Global Marine Hybrid Propulsion Market to reach US$4.4 bn by 2022, Low Fuel Consumption Drives Growth.

A research report on the global marine hybrid propulsion market, published by Transparency Market Research (TMR), estimates the market to rise at a CAGR of 8.02% during the period from 2014 and 2022. In 2013, the market reached US$2.24 bn and it is projected to attain a value of US$4.45 bn by the end of the forecast period.The research study is titled “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.”

Marine hybrid propulsion has emerged as one of the cleanest propulsion techniques in the global arena. It has proven to be extremely beneficial for marine vessel operators facing a severe challenge from the volatility of fuel prices. As operating expenses of a vessel create a significant share of fuel charges, efficient fuel technologies such as hybrid propulsion help considerably in reducing the operating expenditure, thereby increasing profit margins.

Hybrid marine propulsion systems consume less fuel than conventional propulsion systems. Owing to this factor, the adoption of hybrid marine propulsion systems is increasing exponentially in shipping companies, resulting in a substantial rise in the global market. In addition to this, the soaring demand for flexible power and design configurations in offshore support vessels and anchor handling systems is likely to propel this market significantly over the forecast period, notes the market study.

In this research report, analysts have studied the global market for marine hybrid propulsion on the basis of configuration, end user, and the region. Based on configuration, the market has been classified into serial hybrid propulsion systems, parallel hybrid propulsion systems, and diesel-electric hybrid propulsion systems. The diesel-electric hybrid propulsion systems segment is expected to dominate the market during the forecast period. Other segments are also anticipated to register healthy growth in their market segment in the near future.

By end user, the research study segments this market into ferries, tugboats and OSVs, defense vessels, and other marine vessels. Ferries have emerged as the leading consumer of marine hybrid propulsion systems across the world owing to extensive usage by ferry operators in coastal areas.

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Regionally, the global marine hybrid propulsion market has been segmented into North America, South and Central America, Asia Pacific, Europe, the Middle East, and Africa. North America and Europe lead the global market for marine hybrid propulsion and are projected to remain the dominant regional markets throughout the forecast period. The market in Asia Pacific is also expected to gain momentum in the coming years, reports the research study.

STEYR MOTORS GmbH, UQM Technologies Inc., SCHOTTEL Group, Alewijnse Holding B.V, Aspin Kemp & Associates, Torqeedo GmbH, Caterpillar Inc., MAN Diesel & Turbo SE, Wärtsilä, Imtech Marine, Rolls-Royce Plc, General Electric, BAE Systems Plc, and Siemens AG are the key participants in the global market for marine hybrid propulsion, states the research report.

The global marine hybrid propulsion market is segmented into:

By Configuration

• Diesel-electric
• Parallel
• Serial

By End User

• Tugboats & OSVs
• Ferries
• Defense Vessels
• Others