According to a new market report published by QY Research “Global Marine Hybrid Propulsion Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026,” the market is expected to grow at a CAGR of 5% from 2018 to 2026.
Browse the full Marine Hybrid Propulsion Market – Market Growth, Future Prospects and Competitive Analysis, 2018 – 2026 at http://www.qyresearchreports.net/report/marine-hybrid-propulsion-sales-market
A hybrid propulsion system uses a fuelled power source (diesel, natural gas, etc.) coupled with a stored energy source (electric motors, batteries, etc.) to drive the marine engine. Conventional propulsion systems are more prone to harmful emissions, huge in size, occupies more space and are often subjected to immense vibrations. On the contrary, the ship owners and operators with hybrid engines have the flexibility to reduce emissions, optimize fuel consumption, take up less space and most of all reduce internal vibrations that leads to reduced maintenance costs.
Technologically advanced electric systems are transformer-less and have variable frequency motors with fixed frequency networks. Thus, the battery power supply can be accommodated or plugging into a shore connection while at dock is also possible. Most of small sized (up to 100 kW Power rating) pleasure and work boats are powered by hybrid propulsion systems globally. Some of the major drivers for hybrid propulsion engines market are highly efficient operation in both e-mode (economy mode) and boost-mode, enhanced comfort on board the ship and dynamic performance advantages during acceleration.
The need for this hour is powering a marine engine with multiple fuel sources. Major reason is that the marine industry uses the most heavy and high sulfur content fuels. These fuels are very cheap that brings down the overall marine operational costs. With mandates on sulfur reduction to 0.1% by 2020, to lower carbon foot-print in the marine environment, to increase fuel efficiency of the ship and to include latest technologically advanced hybrid propulsion systems, the IMO (International Maritime Organizations) and MARPOL (Marine Pollution) have aggressively pitched for increased usage of hybrid engines.
Fluctuating crude oil prices had major impact on the fuel sources. Marine fuels and diesel fuels have witnessed lot of fluctuations and is expected to remain fluctuating for the forecast period. This is also one of the reasons to have hybrid (or multi-powered) propulsion systems to save fuel and to lower overall operational costs. The diesel engine provides maximum power whereas diesel-electric hybrid propulsion system provides highly efficient yet powerful engine. Other advantages of hybrid propulsion engines are that it can vary large operation modes, optimize overall mill operational capability, it has immediate real time response systems, and ability to thrust depending on peak and slack power requirements. One of the major drawback associated with the hybrid propulsion system train is its high cost of operation and installation that can have negative impact on part-time ship/vessel operators.
Key players across the marine hybrid propulsion engine market value chain are MAN Diesel and Turbo, Caterpillar Inc., Cummins Inc., Daihatsu Mfg. Co., Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce, Yanmar Diesel Co., Ltd., and Wartsila amongst others.
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