The report on the global marine hybrid propulsion market offers comprehensive insights into the ley growth dynamics, the prevailing regulatory landscape, prominent trends, emerging opportunities, and the competitive landscape in various regions. The in-depth study elaborately assesses the market attractiveness of prominent product segments and major technology advancements in propulsion types.
The steadily rising demand for cleaner and more efficient propulsion systems for water transportation for a variety of vessel types in various parts of the world is a key factor driving the market. The attractiveness of this hybrid propulsion technology is attributed to several advantages such as silent operations, near-zero emissions, and low consumption of fuel.
The global marine hybrid propulsion market stood at US$3278.0 million in 2017 and is projected to expand at a handsome CAGR of 8.9% from 2017 to 2025. The opportunities in the market is estimated to touch US$6484.9 million, vis-à-vis revenue, by the end of the forecast period.
The key propulsion types comprise diesel-electric, serial hybrid systems, and parallel. Of these, the diesel-electric hybrid propulsion systems accounts for the leading share in the market and is expected to hold its sway throughout the assessment period. The widespread demand for diesel-electric is driven by favorable operating power requirements and easy configurability and installation. The potential of this propulsion system to adhere to updated environmental regulations on vessel emissions in several regions stands as a compelling propositions driving the adoption among vessel operators.
Broadly, the various application segments where marine hybrid propulsion finds use are offshore support vessels, tugboats, yacht, cruise ships, defense vessels, and ferries. Of these, the ferries segment leads the pack, driven notably by the widespread adoption of the technology among ferries across Europe. North America is a prominent market for marine hybrid propulsion, owing to substantial uptake in the defense sector. Asia Pacific is projected to offer vast lucrative prospects over the assessment period.
A rise in international trade amongst emerging and developed countries has stoked the demand for efficient water modes of transportation. The rising popularity of the hybrid propulsion as a reliable and environmental-friendly fueling technology for various marine vessels is accentuating the market. The spiraling concerns of global warming is also aiding the adoption of such propulsion technologies. However, the marked volatility of crude oil prices is a crucial concern impeding the growth of the market.
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Nevertheless, the burgeoning defense budget in a number of emerging nations focused on bolstering maritime security and combating sea-based terrorism is a notable factor contributing to the rapid expansion of the market over the forecast period. In addition, the rise in interest in liquefied natural gas as marine propulsion fuel is a robust trend anticipated to accentuate the global market in the coming years.
A substantial portion of the global shares of the marine hybrid propulsion market is divided among a handful of players, who boast prominence mainly on account of their specialized, hard-to-develop technologies. Over the years, the landscape is likely to consolidate further, thereby making the entry of new players increasingly difficult. Top players vying for a sustained shares in the market include SCHOTTEL Group, Caterpillar Inc., Aspin Kemp & Associates, MAN Diesel & Turbo SE, BAE Systems plc, Volvo Penta, Rolls-Royce plc., Siemens AG, and General Electric.
The top players are also banking on advanced hybrid propulsion technologies with better functionalities, which seeks to up the fuel efficiency and lowers emissions in a variety of vessel types. Furthermore, several technology developers and vessel operators are actively entering into collaborations, in a move to consolidate their market shares.