A new market study from Transparency Market Research (TMR) projects that global revenue from the marine hybrid propulsion market will grow from $2.24 billion in 2013 to $4.46 billion in 2022.
In “Marine Hybrid Propulsion Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022,” TMR finds that tightening environmental restrictions and fluctuating fuel prices are driving shipping companies to increase their R&D in marine hybrid propulsion systems.
The report finds that ferry operators are the major adopters of hybrid systems. Most ferries operate in coastal areas and inland waterways, where emissions standards are stricter than on the high seas. Ferry operators, particularly in Europe, are investing substantial amounts in hybrid tech, so this segment is likely to grow extensively during the forecast period.
TMR predicts that tugboats and offshore support vessels will be one of the most lucrative segments. These vessels operate at low engine load most of the time, and hybrid propulsion systems can take advantage of the duty cycle variability to improve fuel efficiency.
Luxury yachts and small tourist boats are also beginning to adopt hybrid systems, and several yacht and boat designers are developing new hybrid models.
Some of the major companies operating in the marine hybrid propulsion market are Siemens, General Electric, Rolls-Royce, Caterpillar, Aspin Kemp and the SCHOTTEL Group.