Growth Of Marine Hybrid Propulsion Market 2014 – 2022
The global marine hybrid propulsion market to grow at a CAGR of 8.02% during the period between 2014 and 2022. The overall market was worth US$2,240 million in 2013 and is expected to reach a valuation of US$4,455.88 million by 2022.
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Marine hybrid propulsion systems are particularly helpful to marine vessel operators who are challenged by fluctuating fuel prices and growing environmental restrictions. Fuel charges constitute a significant share of a vessel’s operating expenses. Efficient fuel technologies such as hybrid propulsion systems help reduce the operating expenses and increase profit margins. The report points out that the low fuel consumption of hybrid marine propulsion systems as compared to conventional propulsion systems has increased the adoption of hybrid marine propulsion systems by shipping companies. Flexible power and design configuration requirements in offshore support vessels and anchor handling systems will also propel the global marine hybrid propulsion market.
However, the report states that the usage of clean fuel in conventional propulsion systems will significantly impact the adoption of hybrid propulsion systems. The global marine hybrid propulsion market has a huge opportunity to grow with the expansion of emission control areas which will augment the demand for marine hybrid propulsion systems. On the basis of configuration, the report segments the global marine hybrid propulsion market into parallel hybrid, diesel-electric, and serial hybrid. Diesel-electric systems are extensively used and are expected to dominate the market during the forecast horizon. However, serial hybrid and parallel hybrid configurations are estimated to witness significant growth in the near future.
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Depending on the end use, the report categorizes the global marine hybrid propulsion market into ferries, defense vessels, tugboats and offshore support vessels, and others. Marine hybrid propulsion systems are majorly used by ferry operators in coastal areas and inland waterways, owing to stringent emission norms. Tugboats and offshore support vessels are increasingly adopting marine hybrid propulsion systems to improve fuel efficiency. Luxury yachts and small tourist boats are also emerging as major adopters of marine hybrid propulsion systems.
The report studies the marine hybrid propulsion market in four key regions: Europe, North America, Asia Pacific, the Middle East, Africa, and South and Central America. Europe has evolved as a major market for marine hybrid propulsion systems in recent years. Some of the prominent players in the global marine hybrid propulsion market are General Electric, Siemens AG, Imtech Marine, Caterpillar Inc., and BAE Systems.
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The global market for marine hybrid propulsion systems has been segmented as follows:
Marine Hybrid Propulsion Market: Configuration Analysis
Marine Hybrid Propulsion Market: End-use Analysis
- Tugboats & OSVs
- Defense Vessels
Marine Hybrid Propulsion Market: Regional Analysis
Rest of North America
Rest of Europe
Rest of Asia Pacific
South & Central America
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