Marine Hybrid Propulsion Market is Expected to Expand at a CAGR of 11.0% During

Posted by pranav suryawanshi on September 25th, 2019

A fresh business and commerce study by Transparency Market Research (TMR) has detected that the shares in the global marine hybrid propulsion market are distributed among a small chunk of players and as the market is heavily dependent on technology that is not ubiquitous, the consolidated condition of the market will sustain in the near future too. While new entrants struggle to make a foray into the marine hybrid propulsion market, some of the leading vendors such as General Electric, Siemens AG, Rolls-Royce plc, Volvo Penta, BAE Systems plc, MAN Diesel & Turbo SE, Aspin Kemp & Associates, Caterpillar Inc., and SCHOTTEL Group are focused on developing efficient propulsion technologies and offer enhanced features such as emission-free operations, silent maneuvering, and low degree of fuel consumption.

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In addition to product and technology development, the stockholders of this market, such as technology developers and vessel operators, are frequently indulging in collaboration activities to expand their geographical presence. One of such example can be the acquisition of Berg Propulsion by Caterpillar in 2013, which helped the company to expand its range of marine propulsion package system and strengthen its position in the market.

The information Presented in this Review is Based on Press-Release by TMR

• Marine Hybrid Propulsion Market to be worth US84.9 mn by 2025

The analysts of the TMR repot have projected the demand in the global marine hybrid propulsion market to proliferate at a notable CAGR of 8.9% during the forecast period of 2017 to 2025. The analysts have also forecasted the opportunities in this market to translate into a revenue of US84.9 mn by the end of 2025, swelling up from its evaluated worth of US78.0 mn in 2017. Based on propulsion type, the market has been segmented into diesel-electric, serial hybrid, and parallel hybrid, whereas on the basis of end use, the analysts have bifurcated the market into tugboats, ferries, defense vessels, offshore support vessels (OSV’s), yacht, and cruise ships.

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