
Ship Propulsion System Market
Ship Propulsion System Market Global Industry Assessment & Forecast
Segments Covered
By Type Two-stroke, Four-stroke, Steam wheel, Gas-turbine, United propulsion, Others
By Application Nomal transport ship, Large fast passenger ship, Marine cargo ship, Minitype yacht, Others
Snapshot
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2021 - 2028 |
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2016 - 2020 |
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7.12 Billion |
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20.23 Billion |
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2.98 |
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Asia Pacific |
Customization Offered
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market Dynamics
Region Level Market Share
Import Export Analysis
Production Analysis
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Key Insights
The
global Ship Propulsion System market was valued at USD 7.12 Billion in 2020 and is
projected to reach USD 20.23 Billion by 2028, growing at a CAGR of 2.98%
from 2021 to 2028.

Years | Parameters |
---|---|
Historical Data (Actual Data) | 2016-2020 |
Base Year Data | 2020 |
Current Year Date | 2021 |
Projected year data | 2021-2026 |
Annual Market Size (2028) | 20.23 Billion |
Annual Market Size (2021) | |
CAGR (2021 - 2028) | 2.98% |
Definition And Overview
Marine propulsion is the mechanism or system used to generate thrust to move a ship across water. While paddles and sails are still used on some smaller boats, most modern ships are propelled by mechanical systems consisting of an electric motor or engine turning a propeller, or less frequently, in pump-jets, an impeller.
The global Ship Propulsion System market is segmented based on by Type, Application, Regions, and Countries. This report provides an analysis of the global Ship Propulsion System market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report covers exhaustive analysis on the global Ship Propulsion System industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. The report provides a detailed study on various product types and their applications in different industry verticals at the global/regional/country level. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2021 to 2028.
COVID-19 Impact Analysis
COVID-19
pandemic led to government of numerous countries across the globe to impose stringent
lockdown measures during the primary stages. This led to numerous challenges owing
to the supply chain. However, the market witnessed steady growth over the later
stages as the governments lifted restrictions on construction activities. Impact
of COVID-19 on the market demand is considered while estimating the current and
forecast market size and growth trends for all the regions and countries. The
report provides a completely separate chapter for COVID-19 Impact Analysis.
This chapter includes: o Impact Assessment of COVID-19
Pandemic o Pre & Post COVID-19
Market Size o Qualitative analysis on the
short term & long-term impact of COVID-19 on the market
o
The
analysis provides foremost strategies adopted by competitors to minimize the
impact of the pandemic on their business activities and scope for future
developments.
Industry Analysis
Nearly no noise, it is very small in size, it is light weight, it starts up immediately without needing to warm up, there is no exhaust smell which are some of the factors driving the market.
Enviromentally friendly since it uses no oil or fossil fuels, one can recharge it with solar panels and wind generators, it acts as a hydrogenerator when sailing. No fuel filter to clog. These factors are also driving the market growth.
Range is limited to the size of the battery bank, weight of the battery bank can add up quickly, range can be supplemented by using a generator, but your speed will be limited by the size of the battery charger, electronic components on a boat are prone to corrosion caused failure, are some of the factors restraining the market.
Parameter | Details |
---|---|
Market Size Provided for Years | 2016-2028 |
Base Year | 2020 |
Historic Years | 2016-2020 |
Forecast Years | 2021-2028 |
Market Size Provided In Terms Of | Revenue & Volume |
Segments Covered | Type, Application |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Countries Covered | The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Orbital ATK, 3W International GmbH, Rolls-Royce, Lockheed Martin, Honeywell, Thrustmaster, Aerojet Rocketdyne, Safran S.A, GKN Aerospace, GE, Northrop Grumman, United Technologies Corporation, Raytheon. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis |
Product Analysis Preview
Type
Analysis: Preview On the basis of Type,
the market is segmented into Two-stroke, Four-stroke, Steam wheel, Gas-turbine, United propulsion, Others. Four-stroke held the highest
share in the global Ship Propulsion System
market and is projected to witness the same trend during the forecast
period. Companies in this
sector are opting to advanced technologies in their supply chain to cater the
end user requirements effectively. Application
Analysis: Preview
Based on Application,
the market is segmented into Nomal transport ship, Large fast passenger ship, Marine cargo ship, Minitype yacht, Others. Large fast passenger ship accounted
for the highest market share and is expected to grow at a significant CAGR from
2021 to 2028.
Global Ship Propulsion System Market: Type Segment Analysis
-
- Two-stroke
- Four-stroke
- Steam wheel
- Gas-turbine
- United propulsion
- Others
Global Ship Propulsion System Market: Application Segment Analysis
-
- Nomal transport ship
- Large fast passenger ship
- Marine cargo ship
- Minitype yacht
- Others
Regional Analysis Preview
Based
on region, the global Ship Propulsion System market is segregated into North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific
region led the market with the largest share in 2020. Some of the key countries
contributing to the surge in the market are the U.S., U.K., Germany, France,
China, India, Japan, and South Korea. Developing economies in the Asia Pacific
region such as China and India are expected to make notable contributions in
the growth over the coming years. Thus, it is expected that the Ship Propulsion System market
is anticipated to rise over the forecast timespan.
Market Size, 2021 (USD Billion)
Global Ship Propulsion System Market: Regional Analysis
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Competitive Landscape
The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Ship Propulsion System market are Orbital ATK, 3W International GmbH, Rolls-Royce, Lockheed Martin, Honeywell, Thrustmaster, Aerojet Rocketdyne, Safran S.A, GKN Aerospace, GE, Northrop Grumman, United Technologies Corporation, Raytheon.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.
Global Ship Propulsion System Market: Key Highlights
- The global Ship Propulsion System market was valued at USD 7.12 Billion in 2020
- The global Ship Propulsion System Market is projected to reach USD 20.23 Billion by 2028
- Asia Pacific held the highest share of the Ship Propulsion System market in 2020
- Some of the major companies operating in the Ship Propulsion System market are Orbital ATK, 3W International GmbH, Rolls-Royce, Lockheed Martin, Honeywell, Thrustmaster, Aerojet Rocketdyne, Safran S.A, GKN Aerospace, GE, Northrop Grumman, United Technologies Corporation, Raytheon.
FAQ
Frequently Asked Question
What is the global demand for Ship Propulsion System in terms of revenue?
-
The global Ship Propulsion System valued at 7.12 Billion in 2020 and is expected to reach 20.23 Billion in 2028 growing at a CAGR of 2.98%.
Which are the prominent players in the market?
-
The prominent players in the market are Orbital ATK, 3W International GmbH, Rolls-Royce, Lockheed Martin, Honeywell, Thrustmaster, Aerojet Rocketdyne, Safran S.A, GKN Aerospace, GE, Northrop Grumman, United Technologies Corporation, Raytheon..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 2.98% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
The driving factors of the Ship Propulsion System include
- Nearly no noise, it is very small in size, it is light weight, it starts up immediately without needing to warm up, there is no exhaust smell which are some of the factors driving the market.
- Enviromentally friendly since it uses no oil or fossil fuels, one can recharge it with solar panels and wind generators, it acts as a hydrogenerator when sailing. No fuel filter to clog. These factors are also driving the market growth.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Ship Propulsion System in 2020.