Marine Hybrid Propulsion Market
Marine Hybrid Propulsion Market (Product Type - Diesel-electric, Parallel Electric, and Serial Hybrid; End Use - Tugboats, Offshore Support Vessels, Ferries, Defense Vessels, Yacht, and Cruise Ships; Power Ratings - 0-300 kW, 301-500 kW, 501-800 kW, and Above 801 kW; Stroke - Two Stroke and Four Stroke; RPM - 0-1,000 rpm, 1,001-2,500 rpm, and Above 2,500 rpm) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2019 - 2027
Press Release :
Description of Global Marine Hybrid Propulsion Market
- Marine hybrid propulsion systems are gradually emerging as one of the most preferred clean propulsion systems globally and are being used in several vessel categories. One of the major advantages of using hybrid propulsion systems is their clean and efficient mechanism, which significantly lowers emissions as compared to conventional propulsion systems. Features such as silent maneuvering, emission-free operations, and lower degrees of fuel consumption have prompted vessel and towage operators to invest in this technology.
- Development of the technology originating from the hybrid automotive industry has assisted technology developers in designing efficient and economical marine hybrid propulsion systems. Marine hybrid propulsion systems are designed to use two independent drive systems for propulsion: a diesel engine and an electric motor, where electric power is generally stored in batteries or a super capacitor. The system utilizes the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use.
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Shift from Conventional to Hybrid Propulsion Units to Drive Global Marine Hybrid Propulsion Market
- The switch from fuel-based conventional propulsion to the environment-friendly hybrid variety is increasing owing to the latter’s efficiency and cost-effectiveness. Multiple ship operators are utilizing renewable energy including solar energy as a storage option in hybrid propulsion systems. In marine hybrid propulsion systems, stored solar energy is used during peak hours or at night, eliminating the round-the-clock need for conventional marine fuel
- Coupled with Stringent regulations related to minimization of harmful carbon emissions have propelled the demand for hybrid propulsion systems. The growing seaborne trade has resulted in the spillage of marine fuel into the marine ecosystem. Thus, governments of several countries are funding and supporting development and adoption of marine hybrid propulsion systems.
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Volatility in crude oil prices to Hamper Global Marine Hybrid Propulsion Market
- Marine hybrid systems utilize diesel, a byproduct of crude oil, for propulsion. Volatility in crude oil prices has resulted in a switch from diesel to LNG. The relatively low price of natural gas and LNG compared to diesel in North America and Europe has attracted investments in LNG bunkering infrastructure in these regions.
Europe and North America Highly Lucrative Region Global Marine Hybrid Propulsion Market
- Currently, ferries have been recognized as the major ends-user in terms of installation of marine hybrid propulsion systems. Ferry operators, especially in Europe, are anticipated to invest substantial amounts for the installation of hybrid propulsion systems in their respective vessels.
- The European Union has also supported upgrade of ferries as all vessels traversing through or operating in European waters have to reduce sulfur emissions from 2015. Defense vessels are anticipated to be one of the most prominent end-user segment in terms of future hybrid propulsion installations.
- Several defense organizations in Europe and North America have started installing hybrid propulsion systems in the respective vessels operated by them. The typical operating profile for naval destroyers and military vessels includes a significant amount of time voyaging at low speed. In such operating modes, electrical propulsion motors can be used to meet the vessel’s power requirement which significantly reduces emissions and saves fuel.
Recent Developments in Global Marine Hybrid Propulsion Market
- By the end of 2020, Rolls-Royce is planning to bring in to the market a range of completely integrated MTU hybrid propulsion systems for ships, yachts, workboats, ferries and patrol boats. The propulsion systems will have a power range extending from around 1,000kW-4,000kW per powertrain. By this the company aiming to provide significant benefits to customers. The combination of diesel engines and electric motors, in addition to batteries, will provide efficiency, environmental compatibility and the flexibility of the propulsion system.
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Global Marine Hybrid Propulsion Market is Highly Competitive
- The global marine hybrid propulsion market is highly consolidated. Very few players hold a significant share of the global marine hybrid propulsion market.
- Major players operating in the global marine hybrid propulsion market are
- Cummins Inc
- AB Volvo Penta
- Rolls-Royce Plc
- Nigata Power Systems Co., Ltd.
- Fairbanks Morse Engine
- Masson-Marine S.A.S
- Caterpillar Inc.
- BAE Systems plc
- Wartsila Corporation
- MAN Diesel & Turbo SE
Global Marine Hybrid Propulsion Market- Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global marine hybrid propulsion market, to accurately gauge its future growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for future growth of the global marine hybrid propulsion market in order to identify opportunities for stakeholders. The report also provides insightful information about how the global marine hybrid propulsion market would expand during the forecast period i.e. 2019–2027.
The report offers intricate dynamics about different aspects of the global marine hybrid propulsion market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global marine hybrid propulsion market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global marine hybrid propulsion market and estimates statistics related to the market in terms of value (US$ Mn) and volume (units).
This study covers detailed segmentation of the global marine hybrid propulsion market along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global marine hybrid propulsion market, wherein various development, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Global marine hybrid propulsion market
The report provides detailed information about the global marine hybrid propulsion market on the basis of comprehensive research on various factors that are playing a key role in accelerating growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which type segment of the global marine hybrid propulsion market would emerge as a revenue generator for the market during the forecast period?
- How are key market players successfully earning revenues in the global marine hybrid propulsion market?
- What would be the Y-o-Y growth trend of the global marine hybrid propulsion market between 2019 and 2027?
- What are the winning imperatives of leading players operating in the global marine hybrid propulsion market?
Research Methodology – Global Marine Hybrid Propulsion Market
The research methodology adopted by analysts for compiling the report on the global marine hybrid propulsion market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Global marine hybrid propulsion market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of the data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the Global marine hybrid propulsion market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the Global marine hybrid propulsion market.
Global Marine Hybrid Propulsion Market– Segmentation
TMR’s research study assesses the global marine hybrid propulsion market based on propulsion type, end-use, power rating, stroke, RPM and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects for the global marine hybrid propulsion market.
Above 801 kW
Middle East & Africa