Tuesday, 25 October 2022 05:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / October 25, 2022 / Transparency Market Research Inc. - The global marine hybrid propulsion market is anticipated to rise at 8.4% CAGR during the forecast period, from 2019 to 2027. In 2018, the global marine hybrid propulsion market was worth around US$3,550.40 Mn and the market is anticipated to touch value of US$ 7,586.41 Mn 2027. Owing to its efficacy and affordability, hybrid propulsion is increasingly replacing standard fuel-based propulsion in larger numbers. A number of ship operators use renewable energy, such as solar energy as a storage solution in hybrid propulsion technologies. By using stored solar energy at peak times or at night, marine hybrid propulsion systems do not require traditional marine fuel constantly. Use of renewable energy is likely to emerge as recent developments in marine hybrid propulsion market. In addition, future market demand for marine hybrid propulsion is likely to be driven by the switch from standard to hybrid propulsion units.
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In addition, use of hybrid propulsion systems has increased as a result of strict laws aimed at reducing toxic carbon emissions. The increase in seaborne traffic has caused leak of marine fuel into the maritime environment. As such, governments from several nations are sponsoring and encouraging the development and implementation of marine hybrid propulsion technologies.
At the moment, marine hybrid propulsion systems are installed mostly on ferries, which is regarded as the principal end-user. The segment is also anticipated to present immense growth opportunities for the leading players in marine hybrid propulsion market. Ferry operators, particularly those in Europe, are expected to make large investments to install hybrid propulsion systems in their individual vessels. A number of defense agencies in Europe and North America have begun fitting hybrid propulsion technologies in their fleets of ships. Both the regions are expected to present immense growth opportunities for the global marine hybrid propulsion market. These regions are anticipated to be fastest growing market for marine hybrid propulsion in the near future.
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Global Marine Hybrid Propulsion Market: Key Players
Some of the key market players are
- Fairbanks Morse Engine
- Nigata Power Systems Co., Ltd.
- MAN Diesel & Turbo SE
- Masson-Marine S.A.S
- AB Volvo Penta
- Wartsila Corporation
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Global Marine Hybrid Propulsion Market: Segmentation
Propulsion Type
- Diesel-electric
- Parallel Hybrid
- Serial Hybrid
End Use
- Tugboats
- Offshore
- Support Vessels
- Ferries
- Defense Vessels
- Yacht
- Cruise Ships
- Others
Power Rating
- 0-300 kW
- 301-500 kW
- 501-800 kW
- Above 801 kW
Stroke
- Two Stroke
- Four Stroke
RPM
- 0-1,000
- 1,001-2,500
- Above 2,500
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