Need for marine alternate propulsion
The marine alternate propulsion system is a type of marine vessel engine that is propelled by energy sources other than gasoline and diesel. Conventional energy sources, such as gasoline, diesel, and coal, are finite and are expected to exhaust in the near future. On the other hand, nonconventional energy sources, such as solar, wind, and tidal energy, are available abundantly and can be utilized repeatedly.
All conventional energy sources are chemical compositions of various hydrocarbons and produce pollutant particulate, such as COX, NOX, on combustion, which is harmful for the environment. Therefore, efforts are being taken, globally, to reduce air pollution and improve air quality, which in turn drives the demand for systems or engines that utilize nonconventional energy sources, or engine technology that help reduce emissions. Consequently, this is driving the need for research and development of marine alternate propulsion systems.
Key drivers of global marine alternate propulsion market
- Diesel marine propulsions systems are extensively used, as compared other type of marine propulsion systems. This system is primarily adopted in various marine vessels such as small boats, motor boats, and defense marine vessels. Diesel marine propulsion systems generate high levels of carbon emissions. Various government rules and regulations restrict the usage of these type of systems. For instance, MARPOL Annex VI, which has been a compulsory regulation since 2016. MARPOL Annex VI defines various engine and vessel requirements related to air pollution.
- Nuclear marine propulsion systems are mostly adopted in defense marine vessels. These systems not only propel the ship but also generate electricity for it. The use of nuclear marine propulsion system is restricted to only naval ships owing to national security concerns of the country.
- Nonconventional energy consuming marine propulsion systems, such as wind propulsion and solar propulsion systems, are significantly ecofriendly and cause less carbon emissions. For instance, solar propulsion systems are capable of generating electricity with higher capacitance up to 40 kilowatts (kW), which is utilized for propulsion and does not cause carbon emissions.
- Hydrogen fuel cell marine propulsion system is a highly efficient marine propulsion system in terms of carbon emission. The fuel cell in this system converts chemical energy stored in the cell into electricity through a reaction with atmospheric oxygen. This type of cell does not require charging and can work continuously as long as it is supplied with compatible fuel such as LNG, methanol, or biogas.
- Less carbon emitting technologies are preferred by air pollution regulatory authorities since they comply with rules and regulations. These factors are driving the market for marine alternate propulsion system.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Diesel marine propulsion segment dominates marine alternate propulsion market
- Diesel powered engines generate higher torque and consequently propel the ship at a rapid pace. They also enable ships to carry large cargos over longer distances. New technologies are being developed that would enable diesel marine propulsion systems to reduce carbon emissions. For instance, a turbocharger enables a diesel engine to generate equal amount of power that is generated by a larger engine. The use of turbocharger reduces the size and overall weight of the diesel engine. This is driving the adoption of turbochargers, thereby propelling the diesel marine propulsion segment of the market.
- Solar powered marine vessels use clean energy source that does not emit any carbon emission, while solar energy is available abundantly. This is also attracting investors to invest in further research and development of solar propulsion systems. This, in turn, drives the segment.
Need for large capital investment hampers marine alternate propulsion market
- Marine propulsion by nonconventional energy sources causes less carbon emissions; however, the cost of these technologies is considerably high. Furthermore, extensive research and development requires large capital investment.
- The heavy machinery required for ship building and transportation costs of material required for shipbuilding are also higher. The larger the size of the ship, the more time required to build it. All these factors are hampering the marine alternate propulsion market.
Asia Pacific to dominate global marine alternate propulsion market
- Asia Pacific region dominates the global market for marine alternate propulsion owing to expansion of shipbuilding industries and increase in foreign direct investments that propel research and development in countries, such as China and South Korea, in the region.
- Sea voyage for transporting crude oil from countries in the Middle East to those across Asia Pacific and rest of the world, owing to cheaper transport cost and large cargo carrying capacities, drives the marine alternate propulsion market
Looking for Regional Analysis or Competitive Landscape in Marine Alternate Propulsion Market, ask for a customized report
Key players operating in global marine alternate propulsion market:
The global marine alternate propulsion market is highly concentrated with top manufacturers. A few key players operating in the global marine alternate propulsion market are:
- Fairbanks Morse
- Cummins Inc.
- YANMAR CO., LTD.
- Nigata Power Systems Co., Ltd.
- Rolls-Royce plc
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- DAIHATSU DIESEL MFG. CO., LTD.
- MAN Diesel & Turbo
- Hyundai Heavy Industries Co., Ltd.
Global Marine Alternate Propulsion Market: Research Scope
Global Marine Alternate Propulsion Market, by Type of Marine Vessel
Global Marine Alternate Propulsion Market, by End-use Industry
- Shipping and transport
- Marine Tourism
Global Marine Alternate Propulsion Market, by Technology
- Diesel Propulsion
- Gas Turbine Propulsion
- Wind Propulsion
- Electric Propulsion
- Nuclear Propulsion
- Fuel Cell Propulsion
- Biodiesel Fuel Propulsion
- Solar Propulsion
- Water Jet Propulsion
- Hybrid Propulsion
Global Marine Alternate Propulsion Market, by Manufacturer
Global Marine Alternate Propulsion Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.