How Marine Hybrid Propulsion System Market will Grow at Highest CAGR

The use of diesel engine in the shipping industry and the fact that it is more efficient when running at its maximum capacity contribute to the growth of marine hybrid propulsion system market, says Fortune Business Insights in a report, titled “Marine Hybrid Propulsion System Market Size, Share and Global Trend By Type (Diesel-Electric Hybrid Propulsion System, Parallel Hybrid Propulsion System, Serial Hybrid Propulsion System) Application (Offshore Support Vessels (OSV), Tugboats, Yachts, Cruise Ships, Defense, Vessel, Ferries) and Geography Forecast till 2025”. Emission regulations are expected to get stickers due to endangerment of marine life due to soaring pollution. This will, in turn, help the marine hybrid propulsion market grow.

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Besides identifying the growth drivers and restraints, the report offers insights into the competitive landscape of the market. Some of the companies operating in the global hybrid marine propulsion system market are Kawasaki Heavy Industries, Rolls Royce, ABB, Siemens, Man Diesel among others.

“Marine Hybrid Propulsion Systems Offer Improved Flexibility and Optimized Performance”

Mounting concerns about the adverse effects of pollution and global warming have compelled governments to implement tougher policies to curb environmental degradation. Impelled by stringent regulations shipping companies are deploying marine hybrid propulsion systems. This is expected to give impetus to the global market.

Furthermore, emission control regulations implemented by the International Maritime Organization (IMO) regulate sulfur emission from vessels. The marine hybrid propulsion system provides a range of benefits like emission control, improved compatibility with the marine environment, zero-emission operation, and high efficiency and flexibility of the propulsion system. As a result of the implementation of stringent regulations, an increasing number of companies are investing in marine propulsion systems. Furthermore, countries around the globe are shifting towards the production of renewable energy and thus boosting the market for hybrid propulsion systems.

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“Shipping Industry to Exhibit High Demand for Hybrid Propulsion Systems”

The hybrid propulsion system market is categorized into three segments diesel-electric, parallel hybrid, and serial hybrid system. The propulsion system are increasingly used in marine vessels as they offer optimal performance due to fluctuating load. The international maritime organization pulled an obligatory regulation to curb the emission of hydrocarbons, nitrogen oxides, sulfur content. Hybrid propulsion ensures zero-emission, which makes it a hand in glove fit for use in the environmentally sensitive zone.

The hybrid propulsion system is primarily used for tugboats and other vessels such as yachts, cruise ships, and ferries. The diesel engine is the vastly used engine in the shipping industry because of the running efficiency with maximum capacity. A hybrid propulsion system offers flexibility and optimized performance. These also are the key attributes fueling the demand for marine hybrid propulsion systems.

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“High Cost of Marine Propulsion Systems Curbing Their Sales”

In the coming years, the demand for marine hybrid propulsions with diesel systems is likely to rise. These systems offer better efficiency and run to their maximum capacity, besides offering flexibility in operation and optimal performance. This is one of the chief drivers encouraging the uptake of marine hybrid propulsion systems worldwide.

On the downside, the high cost of developing and deploying these systems may restrain the market to an extent. Furthermore, these systems require alternative battery storage to store energy. This often ends up incurring a high cost for the shipping company. Furthermore, a high level of precaution is needed while deploying a marine hybrid propulsion system. These factors may adversely impact the market.

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