrid propulsion market is expanding in part because shipbuilders are putting more of an emphasis on lowering the noise produced by the propulsion systems of marine vessels. Transportation contributed more than 29% of greenhouse gas emissions in the United States in 2019, according to the Environmental Protection Agency (EPA). One of the main drivers of rising greenhouse gas emissions worldwide is the transportation industry. These emissions from transportation are primarily caused by the burning of fossil fuels in ships, planes, trains, and automobiles. Companies like Rolls-Royce is planning to develop a variety of fully integrated MTU hybrid propulsion systems for use in ships, yachts, workboats, ferries, and patrol boats. The systems' power output per powertrain will range from roughly 1,000kW to 4,000kW. By doing this, the business hopes to offer its clients numerous advantages. The propulsion system will be flexible, environmentally friendly, and efficient thanks to the combination of diesel engines, electric motors, and batteries.

US Marine Hybrid Propulsion Market is poised to grow at a sustainable CAGR for the next forecast year.