Vantage Market Research
Nov 10, 2021
According to analysts at Vantage Market Research, the ship propulsion system market is expected to reach USD 20.23 Billion by 2028, growing at a CAGR of 2.98% from 2021 to 2028. The benefits such as no noise, very small in size, lightweight, no need to winterize the motor, and eco-friendly operation (since it uses no oil or fossil fuels) are anticipated to support the growth of the ship propulsion system market during the forecast period.
Key Findings
- The United propulsion segment of the ship propulsion system market is projected to dominate the market and grow at a CAGR of 3% in the forecast period due to the high demand for cruise ships, containerships, and other offshore services vessels. Ongoing investments in the shipping market are accounted to be moved towards the international trade activities coming back on track, post the COVID-19 impact. This will fuel the high demand for the united propulsion segment.
- The large fast passenger ship segment of the ship propulsion system market established steady growth over a CAGR of 2.5 % due to the changing purchasing power of individuals and rising standard of living. Increased tourism activities due to the high demand for passengers & recreational vessels for large ships will encourage market growth.
- North America region is anticipated to grow at a CAGR of 2% during the forecast period. A decrease in the traffic in major areas within the shipping lines and in the country is impacting product adoption. In addition, rising demand for commercial vessels and increasing shipbuilding pertaining to the battle forces will nourish the ship propulsion systems market growth of the region.
Some of the major players of the ship propulsion system market are Orbital ATK, Lockheed Martin, Aerojet Rocketdyne, GE, United Technologies Corporation, GKN Aerospace, Rolls-Royce, Honeywell, 3W International GmbH, Thrustmaster, Raytheon, Safran S.A, and Northrop Grumman, among others.
The ship propulsion system is environmentally friendly since it uses no oil or fossil fuels. One can recharge it with solar panels and wind generators, making it act as a hydro generator when sailing. No fuel filter is required to clog; these are also the factors to fuel the growth of the ship propulsion system market in the near future. Furthermore, the increasing environmental awareness among individuals due to the imposed regulatory pressure to adopt a feasible environment is also set as a positive impact on the industry landscape. Moreover, emerging technical advancements made aimed towards reducing operational costs will also support the growth of the ship propulsion system market in the years to come.
Asia-Pacific has been accounted the most profitable region for the ship propulsion systems market due to the growing shipbuilding activities specifically in South Korea, Japan & China. Also, the increasing number of joint ventures with multiple brands which are internationally established propel the market growth. In addition, the trade of crude oil in the Asia-Pacific region is majorly driving the market growth in the region.