Marine Hybrid Propulsion Market to proliferate at a notable CAGR of 8.4%
Key Highlights the Global Marine Hybrid Propulsion Market
- The analysts of the Transparency Market Research repot have projected the demand in the global marine hybrid propulsion market to proliferate at a notable CAGR of 8.4% during the forecast period of 2019 to 2027.
- The analysts have also forecasted the opportunities in this market to translate into a revenue of US$7,586.41 Mn by the end of 2027, swelling up from its evaluated worth of US$3,550.40 Mn in 2018.
- Based on propulsion type, the market has been segmented into diesel-electric, serial hybrid, and parallel hybrid, whereas on the basis of end use, the analysts have bifurcated the market into tugboats, ferries, defense vessels, offshore support vessels (OSV’s), yacht, and cruise ships.
- The market has also been classified on the basis of power rating, stroke, and RPM. Geographically, the report highlights Europe as the region that is providing for the maximum demand in the global marine hybrid propulsion market, although the demand from Asia Pacific has been ascribed for an above-average CAGR of 10.8% during the forecast period of 2019 to 2027.
Increased International Trade to Drive Global Marine Hybrid Propulsion Market
- In the recent past, there has been a substantial increment in International trade, which has tremendously added to the demand for modes of water transportation that are cost effective as well as efficient.
- Marine hybrid propulsion not only offer improved fuel efficiency but also adhere to stringent environmental regulations that a number of countries have installed owing to the growing concerns of global warming caused as a result of fossil fuel.
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- The system utilizes the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use. In recent years, marine hybrid propulsion systems have emerged as a reliable method of clean propulsion and a number of vessel categories are utilizing it. In addition to that, increased defense budget by various emerging economies, particularly for sea-based defense and maritime security and gradual adoption of LNG over conventional marine fuels are expected to open new opportunities in the global marine hybrid propulsion market. Moreover, the ease with which these systems can be configured and installed has helped the adoption substantially.
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Volatility of Crude oil Prices to Hamper the Global Marine Hybrid Propulsion Market
- On the other hand, volatility of crude oil prices is the most prominent restraint over the true prosperity of the global marine hybrid propulsion market. 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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Asia Pacific to Offer Lucrative Prospects in Coming Years
- Asia Pacific is likely to emerge as one of the prominent markets for this technology. Highly environment-conscious Europe and North America are expected to lead in the global market for marine hybrid propulsion in the future. On the other hand, the market for marine hybrid propulsion systems in Asia Pacific is still not as developed as in North America and Europe.
- The towage and vessel operators providing services in this region are gradually shifting from conventional diesel to hybrid propulsion systems. Numerous attractive technologically advanced models are expected to be introduced in the future. The marine hybrid propulsion market might witness numerous collaborations between vessel operators and technology developers in the future.
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Major 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.a