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
- 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.
- 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
Global Wind-based Marine Propulsion Systems Market, by Vessel Type
- Container Ships
- Bulk Carrier
- Passenger Ships
- Defense Vessels
- Tugboats & OSVs
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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