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(Transportation-News.com, August 22, 2018 ) Industry Trend Analysis
The global Marine Hybrid Propulsion Market was worth USD 2.68 billion in 2014 and is expected to reach approximately USD 5.73 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 8.79% during the forecast period. Marine propulsion engines are a machine that consumes fuel to produce thrust, which encourages boats to move crosswise over water. The marine drive motor market is foreseen to witness hearty development amid the conjecture time frame attributable to different continuous government interests in shipbuilding industry and inland waterways. Ships are coordinated with more than one propulsion engines, contingent upon their size (net tonnage). Also, in the beginning period of marine propulsion, steam turbines were made use of; nonetheless, because of enhancement in technology, diesel or elective fuel engine and gas turbine have significant infiltration.
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Power Source Outlook and Trend Analysis
On the basis of power source the market is segmented into gas turbine, diesel, natural gas, and others (steam turbine, renewable energy, hybrid, and fuel cell). Diesel propulsion system is the most widely recognized marine propulsion system useful as a part of a wide range of vessel alongside little and recreational water crafts. Also, diesel marine propulsion system drove the general market, representing 70% out of 2015. This is ascribed to its advantages, for example, low support cost, temperate nature, high dependability, and simple accessibility of diesel all inclusive.
Ship Type Outlook and Trend Analysis
By ship types, the market is segmented into tanker, cargo & container, offshore vessel, bulk carrier, passenger ship, and others (tugs & service ships). Rising sales and production of ships around the globe and ascend in worldwide seaborne exchange drive the market development. Additionally, rising demand for assets, for example, steel, crude oil, coal and iron from creating nations powers the market development. However, stringent natural tenets and controls and vast capital speculation required to set up new assembling offices hamper the market development.
Regional Outlook and Trend Analysis
Asia-Pacific is the most lucrative marine propulsion engine market, attributable to increment in shipbuilding businesses in China and South Korea and development in number of joint endeavors with worldwide brands. In addition, ascend in seaborne exchange of crude oil for the most part from Middle East nations to Asia-Pacific is another factor that drives the Asia-Pacific marine propulsion engine market.
Competitive Insights
The leading players in the market are Hyundai Heavy Industries, MAN Diesel & Turbo, Niigata Power Systems, Yanmar, Caterpillar Inc, Mitsubishi Heavy Industries Ltd, General Electric Company and Rolls-Royce Holdings plc. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Marine Hybrid Propulsion Market is segmented as follows-
By Power Source:
Gas Turbine Diesel Natural Gas Others
By Ship Type:
Tanker Bulk Carrier Passenger Ship Cargo or Container Ship Offshore Vessel Others
By Region
North America U.S. Canada Mexico
Europe Germany UK France Russia Italy Rest of Europe
Asia-Pacific China Japan South Korea India Southeast Asia Rest of Asia-Pacific
South America Brazil Argentina Columbia South Africa Rest of South America
Middle East and Africa Saudi Arabia UAE Egypt Nigeria South Africa Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023? What will be the industry market growth from 2015 to 2023? What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast? What are the major segments leading the market growth and why? Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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Qurate Business Intelligence
Nehal Chinoy
+919881074592
nehal@qurateresearch.com
Source: EmailWire.Com
Source: EmailWire.com
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