17 Jul 2015 01:07:09
Marine Hybrid Propulsion Market Set to be Dominated by EU, North America, due to Stringent Environmental Regulations
Marine hybrid propulsion is an important area of R&D for manufacturers of marine propulsion systems. It offers the environmental benefit of reducing harmful emissions from marine transportation. Apart from this, electric propulsion systems are more efficient than powertrains running on fossil fuel, which means vessels running hybrid propulsion systems don’t need to dock as often as conventional ships for fuel. Electric systems are also silent, which allows noiseless maneuvering, which can be of paramount importance for defense vessels (for stealth) and vessels regularly running in close proximity to an urban environment (for convenience).Growing operations in the shipping industry and universal willingness shown by market players to invest in hybrid propulsion systems are driving the market for marine hybrid propulsion systems. The global market is expected to grow at a sturdy CAGR in excess of 8% from 2014 to 2022, rising from a valuation of US$2,240 million in 2013 to US$4,455 million in 2022.
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Ferries Lead Demand for Marine Hybrid Propulsion due to Higher Stringency of Pollution Norms
In the product segmentation of the global marine hybrid propulsion market - consisting of ferries, tugboats and offshore support vessels, defense vessels, and others such as yachts and luxury boats – ferries lead demand from the global marine hybrid propulsion market. Ferries usually operate in coastal areas or in inland waterways, which lie in close proximity to human settlements. Thus, the pollution norms for ferries are usually stricter than those for deep water vessels. High amounts of pollutants emitted from ferries can also affect the delicate coastal ecosystem.
Tugboats and offshore support vessels, which also operate in coastal and shallow waters, are the other prime revenue generator for the global marine hybrid propulsion market. These types of vessels also usually operate at low engine loads, which means that the higher power provided by fossil fuels is not imperative.Luxury boats and other tourist boats are increasingly being fitted with hybrid propulsion systems, thanks largely to the lower noise they generate. This makes the craft more pleasing to tourists. Like tugboats, luxury boats also usually don’t need high engine loads, which makes the utilization of hybrid propulsion systems all the more logical.
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Energy Storage Benefits of Parallel and Serial Systems Set to Drive Market
The global market for marine hybrid propulsion consists primarily of three main configurations: diesel-electric, parallel, and serial. Of these, diesel-electric marine hybrid propulsion systems enjoy a dominant share in the global market. This is due to their ease of installation and use. Since many vessels ran on preexisting diesel engines, the addition of electric systems is more financially viable than the installation of entirely new systems.
However, diesel-electric lag behind the other two in one major area: they don’t have power storage capacities. Parallel and serial hybrid propulsion systems, on the other hand, offer storage options for surplus energy and thus are more profitable in the long run. Thus, demand for these two is expected to rise steadily in the forecast period.
Browse Press Release Of Marine Hybrid Propulsion Market http://www.transparencymarketresearch.com/pressrelease/marine-hybrid-propulsion-market.htm
Stringent environmental norms have helped boost the share of North America and Europe in the global marine hybrid propulsion market. These two regions are expected to dominate the market for the foreseeable future, with marine transportation in other regions still lagging behind in matters of implementation of hybrid propulsion systems.
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