Global Marine Hybrid Propulsion Systems Market to Exhibit 8.02% CAGR from 2014-2022 due to Steady Demand from North America, Europe.

Leading market analysis and intelligence company Transparency Market Research (TMR) has announced the release of a new market study report. The report studies the global marine hybrid propulsion systems market and presents forecasts for the development of the same through the forecast period from 2014 to 2022. The report collates historical data regarding the development of the marine hybrid propulsion systems market up to 2013 and bases future projections on reliable analysis of the same.The report is titled ‘Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022’ and is available on the company website for sale. According to the report, the global marine hybrid propulsion systems market was worth US$2.2 bn in 2013 and is expected to double in value at an 8.02% CAGR during the forecast period to be valued at US$4.4 bn by the end of it.

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Marine hybrid propulsion systems consist of powertrains similar in principle to the ones used in hybrid cars. Unlike conventional marine propulsion systems, which use diesel or other fossil fuels for propulsion, hybrid propulsion systems are a combination of conventional and renewable propulsion systems. They can be made to run in either fossil-fuel-only configuration, renewable-only configuration, or a variable combination of the two, depending on the circumstances.

The global marine hybrid propulsion systems market is rising primarily due to the environmental benefits provided by these systems. Due to the relatively low volume of conventional fossil fuels used in marine hybrid propulsion systems, harmful emissions are released at lower concentrations. The availability of a battery backup also helps a vessel prolong its operating time. The report examines the effect of these driving factors on the global marine hybrid propulsion systems market, as well as the roadblock presented by major restraints acting on the market.

On the basis of configuration of the propulsion system, TMR has segmented the global marine hybrid propulsion systems market into diesel-electric propulsion systems, serial hybrid propulsion systems, and parallel hybrid propulsion systems. Diesel-electric marine hybrid propulsion systems, which are the easiest to install owing to the widespread preinstalled base of diesel propulsion systems, dominated the global marine hybrid propulsion systems market in 2013. On the other hand, serial and parallel marine hybrid propulsion systems are expected to experience growth in demand at high rates in the forecast period.

Among the various end users of marine hybrid propulsion systems, ferries exhibit the dominant share in the total demand from the global market. Ferries, which usually operate in inland waterways in close proximity to civilian population, are subject to particularly stringent emission regulations and thus in need of fuel-efficient propulsion systems. Tugboats and other offshore support vehicles as well as luxury and other tourist boats and yachts have also increasingly started to utilize marine hybrid propulsion systems.

Defense vessels, the other major end user of marine propulsion systems, are also increasingly being fitted with hybrid powertrains, since a significant part of the activity of defense vessels consists of cruising at relatively low speeds, where electric propulsion becomes a drastically more efficient means than diesel engines.

The presence of strict emission regulations in emission control areas (ECA) such as the Eastern Seaboard of North America, the North Sea, and the Baltic Sea, has led to rapid development of the global marine hybrid propulsion systems market in recent years. The proposed expansion and initiation of new ECAs will further boost the marine hybrid propulsion systems market.

Accordingly, countries in and around ECAs, including the U.K., the Netherlands, the U.S., and Norway are among the leading regional segments of the global marine hybrid propulsion systems market. Europe and North America are expected to remain the leading regional markets for the marine hybrid propulsion systems market.

The global marine hybrid propulsion systems market is segmented as follows:

Marine Hybrid Propulsion Market: Configuration Analysis

Diesel-electric
Parallel
Serial

Marine Hybrid Propulsion Market: End-use Analysis

Tugboats and OSVs
Ferries
Defense Vessels
Others

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