Marine Hybrid Propulsion Market:Growth Expected as Nations Implement Tighter Emission Norms on Vessel Operators, reports TMR

The global marine hybrid propulsion market is currently exhibiting a moderate degree of competition. Not many manufacturers in the global market owns capital-intensive businesses, which provides considerable opportunities for the entry of new players. Caterpillar Inc., BAE Systems Plc., and Aspin Kemp & Associates are a few of the prominent players operating in the market, finds Transparency Market Research (TMR), in a new study.

TMR forecasts the global marine hybrid propulsion market to exhibit a CAGR of 8.02% between 2014 and 2022. The market is projected to generate about US$2.77 bn by the end of 2016 and reach US$4.45 bn by the end of 2022.

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The leading companies operating in the market show a consolidated effort towards developing marine hybrid propulsion technologies. According to TMR, the threat of new entrant is poised to increase with time as companies start recognizing the importance of patented technologies and aim for brand loyalty among consumers.

Regionally, Europe and North America have been holding dominance in the global marine hybrid propulsion market. Europe is expected to take up over 31.4% of the market in terms of value by the end of 2022. Likewise, diesel-electric marine hybrid propulsion systems will continue leading the market in terms of system configuration through the forecast period. By the end of 2022, the segment is expected to reach US$2.24 bn.

Demand for Fuel Efficiency among Vessel Operators Augur Well for Marine Hybrid Propulsion Manufacturers

“The cost incurred on fuel constitute a substantial share in any vessel operator’s bill. This, coupled with fluctuating fuel prices, has compelled operators to explore options supporting reduction in fuel consumption,” states a lead TMR analyst. This is driving the installation of marine hybrid propulsion to enable vessel operators derive best out of the given power input.

The vessel operators are also under pressure to curb emissions. Stringent regulations are in place across developed economies in Europe and North America to ensure the same. With emission control norms getting more stringent, installation of marine hybrid propulsion systems is expected to increase considerably in the forthcoming years. For instance, the ECAs implemented by the IMO in 2015, reduced the limit of maximum sulfur emission from previous 0.5% to 0.1%. As marine hybrid propulsions provide the best technologies to cohere to the norms, their installation has considerably increased across small and medium scale vessels.

Rising Adoption of Clean Fuels to Dampen Demand for Marine Hybrid Propulsion Systems

Besides the technological advancements paving way for increased installation of marine hybrid propulsion systems, considerable improvements are made bolstering the adoption of cleaner fuels. Modern clean fuels are created with the technology that allows them being used in conventional marine propulsion systems. This provides vessel operators with an extremely cheap alternative over installing hybrid propulsion systems.

The threat of vessel operators opting for clean fuels over marine hybrid propulsion systems is expected to increase over time. This threatens the market’s growth potential to an extent.

ECA Declarations across Coasts Hold Promise for Market’s Growth

The marine hybrid propulsion companies still witness considerable opportunities to capitalize on. Recently, ECAs are implemented across North American waters and are likely to be implemented in the Gulf of Mexico, the Turkish Strait, the Strait of Malacca, and the Sea of Japan over the forthcoming years. “The stringency of ECAs will push vessel operators to invest in marine hybrid propulsion systems,” adds the analyst. This has been identified as a key opportunity for the market.

The report segments the global marine hybrid propulsion market as:

Global Marine Hybrid Propulsion Market, by Configuration

• Diesel-electric
• Parallel Hybrid
• Serial Hybrid

Global Marine Hybrid Propulsion Market, by End-users

• Ferries
• Tugboats and OSVs
• Defense Vessels
• Others

Need to Curb Carbon Emissions Stimulates use of Hybrid Propulsion Systems for Marine Vehicles

At present, economical fuel use in marine vehicles is the need of the times. This has to be carried out keeping with environmental safety norms and not sacrificing on the propulsion efficiency and ship performance.

Due to fluctuations in fuel prices in recent years along with new environmental regulations pertaining to greenhouse gas emissions, ship owners are seeking alternative propulsion and power plant systems for enhanced efficiency and reduction of emissions, says a new report by Transparency Market Research.

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Q. What are the advantages of hybrid propulsion systems for marine operations over conventional ones?

A. Hybrid propulsion systems are clean and efficient, which in turn, help lower emissions significantly in comparison to conventional propulsion systems. Marine hybrid propulsion systems offer features such as silent maneuvering, a low degree of fuel consumption, and emission-free operations, due to which vessel and towage operators are investing heavily in this technology. Originally developed for the automotive industry, this technology has been improved for the design and development of efficient and economical marine hybrid propulsion systems.

