Marine Hybrid Propulsion Market

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Marine Hybrid Propulsion Market

• Global Industry Analysis, Size, Share, Growth,
  Trends and Forecast, 2027

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Key Highlights the Global Marine Hybrid
Propulsion Market

• The analysts of the Transparency Market Research
  repot have projected the demand in the
  global marine hybrid propulsion market to
  proliferate at a notable CAGR of 8.4 during the
  forecast period of 2019 to 2027.
• The analysts have also forecasted the
  opportunities in this market to translate into a
  revenue of US7,586.41 Mn by the end of 2027,
  swelling up from its evaluated worth
  of US3,550.40 Mn in 2018.
• Based on propulsion type, the market has been
  segmented into diesel-electric, serial hybrid,
  and parallel hybrid, whereas on the basis of end
  use, the analysts have bifurcated the market into
  tugboats, ferries, defense vessels, offshore
  support vessels (OSVs), yacht, and cruise ships.

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Increased International Trade to Drive Global
Marine Hybrid Propulsion Market

• In the recent past, there has been a substantial
  increment in International trade, which has
  tremendously added to the demand for modes of
  water transportation that are cost effective as
  well as efficient.
• Marine hybrid propulsion not only offer improved
  fuel efficiency but also adhere to stringent
  environmental regulations that a number of
  countries have installed owing to the growing
  concerns of global warming caused as a result 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.  In recent
  years, marine hybrid propulsion systems have
  emerged as a reliable method of clean propulsion
  and a number of vessel categories are utilizing
  it.
• In addition to that, increased defense budget by
  various emerging economies, particularly for
  sea-based defense and maritime security and
  gradual adoption of LNG over conventional marine
  fuels are expected to open new opportunities in
  the global marine hybrid propulsion market.

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Volatility of Crude oil Prices to Hamper the
Global Marine Hybrid Propulsion Market

• On the other hand, volatility of crude oil prices
  is the most prominent restraint over the true
  prosperity of the global marine hybrid propulsion
  market.
• The system utilizes the unused capacity of the
  main diesel engine to generate electricity and
  store it in batteries for later use.

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Major players operating in the global marine
hybrid propulsion market are

• Cummins Inc
• AB Volvo Penta
• Rolls-Royce Plc
• Nigata Power Systems Co., Ltd.
• Fairbanks Morse Engine
• Masson-Marine S.A.S
• Caterpillar Inc.
• BAE Systems plc
• Wartsila Corporation
• MAN Diesel Turbo SE

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