Hybrid
Marine Propulsion System Market – Overview
The development of the
maritime sector is accredited to the progress in technologies such as marine
hybrid propulsion system. Market reports related to the energy and power
industry have been presented by Market Research Future which makes reports on
other industry verticals that aims to analyze the current market scenarios
better. The Hybrid
Marine Propulsion System Market is anticipated to advance at a 6.5% CAGR in the
period of the forecast.
The escalation in the
commercial application of marine hybrid propulsion system is expected to increase
the market share significantly over the forecast period. The increasingly
stringent regulation son emission levels at sea are further expected to
motivate the demand for marine hybrid propulsion system market. The advanced
efficiency of modern marine propulsion systems is expected to bolster the
demand for the market over the forecast period.
Segmental
Analysis
The segmental analysis of
the hybrid marine propulsion system market has been segmented on the basis of
deadweight, type, ship type, application, and region.
On the basis of type, the
marine hybrid propulsion system market has been segmented into gas-electric,
diesel-electric and others.
On the basis of deadweight,
the marine hybrid propulsion system market has been segmented into 5K-10K DWT,
Less Than 5K DWT and More Than 10K DWT.
The ship type based
segmentation of the marine hybrid propulsion system market comprises of
platform supply vessel (PSV), Anchor Handling Tug Supply (AHTS) vessel, naval
ships, motor ferry, cruise liner, yachts, small cargo ships, and submarines.
On the basis of application,
the marine hybrid propulsion system market is segmented into offshore drilling,
commercial, logistics, naval and others.
Regional
Analysis
The regional analysis of the
marine hybrid propulsion system comprises of regions such as North America,
Europe, Asia Pacific and rest of the world. The expansion of the market is
attributed to the substantial growth in the application of hybrid marine
propulsion system to the recently built ships coupled with the upsurge in
marine activity globally. The market progress of marine hybrid propulsion
system is principally accredited to the strict regulations for emissions at sea
level, and also has improved the marine hybrid propulsion system market in
several countries, which is expected to endure during the forecast years. The
European region has accounted for the chief share of the marine hybrid
propulsion system market in 2016, where Norway, U.K., Poland, and other
well-known shipbuilding nations added, to the market development. Moreover, the
Asia Pacific region is expected to appear as one of the important markets for
this technology owing to the present deployment of the advanced marine hybrid
propulsion system in the recently built ships.
Competitive
Analysis
The market shows potential
for demonstrating a greater comparative or differential value. The creation of
a strong value chain is moreover motivating the expansion of the market. The
market competitors find themselves in a favorable position with the ability to
manage the pace of change. The market trends hint at favorable development of
the products that can bring in novelty to the product range and address the
customer need better. The presence of a productive entity is expected to generate
more sales or superior margins compared to its market rivals. The advent of new
technology has boosted the growth potential of the market. Substantial cutbacks
in administrative finances are bringing further development to the market.
The significant competitors
in the marine hybrid propulsion system market are Siemens AG (Germany),
Caterpillar Inc. (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Torqeedo
GmbH (Germany), Steyr Motors GmbH (Austria), General Electric Company (U.S.),
Wartsila Corporation (Finland), ABB Ltd. (Switzerland), MAN Diesel & Turbo
SE (Germany), BAE Systems (U.K), Schottel GmbH (Germany) and Rolls-Royce plc
(U.K.).
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