Marine Hybrid Propulsion Market Estimated to Reach US$ 5,252.5 Mn by 2024; Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024
ALBANY, New York, April 3, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024. According to this report, the global revenue for marine hybrid propulsion systems stood at US$ 2,653.4 Mn in 2015 and is expected to reach US$ 5,252.5 Mn by 2024 at a CAGR of 8.2% from 2016 to 2024.
A combination of engines, generators, battery banks, and electric motors facilitates the propulsion of marine hybrid propulsion systems. The year-on-year growth in inter-state, intra-state, and cross-border trade activities has triggered the demand for marine ships. Thus, the increasing number of marine ships utilized for several operation inside and outside the country has boosted the demand for fuel-efficient hybrid propulsion systems.
The primary beneficiaries of the flexibility of marine hybrid propulsion systems are marine vessels with several varying load profiles. Vessel operators are facing several operational challenges in the face of growing environmental restrictions and fluctuating fuel prices. Investment in marine hybrid propulsion systems is an effective means to meet the current marine operating requirements. Fuel charges account for a significant share of a vessel's operating expenditure. As a result, shipping liners are adopting efficient fuel technologies such as hybrid propulsion to increase profit margins.
Research Report: http://www.transparencymarketresearch.com/marine-hybrid-propulsion-market.html
Factors driving the demand for marine hybrid systems are growing seaborne trade, raw material prices, increasing investments in shipping industries, and regulations and policies to minimize carbon emissions in different regions. Technological advancements have made hybrid propulsion systems an attractive option for marine vessel operators. Features such as silent maneuvering, emission-free operations, and limited fuel consumption have prompted vessel and towage operators to invest in this technology. Enforcement of strict emission standards and the increasing need for effective propulsion solutions in ferries and tugboats are factors likely to motivate technology developers to invest in this market.
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The marine hybrid propulsion market has been segmented into three categories: configuration, end-use, and region. In terms of configuration, the marine hybrid propulsion market has been classified into diesel-electric, parallel hybrid, and serial hybrid. In terms of end-use, the market has been segregated into tugboats & OSV's, ferries, defense vessels, and others. Diesel-hybrid configuration accounted for more than 50% share in the years 2015. Currently, ferry operators are the major adopters of marine hybrid propulsion systems which accounted to more than 40% in the year 2015. Tugboat is one of the essential vessels utilized primarily within port limits to maneuver large vessels. These boats are designed to perform a wide variety of tasks across the entire power spectrum. It has been observed that tugboats and offshore support vessels operate at low engine load most of the time. Luxury yachts and small tourist boats are also emerging as one of the major adopters of marine hybrid propulsion systems. As a result, several yacht and boat designers are developing new hybrid models to attract more investment in this market.
The yachting industry is evolving rapidly and is moving toward the utilization of more sustainable and economic propulsion systems. Usage of hybrid propulsion systems in yachts is rising significantly, as these vessels cruise below their top speeds for a major portion of their operating time. Defense vessels and other end-users, such as underwater vehicles (AUV), workboats, private and tourist yachts, and fishing boats, are estimated to expand at higher growth rate compared to ferries and tugboats & OSV's. The year-on-year increase in the manufacture of defense vessels, workboats, and private yachts is projected to propel the demand for marine hybrid propulsion systems during the forecast period. Furthermore, Developed and developing countries are investing significantly in the defense sector. This is likely to boost the utilization of defense vessels, thereby, augmenting the demand for marine hybrid propulsion systems.
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Diesel-electric systems are the most widely used technology configuration in the marine hybrid propulsion market. However, this configuration does not strictly fit the criteria of marine hybrid propulsion system, as there is no facility for the storage of electric energy in this system. Although diesel-electric configuration continues to remain the dominant product type in this market, parallel and serial systems are anticipated to witness attractive growth rate in the future. Some of the major companies operating in this market are Siemens AG, General Electric, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE among others. Overall, the investment outlook for the marine hybrid propulsion market is positive globally with a slightly greater preference for tugboats and ferry installations. The global market for marine hybrid propulsion systems has been segmented as follows:
Marine Hybrid Propulsion Market: Configuration Analysis
- Diesel-electric
- Parallel
- Serial
Marine Hybrid Propulsion Market: End-use Analysis
- Tugboats & OSVs
- Ferries
- Defense Vessels
- Others
- Marine Hybrid Propulsion Market: Regional Analysis
- North America
- U.S.
- Rest of North America
- Europe
- Norway
- Netherlands
- U.K.
- Rest of Europe
- Asia Pacific
- China
- Japan
- Singapore
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
- Latin America
- Brazil
- Rest of Latin America
- North America
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