Hybrid Vessel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027

Hybrid vessel is a combination of combustion engines with battery control for different types of vessels to save maintenance and extend engine life, while expanding power and performance. Currently, towing boats and bolster vessels are majorly used hybrid vessel types in the marine industry. The shipping industry is a major reason and means of conveyance to trade goods. Large-sized ships and vessels emit high amounts of CO2 and hazardous gases.

The global obligation to increasing pollution and global warming has resulted in the adoption of alternative fuel marine vessels across the globe. Ecological entities and regulatory bodies are implementing stringent rules and laws regarding carbon emissions and disposal of contaminants into the ocean by marine vessels. Marine hybrid vessel is the latest technology employed in the industry to resolve issues related to marine vessel pollution. Emission guidelines set by the International Maritime Organization (IMO) to control sulfur emission from the vessels/ships. Hybrid vessels offers a range of advantages such as emission control and better marine condition, zero emission, high productivity, and flexibility of operations.

Global Hybrid Vessel Market – Competition Landscape

Rolls-Royce plc

Rolls-Royce plc was established in 1904 and is headquartered in Buckingham Gate, London. The company is among the leading manufacturers and suppliers of heavy engines and propulsion engines across the globe. The company manufactures and supplies its products to various industries, including automotive, marine, aerospace, heavy machinery, etc. The product portfolio of Rolls-Royce plc includes marine propulsion systems, civil and military aero engines, and power generation equipment, among others. The company has over 50,000 employees and operations in more than 50 countries worldwide.

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Siemens                             

Siemens was founded in 1847 and is headquartered in Munich, Germany. The company manufactures and offers products and services to multiple industries, such as railways, aerospace, energy, defense, and others. It manufactures products such as power generation equipment, industrial and buildings automation products, railway vehicles, medical equipment, water treatment systems, fire alarms, PLM software, and others. It offers business services, project engineering, financing services, construction services, and others. The company had over 377,000 employees in 2018 across the globe. It has presence in over 200 countries around the world.

General Electric

General Electric was established in 1892. The company is headquartered in Boston, Massachusetts, the U.S. The company is among the leading manufacturers and suppliers of heavy electrical equipment and engines for various industries, including automotive, marine, aerospace, energy, and others. General Electric offers products and services such as aircraft engines, electrical distribution, electric motors, energy, finance, gas, healthcare, lighting, oil, software, water, weapons, wind, turbines, etc., to its customers globally. The company had over 283,000 employees in 2018 globally.

Rise in Marine Transportation and Trade globally

Demand for marine transportation and trade is increasing, owing to an increase in trade between countries globally. Marine vessels are used to transport heavy loads for far-off distances. The size of ships has been increasing consistently, which is leading to rise in fuel consumption by marine vessels. High fuel consumption is resulting in increased emission of carbon compounds into the atmosphere, which is driving the demand for alternative fuel marine vessels. Marine hybrid vessels emit less carbon and are highly efficient.

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