Latest TMR Report Explores Impact of COVID-19 Outbreak on Battery Pack for Marine Hybrid & Full Electric Propulsion Market
Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Introduction
The global battery pack for marine hybrid & full electric propulsion market was valued at ~US$ 240 Mn in 2019 and is anticipated to expand at a CAGR of ~9% during the forecast period. Among power ratings, the above 3.5 MW segment held a dominant share of the global battery pack for marine hybrid & full electric propulsion market in 2019, primarily due to high demand from the marine industry. In terms of propulsion type, the hybrid propulsion segment accounted for a major share of the global battery pack for marine hybrid & full electric propulsion market in 2019. This can be ascribed to high adoption of hybrid propulsion systems in retrofit ships. Based on vessel type, the ferries segment constituted a significant share of the global battery pack for marine hybrid & full electric propulsion market in 2019. Demand for hybrid and full electric ferries is high, as they reduce the pollution near port areas and save operational costs.
Among RPMs, the 1,001 RPM – 2,500 RPM segment accounted for a major share of the global battery pack for marine hybrid & full electric propulsion market in 2019. A large number of ferries, tugboats, offshore support vehicles, and defense vehicles have engine capacity ranging from 1,001 RPM to 2,500 RPM. These vessels have significant demand from the marine industry. Hence, 1,001 RPM – 2,500 RPM is expected to be the dominating segment during the forecast period.
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Key Drivers of Battery Pack for Marine Hybrid & Full Electric Propulsion Market
Over the last few years, adoption of hybrid propulsion systems in retrofit ships as well as new ships has significantly increased. This can ascribed to various benefits provided by hybrid propulsion systems. Hybrid propulsion provides high variation in operation modes, which is required to address flexible power demand. This results in increase in overall operational capability of the engine. A propeller can be driven by a diesel engine or an electric motor, which provides a highly redundant and reliable propulsion system. Reduced engine operating costs are led by the optimum use of the main engine and auxiliary gensets. Both the main engine and auxiliary gensets are used to provide the required amount of power, with optimal load and minimal specific fuel oil consumption. This reduces consumption of fuel, leading to reduction in emissions of CO2, SOx and NOx.
Furthermore, vessel operators are using renewable energy, such as solar and wind energy, as power sources while at dock or in sea. The energy is stored in batteries, which can be used during peak hours in marine propulsion systems. This reduces the use of fossil fuel. Hence, increase in the adoption of hybrid and full electric propulsion systems is estimated to boost the global battery pack for marine hybrid & full electric propulsion market in the near future.
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Asia Pacific to Lead Battery Pack for Marine Hybrid & Full Electric Propulsion Market
Asia Pacific led the global battery pack for marine hybrid & full electric propulsion market in 2019 due to rapid industrialization and presence of well-established manufacturing units of major players in automotive, electronics, furniture, plastics, pharmaceutical, garments, and engineering products industries in Asia Pacific. Furthermore, due to industrialization, the disposable income has risen, due to which there is change in the spending pattern. All these factors are expected to propel the global battery pack for marine hybrid & full electric propulsion market during the forecast period. Countries such as China and Japan are expected to dominate the battery pack for marine hybrid & full electric propulsion market in Asia Pacific in the next few years, as these countries have the maximum number of ships in the world. Furthermore, changing government policies to reduce carbon emissions in the region are expected to drive the global battery pack for marine hybrid & full electric propulsion market during the forecast period.
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Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Competition Landscape
The global battery pack for marine hybrid & full electric propulsion market is led by multinational players operating across the globe. Prominent players operating in the global battery pack for marine hybrid & full electric propulsion market are Corvus Energy, Eco Marine Power, Rolls-Royce plc, Nidec Group, and RELiON Batteries.
Global Battery Pack for Marine Hybrid & Full Electric Propulsion Market: Segmentation
Battery Pack for Marine Hybrid & Full Electric Propulsion Market, by Power Rating
- Up to 1 MW
- 1.1 MW – 2 MW
- 2.1 MW – 3.5 MW
- Above 3.5 MW
Battery Pack for Marine Hybrid & Full Electric Propulsion Market, by Propulsion Type
- Hybrid Propulsion
- Full Electric Propulsion
Battery Pack for Marine Hybrid & Full Electric Propulsion Market, by Vessel Type
- Tugboats & OSVs
- Ferries
- Defense Vessels
- Yachts
- Cruise Ships
- Others
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