Q. How did big treaties fare in reducing marine vehicular emissions in Europe?

A. The global climate treaties of Kyoto in 1997 and Copenhagen in 2009 have been committed to reducing greenhouse gas emissions and reduce dependence on fossil fuels. The European Union 20-20-20 declaration is committed to reducing greenhouse gas emissions and increasing renewable energies in the forthcoming years. These treaties have been paving the way for legislation for mandating the reduction of marine vehicular emissions.

In Europe, the funding for the research and development of technologies sans the utilization of diesel for marine propulsion is carried out under the HYMAR project. The project is managed by the European members of the International Council of Marine Industry Associations and the project’s objective is to provide solid data regarding marine hybrid propulsion systems.

Q. Are there operational limitations of marine hybrid propulsion systems?

A. Yes. Despite the advantages of hybrid propulsion technology for some vehicles such as yachts and other commercial vessels, there are some limitations. Such vessels usually have a limited range and need to be recharged using dockside outlets.

While hybrid systems offer unparalleled advantages for some commercial applications, the use of hybrid systems for yachts has not been the same. The high price factor of hybrid propulsion systems for yachts, which is almost three times more than the diesel-only version, is also hindering the adoption of marine hybrid propulsion systems.

Q. Do hybrid propulsion systems offer operational benefits in the event of an emergency for boats?

A. Not considerably. While hybrid propulsion offers the necessary power in the event of a breakdown of an automobile, it does not hold good for boats. On the contrary, deriving regenerative energy from powerboats results in loss of speed and reduced efficiency. Also, as there is no braking while the boat is in motion there is no way to capture the wasted energy. It is this difference between the energy lost while transferring from one medium to another that defines the efficiency of a hybrid propulsion system.

Global Marine Hybrid Propulsion Market to reach US$4.4 bn by 2022,Low Fuel Consumption Drives Growth

A research report on the global marine hybrid propulsion market, published by Transparency Market Research (TMR), estimates the market to rise at a CAGR of 8.02% during the period from 2014 and 2022. In 2013, the market reached US$2.24 bn and it is projected to attain a value of US$4.45 bn by the end of the forecast period.The research study is titled “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022.”

Marine hybrid propulsion has emerged as one of the cleanest propulsion techniques in the global arena. It has proven to be extremely beneficial for marine vessel operators facing a severe challenge from the volatility of fuel prices. As operating expenses of a vessel create a significant share of fuel charges, efficient fuel technologies such as hybrid propulsion help considerably in reducing the operating expenditure, thereby increasing profit margins.

Hybrid marine propulsion systems consume less fuel than conventional propulsion systems. Owing to this factor, the adoption of hybrid marine propulsion systems is increasing exponentially in shipping companies, resulting in a substantial rise in the global market. In addition to this, the soaring demand for flexible power and design configurations in offshore support vessels and anchor handling systems is likely to propel this market significantly over the forecast period, notes the market study.

In this research report, analysts have studied the global market for marine hybrid propulsion on the basis of configuration, end user, and the region. Based on configuration, the market has been classified into serial hybrid propulsion systems, parallel hybrid propulsion systems, and diesel-electric hybrid propulsion systems. The diesel-electric hybrid propulsion systems segment is expected to dominate the market during the forecast period. Other segments are also anticipated to register healthy growth in their market segment in the near future.

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By end user, the research study segments this market into ferries, tugboats and OSVs, defense vessels, and other marine vessels. Ferries have emerged as the leading consumer of marine hybrid propulsion systems across the world owing to extensive usage by ferry operators in coastal areas.

Regionally, the global marine hybrid propulsion market has been segmented into North America, South and Central America, Asia Pacific, Europe, the Middle East, and Africa. North America and Europe lead the global market for marine hybrid propulsion and are projected to remain the dominant regional markets throughout the forecast period. The market in Asia Pacific is also expected to gain momentum in the coming years, reports the research study.

STEYR MOTORS GmbH, UQM Technologies Inc., SCHOTTEL Group, Alewijnse Holding B.V, Aspin Kemp & Associates, Torqeedo GmbH, Caterpillar Inc., MAN Diesel & Turbo SE, Wärtsilä, Imtech Marine, Rolls-Royce Plc, General Electric, BAE Systems Plc, and Siemens AG are the key participants in the global market for marine hybrid propulsion, states the research report.

The global marine hybrid propulsion market is segmented into:

By Configuration

• Diesel-electric
• Parallel
• Serial

By End User

• Tugboats & OSVs
• Ferries
• Defense Vessels
• Others

By Region

• North America
• Asia Pacific
• Europe
• Middle East
• Africa
• South & Central America

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