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Ship Propulsion System Market

Ship Propulsion System Market

Ship Propulsion System Market Global Industry Assessment & Forecast

# Pages:

151

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0224

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
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 7.12 Billion
Revenue 2028Revenue 2028: 20.23 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 2.98
Fastest Growing Region Fastest Growing Region (2022 - 2028) 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
  • Others Request Customization Speak To Analyst

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. 

Yearly Infographics 7.12 Billion 20.23 Billion

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)
North America
Europe
Asia Pacific
South America
Middle East Africa

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
  • 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%.

  • 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..

  • The market is project to grow at a CAGR of 2.98% between 2021 and 2028.

  • 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.

  • Asia Pacific was the leading regional segment of the Ship Propulsion System in 2020.