Hybrid Electric Marine Propulsion Market – 57% of Growth to Originate from APAC |Driven by Stringent Emission Regulations | 17000+ Technavio Reports – Press Release

NEW YORK, April 7, 2022 /PRNewswire/ — The hybrid electric marine propulsion engine market is set to grow by USD 923.76 million at a CAGR of 4.43% from 2021 to 2026, according to the latest research report from Technavio. 57% of the market’s growth will originate from APAC during the forecast period. China, South Korea, Japan, and Norway are the key markets for the hybrid electric marine propulsion engine market in APAC. Market growth in this region will be slower than the growth of the market in Europe. The need for reducing carbon emissions will facilitate the hybrid electric marine propulsion engine market growth in APAC over the forecast period.

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Hybrid Electric Marine Propulsion Engine Market – Scope

The hybrid electric marine propulsion engine market covers the following areas:

Hybrid Electric Marine Propulsion Engine Market – Drivers & Challenges

The stringent emission regulations are one of the key drivers supporting the hybrid electric marine propulsion engine market growth. The demand for goods and raw materials is rising in emerging economies, owing to the increasing population in these countries. This is increasing the demand for large vessels such as cargo ships, containers, or bulkers. The large size of shipping vessels is critical in achieving better trade efficiency and has a direct impact on the growth of the volume of goods that are ferried in one trip. Such growth in seaborne trade and the increasing number of marine vessels are leading to an increase in carbon emissions. Moreover, the increasing focus on reducing marine emissions and stringent emission regulations are increasing the adoption of marine vessels with gas turbine propulsion and hybrid-electric propulsion systems, which emit low carbon emissions. Such factors are expected to positively impact the global hybrid electric marine propulsion engine market during the forecast period.

However, the availability of substitutes and maintenance complexities are some of the factors hindering the hybrid electric marine propulsion engine market growth. The limited knowledge of vessel operators about hybrid-electric propulsion systems and the lack of skilled service personnel have increased the complexity of the maintenance and repair of hybrid electric marine propulsion engines. Furthermore, with the rapidly evolving battery technologies, the maintenance complexity is increasing. For instance, conventional lead-acid batteries used in hybrid electric marine propulsion engines are getting replaced by lithium-ion batteries, which increases installation complexity during retrofitting. Although advances in battery designs are easing the installation process, uncertainty over the development of marine battery technology and the lack of technical know-how is expected to hinder the adoption of hybrid electric marine propulsion engines during the forecast period.

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Segmentation Analysis

The hybrid electric marine propulsion engine market is segmented by application (commercial and leisure) and geography (APAC, Europe, North America, the Middle East and Africa, and South America). 

Technavio report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

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Companies Mentioned

The hybrid electric marine propulsion engine market is fragmented and the vendors are deploying growth strategies such as quality, features, functionalities, and services to compete in the market.

• ABB Ltd.
• Aspin Kemp and Associates Inc.
• BAE Systems Plc
• Beta Marine Ltd.
• Caterpillar Inc.
• Cummins Inc.
• Elco Motor Yachts
• FNM Marine Diesel Engine
• General Electric Co.
• IHI Corp.
• Kawasaki Heavy Industries Ltd.
• Kongsberg Gruppen ASA
• Korindo Energy
• Leonardo DRS Inc.
• MAN Energy Solutions SE
• Oceanvolt
• RENK GmbH
• TRANSFLUID S.p.A.
• Twin Disc Inc.
• Wartsila Corp.

The hybrid electric marine propulsion engine market forecast report by Technavio offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

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Key Topics Covered:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Incremental Growth
• Exhibit 07: Executive Summary – Data Table on Incremental Growth
• Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 09: Parent market
• Exhibit 10: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 11: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 12: Market segments

• 3.4 Market outlook: Forecast for 2021-2026
• Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ million)
• Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ million)
• Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
• Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary
• Exhibit 17: Five forces analysis – Comparison between2021 and 2026

• 4.2 Bargaining power of buyers
• Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers
• Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants
• Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes
• Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry
• Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition
• Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments
• Exhibit 24: Chart on Application – Market share 2021-2026 (%)
• Exhibit 25: Data Table on Application – Market share 2021-2026 (%)

• 5.2 Comparison by Application
• Exhibit 26: Chart on Comparison by Application
• Exhibit 27: Data Table on Comparison by Application

