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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.
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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.
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 4.57% by 2021.
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