Pune, India -- (SBWIRE) -- 08/30/2018 -- Applications in offshore vessels and navy to promote growth in the marine hybrid propulsion market

Increasing trade of resources such as coal, crude oil, iron, and steel is done through large vessels. This large vessels containing high volume resources are driven through marine hybrid propulsion market.In addition, continuous development in the marine industry along with growing ship owner preferences for high fuel-efficient features are boosting the growth of the marine hybrid propulsion market. Furthermore, marine hybrid propulsion not only offers improved fuel efficiency but also adhere to stringent environmental regulations. The number of countries have adopted marine hybrid systems owing to the growing concerns about global warming caused because of fossil fuel. The system utilizes the unused capacity of the main diesel engine to generate electricity and store it in batteries for later use. This, in turn, has opened several doors of opportunity for the key players in the marine hybrid propulsion market over the upcoming years. On the other hand, increased the defense budget by various emerging economies, particularly for sea-based defense and maritime security. and the gradual adoption of LNG over conventional marine fuels is expected to open new opportunities in the global marine hybrid propulsion market.

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Europe region to contribute to growth in the global marine hybrid propulsion market

Europe dominated the marine hybrid propulsion market in terms of revenue followed by North America. The European Union has also supported the upgrade of ferries, as all vessels navigating through in European waters have to reduce sulfur emissions from 2015. The Asia Pacific is the most lucrative market for marine hybrid propulsion. The growth in the Asia Pacific region is due to the deployment of the advanced marine hybrid propulsion system in the newly built ships. On the other hand, the exchange of crude oil for the most part of the Middle East nations to Asia Pacific regions is another factor driving the growth of the Asia Pacific regions.

Marine-i event highlights the opportunities in hybrid marine propulsion

In Feb 2018- Professor Chris Hodge, President of IMarEST, gave a presentation on "Completing the Electric Warship." Chris gave a detailed overview of the potential future use of hybrid and electric technology by the Navy, as well as the development of more advanced weaponry, such as high-powered lasers. Worldwide marine trade growth is expected to increase by 40% by 2030, with the demand for energy supply expanding by 45%, which is likely to bring further focus on environmental legislation, given the challenges of climate change.

Volvo Penta Unveils Hybrid Marine Propulsion Concept

In June 2018-, Volvo Penta has unveiled a hybrid concept for its IPS propulsion system. The electric-only mode allows entry into environmentally sensitive zones, as well as offering enhanced onboard comfort and boat handling characteristics. Volvo Penta's announcement will provide electrified power solutions for both land and sea by 2021, the company has revealed details of a hybrid-powered Inboard Performance System (IPS) concept.

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Report Highlights:

The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global marine hybrid propulsion market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of marine hybrid propulsion market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the marine hybrid propulsion market   that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the marine hybrid propulsion market   to understand the present and future trends in this market and formulate their strategies accordingly.

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