• 5.3 Commercial – Market size and forecast 2021-2026
• Exhibit 28: Chart on Commercial – Market size and forecast 2021-2026 ($ million)
• Exhibit 29: Data Table on Commercial – Market size and forecast 2021-2026 ($ million)
• Exhibit 30: Chart on Commercial – Year-over-year growth 2021-2026 (%)
• Exhibit 31: Data Table on Commercial – Year-over-year growth 2021-2026 (%)

• 5.4 Leisure – Market size and forecast 2021-2026
• Exhibit 32: Chart on Leisure – Market size and forecast 2021-2026 ($ million)
• Exhibit 33: Data Table on Leisure – Market size and forecast 2021-2026 ($ million)
• Exhibit 34: Chart on Leisure – Year-over-year growth 2021-2026 (%)
• Exhibit 35: Data Table on Leisure – Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Application
• Exhibit 36: Market opportunity by Application ($ million)

6 Customer Landscape

• 6.1 Customer landscape overview
• Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

• 7.1 Geographic segmentation
• Exhibit 38: Chart on Market share by geography 2021-2026 (%)
• Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

• 7.2 Geographic comparison
• Exhibit 40: Chart on Geographic comparison
• Exhibit 41: Data Table on Geographic comparison

• 7.3 APAC – Market size and forecast 2021-2026
• Exhibit 42: Chart on APAC – Market size and forecast 2021-2026 ($ million)
• Exhibit 43: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Chart on APAC – Year-over-year growth 2021-2026 (%)
• Exhibit 45: Data Table on APAC – Year-over-year growth 2021-2026 (%)

• 7.4 Europe – Market size and forecast 2021-2026
• Exhibit 46: Chart on Europe – Market size and forecast 2021-2026 ($ million)
• Exhibit 47: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Chart on Europe – Year-over-year growth 2021-2026 (%)
• Exhibit 49: Data Table on Europe – Year-over-year growth 2021-2026 (%)

• 7.5 North America – Market size and forecast 2021-2026
• Exhibit 50: Chart on North America – Market size and forecast 2021-2026 ($ million)
• Exhibit 51: Data Table on North America – Market size and forecast 2021-2026 ($ million)
• Exhibit 52: Chart on North America – Year-over-year growth 2021-2026 (%)
• Exhibit 53: Data Table on North America – Year-over-year growth 2021-2026 (%)

• 7.6 Middle East and Africa – Market size and forecast 2021-2026
• Exhibit 54: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
• Exhibit 55: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
• Exhibit 56: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
• Exhibit 57: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)

• 7.7 South America – Market size and forecast 2021-2026
• Exhibit 58: Chart on South America – Market size and forecast 2021-2026 ($ million)
• Exhibit 59: Data Table on South America – Market size and forecast 2021-2026 ($ million)
• Exhibit 60: Chart on South America – Year-over-year growth 2021-2026 (%)
• Exhibit 61: Data Table on South America – Year-over-year growth 2021-2026 (%)

• 7.8 China – Market size and forecast 2021-2026
• Exhibit 62: Chart on China – Market size and forecast 2021-2026 ($ million)
• Exhibit 63: Data Table on China – Market size and forecast 2021-2026 ($ million)
• Exhibit 64: Chart on China – Year-over-year growth 2021-2026 (%)
• Exhibit 65: Data Table on China – Year-over-year growth 2021-2026 (%)

• 7.9 US – Market size and forecast 2021-2026
• Exhibit 66: Chart on US – Market size and forecast 2021-2026 ($ million)
• Exhibit 67: Data Table on US – Market size and forecast 2021-2026 ($ million)
• Exhibit 68: Chart on US – Year-over-year growth 2021-2026 (%)
• Exhibit 69: Data Table on US – Year-over-year growth 2021-2026 (%)

• 7.10 Norway – Market size and forecast 2021-2026
• Exhibit 70: Chart on Norway – Market size and forecast 2021-2026 ($ million)
• Exhibit 71: Data Table on Norway – Market size and forecast 2021-2026 ($ million)
• Exhibit 72: Chart on Norway – Year-over-year growth 2021-2026 (%)
• Exhibit 73: Data Table on Norway – Year-over-year growth 2021-2026 (%)

