The Wind-Assisted Propulsion Market Size is predicted to witness a 82.7% CAGR during the forecast period for 2023-2031.
Wind-assisted propulsion is the use of wind energy to drive ships or other vehicles, reducing their dependency on traditional fuel sources and, as a result, lowering their environmental effect. This propulsion system uses the power of the wind to generate thrust and propel the vessel ahead. Several significant variables have influenced the adoption of wind-assisted propulsion systems in the maritime industry, representing both economic and environmental concerns. Wind-assisted propulsion systems have become more efficient, reliable, and easy to install into existing boats due to ongoing research and development activities. As these technologies progress and prove themselves, they earn market adoption.
However, the COVID-19 epidemic has had a substantial impact on a number of industries, particularly the maritime industry and the burgeoning market for wind-assisted propulsion systems. The epidemic affected worldwide supply chains, disrupting the manufacturing and distribution of wind-assisted propulsion system components.
Competitive Landscape
Some Major Key Players In The Wind-Assisted Propulsion Market:
- Norsepower
- bound4blue
- Eco Marine Power Co. Ltd.
- Econowind
- Anemoi Marine Technologies Ltd.
- Airseas
- GT Green Technologies
- DNV GL
- Mitsui O.S.K. Lines
- OCEANBIRD
- Becker Marine Systems
- Propelwind S.A.S.
- NayamWings Ltd.
- Aloft Systems Inc.
- SkySails Marine
- Others
Market Segmentation:
The Wind-Assisted Propulsion Market is segmented on the basis of application, technology, installation type, and vessel type. The application segment is segmented into cargo ships (Tankers, Car Carriers/Ro-Ro Vessels, Container Ships, General Cargo Vessels), passenger ships, fishing vessels, and bulk carriers. The technology segment includes Towing Kites, Sails, Flettner Rotors, Suction Wings, and others. By installation type, the market is segmented into retrofit and new installation. The vessel type segment includes Wind-Assisted Motor Vessels and Purely Wind Vessels.
Based On Application, The Cargo Ships Segment Is Accounted As A Major Contributor In The Wind-Assisted Propulsion Market.
The cargo ships category is expected to hold a major share in the global Wind-Assisted Propulsion Market in 2022. Several factors are driving the introduction of wind-assisted propulsion systems in cargo shipping, with the goal of improving efficiency, lowering operational costs, and meeting environmental laws. Wind-assisted propulsion devices drastically cut cargo ship fuel consumption. Because fuel costs account for a sizable amount of a shipping company's operating expenses, the potential for large savings is a compelling reason to implement these technologies.
The retrofit segment witnessed growth at a rapid rate.
The retrofit segment is projected to grow rapidly in the global wind-assisted propulsion market. Numerous market factors are encouraging the retrofit installation of wind-assisted propulsion systems in already-built ships. Through retrofitting, older boats can take advantage of wind-assisted propulsion's benefits, increasing their energy efficiency and environmental friendliness. Technological developments in wind-assisted propulsion have increased the viability and efficiency of retrofit installations. Contemporary technologies are engineered to seamlessly integrate with pre-existing ship structures, resulting in a more seamless and economical retrofit procedure.
In The Region, The Asia Pacific Wind-Assisted Propulsion Market Holds A Significant Revenue Share.
Asia Pacific Wind-Assisted Propulsion Market is expected to register the maximum market share in revenue in the near future. Due to its major marine sector, the increasing focus on sustainability, and environmental restrictions, the Asia Pacific area is a major market for wind-assisted propulsion technologies. The effects of climate change, like increasing sea levels and more frequent and severe weather, are especially dangerous for this area. The pressure on the maritime sector to lower its carbon footprint is growing as environmental worries become more serious. A sustainable option that complies with local environmental objectives is provided by wind-assisted propulsion systems.
Moreover, North America is expected to grow significantly in the coming years. Numerous factors, including both economic and environmental concerns, are driving the adoption of wind-assisted propulsion technology in North America. There is more demand for companies to implement eco-friendly practices as a result of public awareness of environmental issues and climate change.
Recent Developments:
- In May 2022, Econowind and Vertom announced a collaboration to outfit numerous vessels with wind-assist VentoFoil systems by the end of 2022. The initial installations would occur aboard the general cargo ships MV Progress and MV Perfect, marking Econowind's first fleet order.
Wind-Assisted Propulsion Market Report Scope
|
Report Attribute |
Specifications |
|
Growth Rate CAGR |
CAGR of 82.7% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application, Technology, Installation Type, Vessel Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Norsepower, bound4blue, Eco Marine Power Co. Ltd., Econowind, Anemoi Marine Technologies Ltd., Airseas, GT Green Technologies, DNV GL, Mitsui O.S.K. Lines, OCEANBIRD, Becker Marine Systems, Propelwind S.A.S., NayamWings Ltd., Aloft Systems Inc., SkySails Marine, and Others |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
