Global Renewable Propulsion for Marine Vessels Market 2017-2021
About Renewable Propulsion
The renewable energy systems market consists power-generating sources that use renewable energy such as wind, water, sunlight, gas, and steam. Companies are trying to adhere to the stringent government policies on emission control by using renewable energy in propulsion systems for marine vessels. With the transportation industry striving to achieve fuel economy, along with low emissions, the shipping industry is also directing its efforts toward adopting renewable fuels for propulsion. It is further driven by the fact that the industry is a significant contributor to carbon emissions globally. Theoretically, emission from 160 large container ships is equivalent to that of the emissions from the global car fleet. Therefore, keeping the global warming concerns in view, the shipping industry is gradually moving toward renewable propulsion systems.
Technavio’s analysts forecast the global renewable propulsion for marine vessels market to grow at a CAGR of 4.57% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global renewable propulsion for marine vessels market for 2017-2021. To calculate the market size, the report considers the renewable and associated sources (such as hybrid systems involving renewables) in this report. We have also considered supporting technologies, such as real-time cloud-enabled software suites, which maximize the use of renewables.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Renewable Propulsion Market for Marine Vessels 2017-2021
Technavio recognizes the following companies as the key players in the global renewable propulsion for marine vessels market: Deltamarin, Eco Marine Power (EMP), Eniram (Wärtsilä), Norsepower, and Smart Green Shipping Alliance (SGSA).
Other Prominent Vendors in the market are: ABB, Alewijnse Marine Systems, Echandia Marine, Leclanché, A.P. Moller–Maersk Group, NYK Group, and STX France.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Adoption of waste heat recovery solutions. Large vessels are usually equipped with internal combustion engines of around 10 MW rating. These release 50% of the energy content of the fuel (usually gasoline or diesel or other marine fuels) converting into heat, which needs to be dissipated. Usually, it is cooled down with the help of a heat exchange phenomena using the surrounding water bodies. The resultant energy may be used to form fresh water from the condensation of steam or used to preheat combustion oils if they have high viscosity. During winter, the heat can be directed to dwelling units into the internal rooms of the ship. However, most of the heat that is produced during combustion is sent out through the chimney or cooled with a low-temperature system installed.”
According to the report, one of the major drivers for this market is Transition toward clean energy-driven shipping sector. With the growing global warming and after the Paris Agreement, the marine industry players have increased their contribution toward innovations that adhere to the regional and international regulations on shipping energy and efficiency. Generally, the shipping fuel accounts for 25%-40% of the total operational costs, and thus, a shift toward green technology will help achieve regulatory and economic incentives and improve energy efficiencies.
Further, the report states that one of the major factors hindering the growth of this market is Technical glitches in design and implementation. Several technical issues are associated with the proper designing and engineering of all renewable propulsion systems. These include problems in combustion systems, generator, battery, and electric motor with respect to limitations in parameters such as battery life, charge rate, size, and weight. By comparing the specific power, drivability, emissions, infrastructure support, cost, and energy efficiency of the renewable propulsion systems with the conventional propulsion systems, it can be concluded that the energy required by the marine vessel is very high, and it is difficult to drive an entire ship only on renewable propulsion systems.
Deltamarin, Eco Marine Power (EMP), Eniram (Wärtsilä), Norsepower, mart Green Shipping Alliance (SGSA), ABB, Alewijnse Marine Systems, Echandia Marine, Leclanché, A.P. Moller–Maersk Group, NYK Group, and STX France.
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