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.
- 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.
Definition And Overview
Marine propulsion is the mechanism or system used to generate thrust to move a ship across the 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.
COVID-19 Impact Analysis
COVID-19 pandemic led governments 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.
Global Ship Propulsion System Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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.
The market comprises 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.
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