Ship Propulsion System Market

Key Insights

The Global Ship Propulsion System Market is valued at USD 7.78 Billion in 2023 and is projected to reach a value of USD 9.87 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 3.02% between 2024 and 2032.

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 2023–2032 while 2022 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 2023 to 2032.

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:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long-term impact of COVID-19 on the market
• 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.

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 2023 to 2030.

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.

Track market trends LIVE & outsmart rivals with our Premium Data Intel Tool: Vantage Point

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.

The global Ship Propulsion System market can be categorized as Type, Application, End-Use Industry, and Region.