ALBANY, N.Y.--(BUSINESS WIRE)--A market study recently published by Transparency Market Research (TMR) has determined the overall revenue of the global marine hybrid propulsion market in 2013 at US$2,240.00 million and has projected its rise at an 8.02% CAGR between 2014 and 2022 in order to attain an estimated revenue amounting to US$4,455.88 million by the end of the forecast period.
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.
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Siemens, UQM Technologies, General Electric, Schottel, Rolls-Royce, Imtech Marine, BAE Systems, Caterpillar, Alewijnse, Aspin Kemp & Associates, Torqeedo, and Steyr Motors are some of the major players in the global marine hybrid propulsion market profiled in this report.
Transparency Market Research is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.