Global Renewable Propulsion for Marine Vessels Market 2017-2021

Overview of the global renewable propulsion for marine vessels market

Research analysis on the global renewable propulsion for marine vessels market identifies that the increasing competition among market players will be one of the major factors that will have a positive impact on the growth of the market. The manufacturing of marine propulsion systems with the utilization of solar, wind, and wave energy has grown by a considerable extent over the years. Companies are competing against each other based on improvement in technology that targets to save fuel, release lesser pollutants, and are cost effective solutions. Moreover, these companies are increasingly concentrating on design concepts that are linked to sustainable shipping. For instance, some of the storage systems are designed to capture the solar energy during summer and use it during winter, or take in the wind energy during heavy winds for its use during the scarcity of winds. These advancements will raise the operational efficiency, availability of energy, and increase precision that will reduce the impact on the environment. This rise in competition levels among the players will propel the market growth during the forecast period. Technavio's market research analysts predict that this market will grow at a CAGR of close to 5% by 2021.

The adoption of waste heat recovery solutions is one of the latest trends that will contribute to the growth of this market in the forthcoming years. Sweden-based Climeon introduced a technology named C3 that is devoted towards converting low-temperature heat to sustainable electricity. The C3 technology is a high-performance turbine providing about 85% efficiency. This technology offers a high estimated return on investment in 3-5 years that is reliant on its working conditions, such as its integration, placement, time of manufacture, and torque with ability to operate in challenging temperatures as high as 90°C.

Competitive landscape and key vendors  

The renewable propulsion for marine vessels market comprises of numerous global, regional, and local vendors. Factors such as in-house manufacturing capabilities, product offerings, R&D investments, global footprint network, and strong client base distinguish the competitors. Market vendors are reliant on market conditions, government support, and industry development that lead them to concentrate on geographic expansion and product enhancements. Moreover, vendors also focus on the implementation of lightweight materials, electric technologies, and robust systems.

The leading vendors in the market are ?

• Deltamarin
• Eco Marine Power (EMP)
• Eniram (Wärtsilä)
• Norsepower
• Smart Green Shipping Alliance (SGSA)

The other prominent vendors in the market are ABB, Alewijnse Marine Systems, Echandia Marine, Leclanché, A.P. Moller?Maersk Group, NYK Group, and STX France.

Segmentation by technology and analysis of the renewable propulsion for marine vessels market

• Steam and gas turbines
• Natural gas
• Wind and solar

During 2016, the steam and gas turbines segment accounted for the major shares of the renewable propulsion for marine vessels market. Factors such as the lesser environmental impact by energy sources and high investment in technology will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the renewable propulsion for marine vessels market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the renewable propulsion for marine vessels market throughout the forecast period. Japan is one of the modernization hubs in APAC that is driving the advancements in the marine transportation sustainable fuels market. The developments in the Japanese maritime industry will drive the growth of the renewable propulsion for marine vessels market in the region.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global renewable propulsion for marine vessels market?
• What are the key market trends impacting the growth of the global renewable propulsion for marine vessels market?
• What are the challenges to market growth?
• Who are the key vendors in the global renewable propulsion for marine vessels market?
• What are the market opportunities and threats faced by the vendors in the global renewable propulsion for marine vessels market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global renewable propulsion for marine vessels market?

Technavio also offers customization on reports based on specific client requirement.

This industry research report on the global renewable propulsion market for marine vessels offers insights into the key trends and emerging drivers affecting the growth of the aerospace and defense sector. Our reports for the aerospace and defense industry also pursue a combination of primary and secondary research techniques that include vendor briefings, proprietary tools and databases, and webinars and podcasts to offer an in-depth overview of fast growing market segments like defense.

By taking into account the market forecast and size and the rising demand for various defense products and services, the market research analysts at Technavio present a holistic overview of the global renewable propulsion market for marine vessels for the forecasted period 2017 to 2021. Furthermore, our research reports help clients devise new growth strategies and stay updated about the constantly evolving market landscape. This market study also offers an extensive study of various defense products and services based on the comprehension of the data collected from specific resources such as channel partners and decision makers.

This upcoming report on the global renewable propulsion market for marine vessels also covers vendors like Norsepower, PowerCell Sweden, Hyundai Heavy Industries, and Haldor-Topsoe. According to our industry experts, the increasing stringent public regulations (particularly in Europe and parts of the US) for controlled carbon emissions may drive the demand for renewable propulsion for marine vessels for the next few years.

The upcoming industry research report on the global renewable propulsion market for marine vessels also categorizes the key drivers, appearing trends, as well as the challenges that the defense sector currently experiences. This market report on the global renewable propulsion market for marine vessels also offers deep insights into similar aerospace and defense sectors such as defense technology and homeland security.