In order to gain competitive edge, prominent
players in the global marine hybrid propulsion market are investing
in various research and development activities. This is a major
factor motivating manufacturing companies to achieve product
differentiation, finds Transparency Market Research (TMR) in a new
study. As per reports, conventional hybrid propulsion manufacturing
companies have continued designing hybrid propulsion for tugs and
yachts. In addition, a majority of existing firms are concentrated in
Europe, as the region boasts a sophisticated marine infrastructure.
Despite prevailing competition, companies such as
Caterpillar, Inc., and General Electric have established themselves
as strong market players. These companies enjoy being at the fore on
account of their wide presence across the world and diverse product
portfolio. As expansion strategies, mergers and acquiring established
regional firms have emerged as popular choice for companies. Also
energy-efficient solutions offered by companies such as Siemens AG
and BAE Systems have helped them earn considerable boost.
This 135 page report gives readers a
comprehensive overview of the Marine Hybrid Propulsion market. Browse
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Overall, the global marine hybrid propulsion
market is forecast to exhibit a CAGR of 8.2% between 2016 and 2024.
At this pace, the market’s valuation will reach US$5.25 bn by the
end of 2024, from US$2.65 bn in 2015. By configuration,
diesel-electric systems held dominance with a share of 53.3% in the
overall market in 2015. These systems are easy to configure and
install, which fuels their demand in the market. Regionally, Europe
held the dominant share of 34.60% in the global market in 2015. While
the region is forecast to remain lead through the forecast period,
soon demand from Asia Pacific will surge, steering shift in focus
from Europe to emerging markets.
Marine Hybrid Propulsion Systems to Rank Higher
on Account of their Fuel Efficiency
The marine industry is exploring systems ranking
high on fuel-efficiency. Indigenous diesel mechanical propulsion
systems usually consume the entire volume of installed power to
function on a high power operating mode. Contrary to this, marine
hybrid propulsion systems are connected to energy storage systems.
The paradigm shift from fuel-based conventional systems to marine
hybrid propulsion systems is thus steered by the latter’s fuel
efficiency and cost-effectiveness. “With an increasing number of
ship operators opting for renewable energy over conventional fuel at
a storage option, the demand for marine hybrid propulsion systems is
poised to surge further in the coming years,” said a lead TMR
analyst.
Furthermore, government across the globe have been
proactively aiming towards minimizing carbon emission. Stringent
regulations implemented in this regard will fuel the installation of
hybrid propulsion systems in the marine sector.
Volatility in Crude Oil Prices to Remain a
Major Concern
On the downside, the market is still reeling under
the volatility of crude oil prices. However, this ongoing price
fluctuation has steered the switch from diesel to LNG as the fuel
used in propulsion. Furthermore, the relatively low price of natural
gas and LNG than conventional fuel in Europe and North America has
attracted huge investments in the LNG bunkering infrastructure of
these regions.
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Besides this, the shift from high-carbon to
low-carbon emission systems in the marine sector will give
considerable impetus to the global marine hybrid propulsion market.
Also strict sulfur regulations around ports in Singapore will impel
the industry adopt more fuel-efficient technologies, thus giving the
market significant impetus.
This review is based on information published by
TMR in a report, titled “Marine Hybrid Propulsion Market
(Configuration Analysis - Diesel-electric, Parallel, and Serial;
End-use Analysis - Tugboats & OSVs, Ferries, and Defense Vessels)
- Global Industry Analysis, Size, Share, Growth Trends, and Forecast
2016 - 2024.”
The report segments the global marine hybrid
propulsion market as:
Marine Hybrid Propulsion Market: Configuration
Analysis
- Diesel-electric
- Parallel
- Serial
Marine Hybrid Propulsion Market: End-use
Analysis
- Tugboats & OSVs
- Ferries
- Defense Vessels
- Others
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