• 7.11 South Korea – Market size and forecast 2021-2026
• Exhibit 74: Chart on South Korea – Market size and forecast 2021-2026 ($ million)
• Exhibit 75: Data Table on South Korea – Market size and forecast 2021-2026 ($ million)
• Exhibit 76: Chart on South Korea – Year-over-year growth 2021-2026 (%)
• Exhibit 77: Data Table on South Korea – Year-over-year growth 2021-2026 (%)

• 7.12 Japan – Market size and forecast 2021-2026
• Exhibit 78: Chart on Japan – Market size and forecast 2021-2026 ($ million)
• Exhibit 79: Data Table on Japan – Market size and forecast 2021-2026 ($ million)
• Exhibit 80: Chart on Japan – Year-over-year growth 2021-2026 (%)
• Exhibit 81: Data Table on Japan – Year-over-year growth 2021-2026 (%)

• 7.13 Market opportunity by geography
• Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

• 8.3 Impact of drivers and challenges
• Exhibit 83: Impact of drivers and challenges in 2021 and 2026

9 Vendor Landscape

• 9.2 Vendor landscape
• Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption
• Exhibit 85: Overview on factors of disruption

• 9.4 Industry risks
• Exhibit 86: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered
• Exhibit 87: Vendors covered

• 10.2 Market positioning of vendors
• Exhibit 88: Matrix on vendor position and classification

• 10.3 BAE Systems Plc
• Exhibit 89: BAE Systems Plc – Overview
• Exhibit 90: BAE Systems Plc – Business segments
• Exhibit 91: BAE Systems Plc – Key offerings
• Exhibit 92: BAE Systems Plc – Segment focus

• 10.4 Beta Marine Ltd.
• Exhibit 93: Beta Marine Ltd. – Overview
• Exhibit 94: Beta Marine Ltd. – Product / Service
• Exhibit 95: Beta Marine Ltd. – Key offerings

• 10.5 Caterpillar Inc.
• Exhibit 96: Caterpillar Inc. – Overview
• Exhibit 97: Caterpillar Inc. – Business segments
• Exhibit 98: Caterpillar Inc. – Key offerings
• Exhibit 99: Caterpillar Inc. – Segment focus

• 10.6 Cummins Inc.
• Exhibit 100: Cummins Inc. – Overview
• Exhibit 101: Cummins Inc. – Business segments
• Exhibit 102: Cummins Inc. – Key offerings
• Exhibit 103: Cummins Inc. – Segment focus

• 10.7 Elco Motor Yachts
• Exhibit 104: Elco Motor Yachts – Overview
• Exhibit 105: Elco Motor Yachts – Product / Service
• Exhibit 106: Elco Motor Yachts – Key offerings

• 10.8 FNM Marine Diesel Engine
• Exhibit 107: FNM Marine Diesel Engine – Overview
• Exhibit 108: FNM Marine Diesel Engine – Product / Service
• Exhibit 109: FNM Marine Diesel Engine – Key offerings

• 10.9 General Electric Co.
• Exhibit 110: General Electric Co. – Overview
• Exhibit 111: General Electric Co. – Business segments
• Exhibit 112: General Electric Co. – Key news
• Exhibit 113: General Electric Co. – Key offerings
• Exhibit 114: General Electric Co. – Segment focus

• 10.10 MAN Energy Solutions SE
• Exhibit 115: MAN Energy Solutions SE – Overview
• Exhibit 116: MAN Energy Solutions SE – Product / Service
• Exhibit 117: MAN Energy Solutions SE – Key offerings

• 10.11 Oceanvolt
• Exhibit 118: Oceanvolt – Overview
• Exhibit 119: Oceanvolt – Product / Service
• Exhibit 120: Oceanvolt – Key offerings

• 10.12 Wartsila Corp.
• Exhibit 121: Wartsila Corp. – Overview
• Exhibit 122: Wartsila Corp. – Business segments
• Exhibit 123: Wartsila Corp. – Key news
• Exhibit 124: Wartsila Corp. – Key offerings
• Exhibit 125: Wartsila Corp. – Segment focus

11 Appendix

• 11.2 Inclusions and exclusions checklist
• Exhibit 126: Inclusions checklist
• Exhibit 127: Exclusions checklist

• 11.3 Currency conversion rates for US$
• Exhibit 128: Currency conversion rates for US$

• 11.4 Research methodology
• Exhibit 129: Research methodology
• Exhibit 130: Validation techniques employed for market sizing
• Exhibit 131: Information sources

• 11.5 List of abbreviations
• Exhibit 132: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Email: media@technavio.com
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