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Wind-based Marine Propulsion Systems Market

Wind-based Marine Propulsion Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Global Wind-based Marine Propulsion Systems Market: Introduction

  • Wind-based propulsion is the practice of lowering fuel consumption of a marine vessel with the use of sails or some other wind capture device. Wind-based marine propulsion systems help reduce the dependence on traditional fossil fuels. This results in lower greenhouse gases and carbon emissions.
  • Companies around the world are now focusing on developing more efficient wind-based marine propulsion systems, as the marine industry aims to lower greenhouse gas and carbon emissions by at least 50% over the next 30 years.

Key Drivers and Restraints of Global Wind-based Marine Propulsion Systems Market

  • Significant rise in sea trade and tourism is estimated to be a key driver of the global Wind-based marine propulsion systems market. Global sea trade as well as sea tourism has increased across the globe. This indicates a rise in the number of adoption of marine vessels. Rise in number of vessels is likely to fuel the demand for wind-based marine propulsion systems.
  • Governments of countries across the globe are enacting stringent regulations to reduce the emission of carbon and greenhouse gases. This is another key driver of the global wind-based marine propulsion systems market. Implementation of these regulations has compelled companies to look for more environmentally-friendly marine propulsion solutions. Thus, companies are now investing increasingly in the development of wind-based marine propulsion systems.
  • High investment is a major factor restraining the global wind-based marine propulsion systems market. Currently, wind-based propulsion systems are used with traditional diesel engine, which leads to additional investment for new as well as retrofit engines. Dearth of expert workers is anticipated to restrain the global wind-based marine propulsion systems market in the near future.

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Global Wind-based Marine Propulsion Systems Market: Segmentation

  • The global wind-based marine propulsion systems market can be segmented based on type and vessel type
  • Based on type, the global wind-based marine propulsion systems market can be divided into wing sail, kite sail, flettner rotor, and others. In terms of demand, wing sail and flettner rotor segments are expected to expand at a faster pace in the near future.
  • In terms of vessel type, the global wind-based marine propulsion systems market can be segregated into container ship, bulk carrier, passenger ship, defense vessel, tugboat & OSV, ferry, and others. Passenger ship and container ship segments are anticipated to expand at a fast-paced CAGR during the forecast period owing to the rise in demand for passenger ships and container ships across the world.

Global Wind-based Marine Propulsion Systems Market: Regional Outlook

  • Based on region, the global wind-based marine propulsion systems market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Rapid industrialization and modernization is estimated to boost the wind-based marine propulsion systems market in in Asia Pacific in the near future. China and Japan are the leading countries in terms of number of ships in the world. This trend is projected to continue during the forecast period. Increase in numbers of ships and rise in awareness about the environment are anticipated to boost the demand for wind-based marine propulsion systems in the region.
  • The market in North America and Europe are projected to expand significantly during the forecast period, due to the growth in number of passenger vessels and implementation of stringent governmental regulations on lowering carbon emissions and greenhouse gases in these regions
  • The market in Middle East & Africa and Latin America is estimated to expand at a sluggish pace due to lack of investment in wind-based marine propulsion systems

COVID-19 Impact

  • Rapid transmission of coronavirus is significantly impacting the global shipping market. This can be ascribe to the sudden decline in demand for goods and cancellation of pre-planned trips and cruises. Furthermore, ship orders have been cancelled due to the pandemic. Large crude tankers and large bulk carriers have also been adversely affected by the COVID-19 disease. Economic activities across the world have been hampered. Surge in COVID-19 cases in Europe, North America, and other regions has significantly hampered the investment and project timelines in development of wind-based marine propulsion systems. Thus COVID-19 is expected to restrain the market over the next couple of years.

Key Players Operating in Global Market

  • Eco Marine Power
  • Lloyd's Register
  • BAR Technologies
  • Mitsui O.S.K.Lines
  • Becker Marine Systems
  • Advanced Wing Systems
  • Seastel Marine System (Shanghai) Co. Ltd.
  • NayamWings
  • Wing Force Partners
  • AIRSEAS SAS

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Global Wind-based Marine Propulsion Systems Market: Research Scope

Global Wind-based Marine Propulsion Systems Market, by Type

  • Wing sail
  • Kite Sail
  • Flettner Rotor
  • Others

Global Wind-based Marine Propulsion Systems Market, by Vessel Type

  • Container Ships
  • Bulk Carrier
  • Passenger Ships
  • Defense Vessels
  • Tugboats & OSVs
  • Ferries
  • Others

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