A market study recently published by Transparency Market Research (TMR) projected that revenue from the global marine hybrid propulsion market will rise from US$2.24 billion in 2013 to US$4.46 billion in 2022—an 8.02% CAGR.
The research report, titled “Marine Hybrid Propulsion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2022”, signifies that the increasing investment for research and development of marine hybrid propulsion systems by shipping companies is fueling the growth of the marine hybrid propulsion market to a significant extent.
According to the report, the diesel-electric system is the most common technology configuration utilized in the global marine hybrid propulsion market. This segment is expected to maintain its dominance over the forecast period.
Among end users, ferries dominate the global marine hybrid propulsion market in terms of installation. Owing to the substantial amount of investments from ferry operators, particularly in Europe, the global market is likely to grow extensively during the forecast period.
The market report also discusses the performance of the marine hybrid propulsion market on a regional level. At present, the marine hybrid propulsion market in Europe and North America are leading the global market for marine hybrid propulsion systems. Apart from this, the market in Asia Pacific is expected to emerge as the most attractive regional market over the forecast period.