Albany, NY -- (SBWIRE) -- 07/07/2015 -- 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.

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The primary beneficiaries of the flexibility of marine hybrid propulsion systems are marine vessels with several varying load profiles. Vessel operators are facing several operational challenges in the face of growing environmental restrictions and fluctuating fuel prices. Investment in marine hybrid propulsion systems is an effective means to meet the current marine operating requirements. Fuel charges account for a significant share of a vessel's operating expenditure. As a result, shipping liners are adopting efficient fuel technologies such as hybrid propulsion to increase profit margins. In this report, marine vessels have been broadly segmented into four categories on the basis adoption of marine hybrid propulsion systems. Tugboats and offshore support vessels, ferries, defense vessels, and other vessels (others) are the major segments considered in this report. The others segment primarily comprises luxury boats, yachts, and autonomous underwater vehicles.

Currently, ferry operators are the major adopters of marine hybrid propulsion systems across the world. These vessels primarily operate in coastal areas and inland waterways, where emission norms are more stringent than in deep-sea areas. Tugboats and offshore support vessels have been identified as among the most lucrative segments in terms of investment in marine hybrid propulsion technology. Tugboats are among the essential vessels used primarily within port limits to maneuver large vessels. These boats are designed to perform a wide variety of tasks across the entire power spectrum. It has been observed that tugboats and offshore support vessels operate at low engine load most of the time. Marine hybrid propulsion systems are designed to take advantage of the duty cycle variability, which ultimately improves the fuel efficiency of the tugboat and offshore support vessels. Luxury yachts and small tourist boats are also emerging as one of the major adopters of marine hybrid propulsion systems. As a result, several yacht and boat designers are developing new hybrid models to attract more investment in this market.

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In terms of configuration, the market has been segmented into three categories as diesel-electric, parallel, and serial hybrid systems. Diesel-electric systems are the most widely used technology configuration in the marine hybrid propulsion market. However, this configuration does not strictly fit the criteria of marine hybrid propulsion system, as there is no facility for the storage of electric energy in this system. Although diesel-electric configuration continues to remain the dominant product type in this market, parallel and serial systems are anticipated to witness attractive growth rate in the future. Some of the major companies operating in this market are Siemens AG, General Electric, Rolls-Royce plc, BAE Systems plc, MAN Diesel & Turbo SE, Caterpillar Inc., Aspin Kemp & Associates, and SCHOTTEL Group. Overall, the investment outlook for the marine hybrid propulsion market is positive globally with a slightly greater preference for tugboats and ferry installations.

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

Europe
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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