Global Marine Hybrid Propulsion Market revenue is anticipated to reach USD 4,455.88 MILLION by 2022: Transparency Market Research

Transparency Market Research has released a new market report titled Marine Hybrid Propulsion Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 – 2022. According to this report, the global revenue for marine hybrid propulsion systems stood at USD 2,240.00 million in 2013 and is expected to reach USD 4,455.88 million by 2022 at a CAGR of 8.02% from 2014 to 2022. 

Browse Marine Hybrid Propulsion Market Research Report:

Marine engineering companies are committed to developing efficient propulsion technologies. Several technology developers have collaborated with vessel operators to develop propulsion systems which offer increased power density coupled with fuel efficiency. Several major port authorities and maritime organizations have declared emission standards for vessels operating in designated areas. Shipping operators are obligated to comply with emission regulations while operating in those areas. Marine hybrid propulsion system is a cost-efficient option to meet the NOx Emission Control Area (NECA) and Sulfur Emission Control Area (SECA) requirements. The new International Maritime Organization (IMO) regulations on ship emissions are imposed starting in 2015 in Emission Control Areas (ECAs). As marine regulations are being primarily imposed in the coastal regions of Europe and North America, the majority of the development in the hybrid propulsion market is being witnessed only in these regions.

The demand for marine hybrid propulsion systems to be expected globally within the forecast period has been taken as a function of regional government funding, adoption of technology, preference of vessel operators, and enforcement of emission norms. The weightage of these factors was analyzed at regional and at country levels in order to arrive at the possible installations that can be expected in the marine hybrid propulsion market during the forecast period. Regionally, Europe and North America are likely to dominate the market for marine hybrid propulsion systems within the forecast period. However, Asia Pacific is projected to emerge as one of the most lucrative markets in terms of investment growth. Countries such as China and Singapore are expected to lead development activities in this region. Europe has enforced strict sulfur control norms through the declaration of ECAs in the North Sea and Baltic Sea regions. Thus, northern and northwestern Europe host the most hybrid vessels, and the majority of the development is witnessed in inland vessels and small ships operating at ports within ECAs. Hybrid vessels and ships are primarily deployed around major trading hubs and the inland waterways of northern and northwestern Europe due to the enforcement of strict sulfur regulations beginning in 2015. The market for hybrid propulsion technology is also growing extensively in the U.S. and several vessel and towage operators are inclined towards the utilization of this clean propulsion technology.

In Asia Pacific, strong growth in the hybrid propulsion system installations can be expected from both China and Singapore. With countries such as China, Indonesia, and Australia planning to invest in the development of offshore hydrocarbon reserves, significant investments are in turn expected in the hybrid tugboats and offshore support vessels segment. Apart from these regions, South America is also anticipated to witness attractive installation rates, primarily owing to the development of offshore hydrocarbon basins in this region. Major marine technology developers active in the marine hybrid propulsion market are Siemens AG, General Electric, Rolls-Royce plc, BAE Systems plc, Wartsila, and MAN Diesel & Turbo SE. The global market for marine hybrid propulsion systems has been segmented as follows:

Marine Hybrid Propulsion Market: Configuration Analysis
  • Diesel-electric
  • Parallel
  • Serial
Marine Hybrid Propulsion Market: End-use Analysis
  • Tugboats & OSVs
  • Ferries
  • Defense Vessels
  • Others
Marine Hybrid Propulsion Market: Regional Analysis
North America
  • U.S.
  • Rest of North America
  • Norway
  • Netherlands
  • U.K.
  • Rest of Europe
Asia Pacific
  • China
  • Japan
  • Singapore
  • Rest of Asia Pacific
South & Central America
  • Middle East  
  • Africa

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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