Marine Hybrid & Full Electric Propulsion Market

The global marine hybrid & full electric propulsion market is projected to witness a noteworthy rate of 13.6% during the coming years. The enforcement of rigorous norms related to minimization of hazardous carbon emission is fuelling the market growth.

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Marine Hybrid & Full Electric Propulsion Market Dynamics

Marine propulsion is a system required to generate thrust to move ship across water. Full electric propulsion systems improve the overall efficiency and reduce the carbon discharge. The rise in seaborne exchange has resulted in leakage of marine fuel in the marine ecosystem. Thus, the government of several nations are investing and supporting development and adoption of the sophisticated technologies in marine propulsion systems. Various firms are proactively engaged in developing fuel-efficient marine propulsion systems. The enforcement of rigorous norms concerned with the reduction of hazardous carbon emission has propelled the Marine Hybrid & Full Electric Propulsion market size. For example, International Maritime Organization (IMO), in 2020, agreed to draft a ban on the usage and carriage for heavy fuel oil (HFO) in the Arctic. The application of heavy fuel oil (HFO) has been prohibited in Antarctic waters since 2011 which represents the application of oil-based propulsion. Cargo ships dock make use of auxiliary engines that produce SOx, NOx, CO2 and particulate discharges, while creating repulsive noise and vibrations.

However, several oil tankers, container and cruise ships, and cargo vessels operate on heavy diesel oil and consume a huge amount of diesel. The gases have hazardous consequence in the environment like ocean acidifying which may restrain the Marine Hybrid & Full Electric Propulsion market size.

Product Segment Drivers

Based on the product, the hybrid marine propulsion is projected to expand at a faster rate during the forecast period. This is because of its ability to generate more energy in naval vessel. The hybrid propulsion system provides the freedom of being used very precisely using the electric motor, or to offer a substantial bollard pull using the overall energy output of the diesel engines and electric motors combined.

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