Marine hybrid propulsion systems are gradually emerging as one of the most preferred clean propulsion systems globally and are being used in several vessel categories. One of the major advantages of using hybrid propulsion systems is their clean and efficient mechanism, which significantly lowers emissions as compared to conventional propulsion systems.
Albany, NY -- (SBWIRE) -- 11/05/2015 -- The marine transportation industry is faced with the challenge of reducing its carbon footprint, creating a supportive environment for the growth of marine hybrid propulsion systems. The ability of marine hybrid propulsion systems to offer vessels with a clean and efficient propulsion mechanism is their greatest advantage. This report studies hybrid propulsion systems of various configurations used in marine vessels. The report makes extensive use of primary and secondary research techniques to gather and extrapolate data to form a complete, accurate market study.
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With the use of Porter's Five Forces analysis model, the report offers detailed insights into the future industry structure as well as bargaining power of buyers, suppliers, consumers, and competitors. The report analyzes the current status of the global marine hybrid propulsion systems market from the standpoint of revenue. To delve deeper, the report segments the market on the basis of criteria such as configuration of the hybrid propulsion system, geography, and end-users.
From a geographical perspective, the report analyzes North America, Europe, Asia Pacific, and Rest of the World. Each of these segments have been sub-segmented on the basis of national markets. By end-use, the market studies ferries, tugboats and OSVs, defense vessels, and other types of vessels. Likewise, the report studies hybrid propulsion systems based on the following configurations: Parallel, serial, and diesel-electric.
There are several attributes that make marine hybrid propulsion systems the preferred choice in the marine transportation industry today. As more and more vessel owners and operators adopt cleaner, more efficiency hybrid propulsion systems, it is expected that the marine hybrid propulsion systems market will register a CAGR of 8.02% between 2014 and 2022. By switching over to hybrid propulsion systems, vessel owners can insulate their operations against fluctuating fuel prices and the environmental regulations that are increasingly turning the heat on conventional fuel sources.
While these factors will prove to be the greatest growth stimulators for the global market for marine hybrid propulsion system, there are also a few restraints that players will have to grapple with. For instance, some vessel owners show a preference for the use of clean fuel in conventional propulsion systems rather than refitting the entire propulsion system. Nevertheless, the expansion of sea routes deemed as emission control areas (ECAs) will bring several opportunities for the growth and expansion of the marine hybrid propulsion market.
Europe currently represents the largest market for marine hybrid propulsion systems. Asia Pacific, however, lags behind both Europe and the North America region in the global market for marine hybrid propulsion systems. Ferry operators in inland and offshore marine routes exhibit the highest demand for marine hybrid propulsion systems. But the adoption of marine hybrid propulsion systems is also increasingly seen in offshore support vessels and tugboats as they strive to achieve operational efficiency. The other types of marine vessels where hybrid propulsion systems are being adopted are small tourist boats and luxury yachts.
Companies Mentioned in the Report
The report covers companies such as Siemens AG, Caterpillar Inc., Imtech Marine, General Electric, and BAE Systems.
The global market for marine hybrid propulsion systems has been segmented as follows:
Marine Hybrid Propulsion Market: Configuration Analysis
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