Showing posts with label SYSTEMS. Show all posts
Showing posts with label SYSTEMS. Show all posts

Marine Hybrid Propulsion Market- Positive Long-Term Growth Outlook 2022

The global market for marine hybrid propulsion is expected to possess a medium degree of competition till 2022. There exist a number of small-scale manufacturers that operate in key regional markets, along with players such as BAE Systems Plc., Caterpillar Inc., and Aspin Kemp & Associates that operate on a global front.
These key players are able to provide products and services across a large regional span and show a consolidated effort towards development of marine hybrid propulsion technologies.
According to a publication by Transparency Market Research, the threat of new entrants is expected to go down over time, owing to the presence of patented technology and the high level of brand loyalty that consumers show towards the prominent names in the market.
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The global market for marine hybrid propulsion has been expanding at a CAGR of 8.02% in revenue from 2014 to 2022. This revenue is expected to reach US$2.77 bn by the end of 2016 and US$4.45 bn by the end of 2022.
Diesel-electric marine hybrid propulsion systems are expected to continue being the leading segment in terms of system configuration, albeit a small drop in market value from the past. By the end of 2022, US$2.24 bn in revenue is expected to be generated from the demand for marine hybrid propulsion systems.
Europe to Continue Leading Marine Hybrid Propulsion Demand
Europe and North America have respectively been the top consumers of marine hybrid propulsion systems in the recent past and are expected to remain at their top two positions till 2022.
Although Europe is expected to continue holding the leading positions, it may lose share to North America over the coming years. This does not imply a reduction in demand in Europe, but rather an increase in investments made by APAC and North America in marine hybrid propulsion. By the end of 2022, Europe is expected to take up 31.42% of the market value for marine hybrid propulsion systems.
Growing Need to Improve Fuel Efficiency Pushes Demand for Marine Hybrid Propulsion
“The cost of fuel is one of the larger chunks of any vessel operator’s bill. Add to that the volatility in fuel prices, operators are compelled to look for options that can help them reduce fuel consumption as much as possible,” states a TMR analyst. This implies the use of marine hybrid propulsion systems to make the best of the given power input.
The pressure on vessel operators to cut down their emissions is also very high in developed economies from North America and Europe. Regulatory norms are getting more and more stringent and emission norms in all fields have to be followed. The ECAs imposed by the IMO in 2015, for instance, reduced the maximum emission of sulfur from the previous 0.5% to 0.1%. Using marine hybrid propulsion technology is one of the best ways for most small and medium scale vessel operators to follow these norms.
Usage of Clean Fuels in Conventional Propulsion Systems to Pose High Threat to Marine Hybrid Propulsion
While advancements in the marine hybrid propulsion technologies are certainly paving the way for their increased implementation, similar advancements are being made in the adoption of clean fuels. Modern clean fuels are designed so that they can be used in conventional marine propulsion systems. This provides vessel operators an extremely cheap option over the installation of marine hybrid propulsion systems.
The threat of clean fuels in conventional propulsion systems on marine hybrid propulsion is expected to increase over time.
“There is still a large opportunity for marine hybrid propulsion companies through the new ECA declarations. ECAs are currently implemented in North American waters and are expected to be put into action across the Gulf of Mexico, the Sea of Japan, the Turkish Straits, and the Strait of Malacca over the coming years. The stringency of ECAs will most likely push vessel operators towards investing in marine hybrid propulsion systems,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Marine Hybrid Propulsion Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022.”
Key Takeaways:
Europe is expected to accrue US$1.40 bn in marine hybrid propulsion systems by 2022, leading their regional demand.
Diesel-electric marine hybrid propulsion systems expected to generate US$2.24 bn globally by 2022.
US$1.72 bn expected to be generated by marine hybrid propulsion system providers through demand from ferries by 2022.
Key segments of the Global Marine Hybrid Propulsion Market
Global Marine Hybrid Propulsion Market, by Configuration
Diesel-electric
Parallel Hybrid
Serial Hybrid
Global Marine Hybrid Propulsion Market, by End-users
Ferries
Tugboats and OSVs
Defense Vessels
Others
About TMR
Transparency Market Research (TMR) is a 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. TMR’s 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.