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Marine hybrid propulsion market to grow at a CAGR of 8.02% from 2014 to 2022
Transparency Market Research has released a new market report titled “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.
Published 14 September 2015
According to a recent market research report published by Transparency Market Research, the global marine hybrid propulsion market is expected to be boosted by the increasing investments by shipping companies in fuel-efficient and clean fuel systems. The report, titled “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022”, estimates the global marine hybrid propulsion market to grow at a CAGR of 8.02% during the period between 2014 and 2022. The overall market was worth US$2,240 million in 2013 and is expected to reach a valuation of US$4,455.88 million by 2022.
Marine hybrid propulsion systems are particularly helpful to marine vessel operators who are challenged by fluctuating fuel prices and growing environmental restrictions. Fuel charges constitute a significant share of a vessel’s operating expenses. Efficient fuel technologies such as hybrid propulsion systems help reduce the operating expenses and increase profit margins. The report points out that the low fuel consumption of hybrid marine propulsion systems as compared to conventional propulsion systems has increased the adoption of hybrid marine propulsion systems by shipping companies. Flexible power and design configuration requirements in offshore support vessels and anchor handling systems will also propel the global marine hybrid propulsion market.
However, the report states that the usage of clean fuel in conventional propulsion systems will significantly impact the adoption of hybrid propulsion systems. The global marine hybrid propulsion market has a huge opportunity to grow with the expansion of emission control areas which will augment the demand for marine hybrid propulsion systems. On the basis of configuration, the report segments the global marine hybrid propulsion market into parallel hybrid, diesel-electric, and serial hybrid. Diesel-electric systems are extensively used and are expected to dominate the market during the forecast horizon. However, serial hybrid and parallel hybrid configurations are estimated to witness significant growth in the near future.
Depending on the end use, the report categorizes the global marine hybrid propulsion market into ferries, defense vessels, tugboats and offshore support vessels, and others. Marine hybrid propulsion systems are majorly used by ferry operators in coastal areas and inland waterways, owing to stringent emission norms. Tugboats and offshore support vessels are increasingly adopting marine hybrid propulsion systems to improve fuel efficiency. Luxury yachts and small tourist boats are also emerging as major adopters of marine hybrid propulsion systems.
The report studies the marine hybrid propulsion market in four key regions: Europe, North America, Asia Pacific, the Middle East, Africa, and South and Central America. Europe has evolved as a major market for marine hybrid propulsion systems in recent years. Some of the prominent players in the global marine hybrid propulsion market are General Electric, Siemens AG, Imtech Marine, Caterpillar Inc., and BAE Systems.
Browse the full Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022 report at http://www.transparencymarketresearch.com/marine-hybrid-propulsion-market.html
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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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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