The global renewable energy propulsion for marine vessels market is prophesied to gain growth on the back of a perpetual demand for ecofriendly marine vessels prompting manufacturers to concentrate on the development of propulsion systems that could consume alternative fuels. In a report by Transparency Market Research (TMR), titled “Renewable Energy Propulsion for Marine Vessels Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” the analysts elaborate on more factors that could escalate the demand. The expected emergence of alternative fuels as a viable option in different sectors such as shipping could be due to a recent trend observed in the maritime industry.

As researched, there is a shift from petroleum and diesel fuel for propulsion system marked in the maritime industry. Prominent companies operating in the marine industry are raising the amount of their investment in innovations that abide by the global and regional regulations for shipping efficiency and shipping energy. This could be because of the increasing worries about global warming and the Paris Agreement. Since fuel cost amounts to a nearly 25-40% of the overall operational expenses, improvement in energy efficiencies and taking advantage of economic and regulatory incentives could hold prime importance. This is foreseen to be achieved with the shift toward green technology.

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Airway, rail, and road transportations being less suitable for global trade have enhanced the role of marine transportation as an essential and economic alternative. The demand for marine propulsion systems with increased efficiency is anticipated to see a drastic rise in the coming years. This could be because of the growing trade between different nations of the world which involves transporting heavy duty vessels in water-based logistics. Another reason for the rise in the demand for marine propulsion systems could be increasing trade development witnessed across the industry.

The international renewable energy propulsion for marine vessels market is expected to be classified as per marine vessel type, where key segments could be offshore, tanker, bulk carrier, and passenger cargo ship. The type of source utilized for generating power is studied to decide the design of the propulsion system. A good instance to follow could be the change in the design with regard to the propeller due to wind generation, which could cause challenges in its performance when functioning in heavy load conditions. Another instance could be the limited amount of power enabled by a photovoltaic source of power generation. Furthermore, it is studied that the source will only benefit small or auxiliary power requirements.

However, the hybrid type of propulsion systems are projected to find a wide usage due to its ease of adoption, low operational expenditure, and low emissions. Thus, the international renewable energy propulsion for marine vessels market is envisioned to be segregated into hybrid, solar power, and wind power propulsion systems under the segmentation category of type.

When it comes to regional segmentation, the international renewable energy propulsion for marine vessels market is envisaged to find Europe holding a major share in the foreseeable future. This could primarily be due to the larger application of renewable energy and environmental norms. Europe is foretold to be followed by other regions such as the Middle East and Africa, Latin America, Asia Pacific, and North America.

Some of the crucial players of the worldwide renewable energy propulsion for marine vessels market are Wartsila, Eco Marine Power, and Deltamarin.