Published on : Jan 30, 2018
Albany, New York, January 30, 2018: A new study, highlighting opportunities in the marine hybrid propulsion market at the global and regional level has been broadcasted to the mega-repository of Market Research Hub (MRH), with the title of “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2017 – 2025”. According to the study, the demand for marine hybrid propulsion systems are gradually evolving as one of the most preferred clean propulsion systems globally and are being used in several vessel categories. Therefore, it is gaining huge momentum in the global market.
Market Overview and Major Insights from the Report
The study offers a holistic perspective on the market’s growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. As per the latest evaluations, the demand in the global marine hybrid propulsion market to flourish at a noteworthy CAGR of 8.9% during the estimation period of 2017-2025. The forecasters have also added that the opportunities in this market to translate into a revenue of US$6484.9 mn by the end of 2025.
One of the foremost advantages of using hybrid propulsion systems is their clean and efficient mechanism, which expressively lowers emissions as compared to conventional propulsion systems. In addition, rising defense budget by various emerging economies, principally for sea-based defense and maritime security and the steady adoption of LNG over conventional marine fuels are estimated to open new prospects in the global marine hybrid propulsion market.
In the recent past, there has been a substantial increment in International trade, which has enormously added to the demand for modes of water transportation that are cost effective as well as resourceful. In this case, Marine hybrid propulsion not only offers enhanced fuel efficiency but also follow to stringent environmental regulations which a number of countries have installed owing to the rising concerns of global warming caused as a result of fossil fuel. At present, Europe and North America are the largest markets for marine hybrid propulsion systems. However, Asia Pacific is expected to appear as one of the prominent markets for this technology.
For a clear understanding of the global market, the market has been analyzed on the basis of propulsion type, end-use, power rating, stroke, RPM, and region. In terms of end-use, the market has been categorized into tugboats, yachts, defense vessels, cruise ships, offshore support vessels, ferries, and others. In terms of power rating, the market has been divided into 0-300 KW, 301-500 KW, 501-800 KW, and above 801 KW. By propulsion type, it covers diesel-electric, parallel, and serial hybrid systems. According to the report, ferries have been renowned as the major end-user in terms of installation of marine hybrid propulsion systems.
Later, in order to provide users of this report with a comprehensive view of the market, analysts have included detailed competitiveness analysis and company players with their SWOT analysis and strategic overview. Significant players in the marine hybrid propulsion market include Volvo Penta, Wartsila, Siemens AG, Rolls-Royce plc, General Electric, BAE Systems plc, MAN Diesel & Turbo SE, etc.
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