Marine Parallel Hybrid Propulsion Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Marine Parallel Hybrid Propulsion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Parallel Hybrid Propulsion Global Market Report 2024, The marine parallel hybrid propulsion market size is expected to see rapid growth in the next few years. It will grow to $1.52 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to increasing demand for environmentally friendly propulsion systems, increasing demand for investment in the oil and gas sector, increasing demand from consumers and businesses, increasingly stringent global regulations on emissions and marine pollution, and long-term operational cost savings. Major trends in the forecast period include technological advancements, advancements in battery technology, growing trend of retrofitting older vessels, implementation of advanced digital technologies, and internet of things (IoT), and adoption of eco-friendly technologies.

The increase in maritime transportation is expected to propel the growth of the marine parallel hybrid propulsion market going forward. Maritime transportation refers to transporting goods, passengers, or cargo by sea using ships, boats, or other watercraft. The increase in maritime transportation is driven by economic, technological, and logistical factors supporting global trade and financial integration. Marine parallel hybrid propulsion systems represent a sustainable and technologically advanced solution for modern maritime transportation, addressing environmental concerns and operational efficiency demands in the marine industry. For instance, in September 2023, according to UN Trade Development, a Switzerland-based intergovernmental organization, maritime trade grew 2.4% in 2023 and is expected to grow by more than 2% between 2024 and 2028. Therefore, the rise in maritime transportation drives the marine parallel hybrid propulsion market.

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The marine parallel hybrid propulsion market covered in this report is segmented –

1) By Component: Power Management System, Gearbox, Battery, Generator, Internal Combustion Engine (ICE), Electric Motor, Other Components
2) By Ship Type: Tanker, Passenger Ship, Container Ship, Fishing Vessel, Yacht, Cruise Ship, Other Ship Types
3) By Operation Type: Serial Hybrid Propulsion System, Parallel Hybrid Propulsion System
4) By Installation: Line Fit, Retrofit
5) By End-User: Commercial Shipping, Naval Applications, Recreational Boating, Other End-Users

Major companies operating in the marine parallel hybrid propulsion market are focused on developing innovative products such as next-gen hybrid propulsion systems. A next-generation hybrid propulsion system combines the advantages of traditional combustion engines with electric propulsion. It typically consists of a combustion engine working alongside an electric motor and batteries. This setup allows for greater efficiency, reduced emissions, and flexibility in power delivery, making it suitable for various marine applications. For instance, in November 2021, BAE Systems, a UK-based technology company, launched its HybriGen power and propulsion system, a next-generation power and propulsion system for the marine market. This system utilizes compact and lightweight components designed for marine vessels, offering flexibility to achieve zero emissions. It enhances electrical efficiency and vessel range, boosts propulsion power, and streamlines installation. Its modular accessory power system and power control system are customizable, enabling tailored solutions to meet the diverse power and propulsion needs of vessels such as sailboats, tugs, and passenger ferries.

The marine parallel hybrid propulsion market report table of contents includes:

1. Executive Summary
2. Marine Parallel Hybrid Propulsion Market Characteristics
3. Marine Parallel Hybrid Propulsion Market Trends And Strategies
4. Marine Parallel Hybrid Propulsion Market – Macro Economic Scenario
5. Global Marine Parallel Hybrid Propulsion Market Size and Growth
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32. Global Marine Parallel Hybrid Propulsion Market Competitive Benchmarking
33. Global Marine Parallel Hybrid Propulsion Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Parallel Hybrid Propulsion Market
35. Marine Parallel Hybrid Propulsion Market Future Outlook and Potential Analysis
36. Appendix