Marine Hybrid Propulsion System Market Size to Grow at a CAGR of 6.5% till 2023 | with Wartsila Corp, Mitsubishi Heavy Industries, Ltd., Torqeedo GmbH, Steyr Motors GmbH, MAN Diesel & Turbo SE, Schottel GmbH, Rolls-Royce plc

The global marine hybrid propulsion system market is expected to grow at ~6.5% CAGR during the forecast period. Marine hybrid propulsion comes along with benefits such as, silent running at low speeds, which is perfect for overnight travel. Marine hybrid propulsion is also widely used for emission-free running in harbors & marinas. It also subsequently provides speed boost at propulsion full power. Marine hybrid propulsion also allows for a highly flexible layout on board, as generators do not need to be positioned near the propeller shafts. This permits the engine room to be positioned anywhere on board, rather than placing it in the center of the hull where the comfort levels are typically greatest. Hybrid systems, therefore, are efficient and provide significant cost savings, while addressing two of the largest comfort issues on board, noise and vibration.

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Prominent Players:

The key players of global marine hybrid propulsion system market are General Electric Company (U.S.), Siemens AG (Germany), Caterpillar Inc. (U.S.), BAE Systems (U.K), Wartsila Corporation (Finland), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo GmbH (Germany), Steyr Motors GmbH (Austria), ABB Ltd. (Switzerland), MAN Diesel & Turbo SE (Germany), Schottel GmbH (Germany) and Rolls-Royce plc (U.K.).

Segmental Analysis:

Global marine hybrid propulsion system market has been segmented based on type, deadweight, ship type and application and region.

Based on type, the market has been segmented as diesel-electric, gas-electric, and others. Among these the diesel-electric type system, is projected to dominate the marine hybrid propulsion system market through 2023. The dominant position of this segment can be attributed to the highly fuel efficient and silent propulsion operation. Also, it is cost-effective to be installed in the new vessel.

Based on the deadweight, the market has been segmented into Less Than 5K DWT, 5K-10K DWT and More Than 10K DWT. 5K-10K DWT dominated the market in 2016 and is projected to be the fastest-growing deadweight segment for a ship. 5K-10K DWT is the ideal dead weight tonnage for the ship, in which marine hybrid propulsion system can be installed, as this range provides exact load variation required for the hybrid system, thus performing high efficient propulsion operation.

Based on the ship type, the market has been segmented into Anchor Handling Tug Supply (AHTS) vessel, platform supply vessel (PSV), yachts, motor ferry, cruise liner, small cargo ships, naval ships and submarines. Anchor Handling Tug Supply (AHTS) vessel dominated the market, in 2016, and is projected to be the fastest-growing ship type over the next five years. The suitability of hybrid marine propulsion for AHTS is due to the large variations in the load profile of propulsors and thrusters.

Based on the application, the market is segmented as commercial, logistics, offshore drilling, naval and others. Commercial application dominated the market, in 2016, and is projected to be the fastest-growing application over the next five years. The growth in cruise, ferry, fishing boats and ship building have resulted into the rise of application of hybrid propulsion system in commercial applications.

Table of Contents

1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued……

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