Marine Hybrid & Full Electric Propulsion Market: Covid-19 Impact, Driving Opportunities and Global Industry Analysis
Marine Hybrid & Full Electric Propulsion Market: Introduction
In terms of value, the global marine hybrid & full electric propulsion market is
expected to reach US$ 7.8 Bn by 2030, expanding at
a CAGR of ~9% during the forecast period. Based on volume, the
global marine hybrid & full electric propulsion market is estimated to
reach 975 units by 2030, expanding at a CAGR
of ~9% during the forecast period. Based on propulsion, the hybrid
propulsion segment dominated the global marine hybrid & full electric
propulsion market in 2019. The segment was valued at US$
2,857.9 Mn in 2019 and is expected to create an
incremental opportunity of US$ 4,434.3 Mn during the
forecast period. This can be ascribed to the increase in incorporation of
hybrid propulsion systems in old as well as new marine vessels. In terms of end
use, the ferries segment held a significant share of the global marine hybrid
& full electric propulsion market in 2019. It is likely to
continue its dominance during the forecast period. Market share of the segment
is anticipated to rise to 33.36% by 2030. Demand
for ferries is high across the world, as they can carry passengers as well as
vehicles.
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In terms of power rating, the 2.1 MW – 3.5 MW segment dominated the
global marine hybrid & full electric propulsion market in 2019. The
segment constituted prominent share of 46.23% of the global marine
hybrid & full electric propulsion market in 2019. The segment
was valued at US$ 1,388.7 Mn in 2019 and is
projected to reach US$ 3,555.4 Mn by 2030. Based
on RPM, the 1,001 RPM – 2,500 RPM segment accounted for
significant share of 65.03% of the global marine hybrid &
full electric propulsion market in 2019. The segment is anticipated
to create an incremental opportunity of US$ 2,773.4 Mn during
the forecast period. The demand for tugboats, yachts, ferries, and cruise ships
with RPM of 1,001 RPM – 2,500 RPM has been
rising since the past few years, due to increase in sea trade and tourism.
In terms of fuel, the diesel segment led the global marine hybrid &
full electric propulsion market with 76.74% share in 2019. The
segment is anticipated to create an incremental opportunity of US$
3,683.2 Mn during the forecast period. Diesel is a commonly used fuel
in the marine industry, due to its ease of availability and cost-effectiveness.
Asia Pacific is projected to be a highly lucrative region of the global marine
hybrid & full electric propulsion market during the forecast period. Asia
Pacific held 40.81% share of the global marine hybrid &
full electric propulsion market in 2019. The market in the region
is likely to create an incremental opportunity of US$ 1,225.8 Mn during
the forecast period.
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Major Drivers of Marine Hybrid & Full Electric
Propulsion Market
The implementation of stringent government regulations to reduce carbon
emissions across the globe is likely to boot the demand for marine hybrid &
full electric propulsion during the forecast period. Ships run on bunker fuel,
which causes high level of pollution. Furthermore, greenhouse gases are a major
concern across the globe. Every year, air pollutants such as carbon monoxide,
nitrogen oxide, sulfur oxide, and particulate matter are released in large
amounts into the environment. Governments of various countries across the world
are enacting rules and regulations to reduce pollution. For instance:
·
In 2017,
the U.S. Government and the Government of Canada passed bills to formulate
fuel-sulfur limits and NOx emissions in emission control areas in North
America. These areas include coastal waters of up to 200 nautical
miles from coasts of Alaska and Hawaii.
·
Vessels
entering these areas must meet the requirement that fuel-sulfur concentrations
should not exceed 0.10 weight%. Engines above 130 kW installed on vessels built
since 2000 must be certified to meet appropriate emission
standards corresponding to the building date of vessels. Engines installed on
new and modified vessels are subject to the Annex VI Tier III NOx standards.
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From January 1, 2020, member countries of the European
Union have to ensure that ships in all European Union waters use fuels with sulfur
content of no more than 0.5%. Furthermore, all ships passing
through these NOx emission control areas must use defined mandatory engine
standards or equivalent NOx emission reduction technologies to comply with
stringent NOx emission levels. Hybrid and full electric vessels can play a
major role in reducing pollution, as these vessels run on electricity. Thus,
implementation of stringent government regulations to lower emissions is
estimated to drive the global marine hybrid & full electric propulsion market
during the forecast period.
Prominent Developments in Global Marine Hybrid
& Full Electric Propulsion Market
On July 16, 2020, BAE Systems announced that it had been
awarded a US$ 32 Mn prototype agreement by the U.S. Army’s
Rapid Capabilities and Critical Technologies Office (RCCTO) to integrate a
Hybrid Electric Drive (HED) system onto a Bradley Fighting Vehicle. The company
also announced, along with its teammate QinetiQ that it will use an existing
Bradley Fighting Vehicle as the test bed for integrating the HED technology
under the Combat Vehicle Power and Energy architecture and mobility
capabilities development program. In June 2020, Caterpillar
announced that it had acquired select assets from Marble Robot, Inc., a San
Francisco, California-based robot and autonomy technology solutions company. It
also declared that the acquisition was part of the company’s automation and
autonomy strategy and demonstrates commitment to the next generation of jobsite
solutions.
Competition Landscape of Marine Hybrid & Full
Electric Propulsion Market
The market dynamics are dependent on long-term contracts, goodwill of
companies, and product portfolio. Large number of shipping companies operate in
the marine hybrid & full electric propulsion market. However, shipping
companies prefer hybrid or full eclectic prolusion system, due to changing
pollution norms and better fuel efficiency. Major players operating in the
global marine hybrid & full electric propulsion market are Cummins
Inc, General Electric, Caterpillar, BAE Systems, AB Volvo, IHI Power Systems
Co.,Ltd., Fairbanks Morse, Masson Marine, Wärtsilä Corporation, Rolls-Royce
plc., STEYR MOTORS GmbH , MAN Diesel & Turbo SE, and Torqeedo
GmbH.
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