The latest report on Marine Hybrid Propulsion Market by Infinium Global Research gives complete coverage of the Marine Hybrid Propulsion Market by propulsion type (full, parallel, serial hybrid, gas turbine), transport (fishing, defense vessels, ferries), power rating (0-300, 301-500, 501-800 kW), end user (cruise ships, offshore Support, tugboats, yacht), application (commercial, logistics) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Marine Hybrid Propulsion such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing Trade of Resources Such as Coal, Crude Oil, Iron, and Steel is Done Through Large Vessels
A hybrid vehicle can achieve propulsion using a fuelled power source for e.g. a diesel engine or through a stored energy source, which is a battery bank and electric motor. Hybrid propulsion systems can be differentiated between configurations, where the diesel engines and the E-motors work in parallel on the propeller. The main applications of marine hybrid propulsion market are in offshore vessels and navy applications.
Offshore patrol ships are good examples of ships that are equipped with the hybrid propulsion system. Patrol ships can be operated at low speeds by the electric motor and at a high power demand by the main engine. Moreover, Anchor Handling Tug Supply vessels are good examples of offshore ships with highly flexible power demand and per consequence, different operation modes, and sailing speeds.
Increasing trade of resources such as coal, crude oil, iron, and steel is done through large vessels. These 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.
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LNG Over Conventional Marine Fuels is Expected to Open New Opportunities in the Global Marine Hybrid Propulsion Industry
The number of countries has 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.
Among the geographies, 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.
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- Comprehensive analysis of global as well as regional markets of the Marine Hybrid Propulsion.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.