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In marine vessels, propulsion is required to move against natural forces, decelerate stop, and to keep at a standstill position over or under water surface. The primary source of propeller power is the engine, and the amount of power required and revolutions of the propeller depends on the form of the hull of the marine vessel and propeller design.

Marine transportation is an economic and essential substitute of the other transportation modes such as roads, rails, and airways, which are less suitable for bulk international trade. Increase in trade between countries with the water based logistics involving transportation of heavy duty vessels and trade development has created a demand for an efficient marine propulsion system.

In the recent trend the maritime industry is shifting away from diesel and petroleum fuel for propulsion system. Alternate fuel is expected to emerge as a viable option in the multiple sectors, including shipping. Increasing demand for ecofriendly vessels has prompted manufacturers to focus on developing propulsion systems that can utilize alternative fuels. Major players in the marine industry players have increased their contribution toward innovations that adhere to the regional and international regulations on shipping energy and efficiency due to the Paris Agreement and rising concerns about global warming. A shift toward green technology is anticipated to help achieve regulatory and economic incentives and improve energy efficiencies, as the cost of fuel accounts for 25% to 40% of the total operational costs.

The factors which could affect the growth of this market are the design and implementation part of renewable propulsion system. There are technical challenges which are likely to require modifications in the designing and engineering of all renewable propulsion systems. Some factors impacting the design standards are specific power, drivability, emissions, infrastructure support, cost, and energy efficiency of the renewable propulsion systems. Conventional propulsion systems require high energy for marine vessel propulsion, and it is difficult to drive an entire ship only on renewable energy propulsion systems.

Based on marine vessel type, the renewable propulsions for marine vessels market is segregated into passenger cargo ship, bulk carrier, tanker, offshore, and others. The design of propulsion system is based on the type of source used for power generation. For instance, wind generation will change the design on basis of the propeller and lead to a performance challenges while operating under heavy load conditions. The photovoltaic source of power generation offers limited amount of power. Moreover, it has been proved that benefit is available only for auxiliary or the small power requirement only.

Renewable propulsions for marine vessels market can be classified to three types these are wind power, solar power and hybrid propulsion system. The hybrid type propulsions are widely used due to their low emissions, low operational expenditure, and ease of adoption.

In terms on region, the renewable propulsions for marine vessels market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe is predicted to hold a major share of the market during the forecast period, primarily due to the environmental norms and predominant usage of renewable energy.

Key companies operating in the renewable propulsions for marine vessels are Deltamarin, Eco Marine Power, Wartsila, Norsepower, and Smart Green Shipping Alliance Ltd.

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
  • Europe
  • 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?

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.

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Renewable Energy Propulsion Marine Vessels Market

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