Wind-Assisted Propulsion Market | Cargo Ships Segment is Accounted as a Major Contributor - Here's Why
Companies covered in this study are 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
Jersey City, NJ, Nov. 23, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the *"Global Wind-Assisted Propulsion Market- (By Application (Cargo Ships (Tankers, Car Carriers/Ro-Ro Vessels, Container Ships, General Cargo Vessels), Passenger Ships, Fishing Vessels, Bulk Carriers), By Technology (Towing Kites, Sails (Soft-Wing Sails, Hard-Wing Sails), Flettner Rotors, Suction Wings, Others), By Installation Type (Retrofit, New Installation), By Vessel Type (Wind-Assisted Motor Vessels, Purely Wind Vessels)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."*
According to the latest research by InsightAce Analytic, the *Global Wind-Assisted Propulsion Market* is expected to show a *CAGR of 82.7%* during the forecast period of 2023-2031.
The term "wind-assisted propulsion" describes using wind energy to assist in ship propulsion, lowering the ships' environmental impact and dependence on conventional fossil fuels. With this technology, ships can generate thrust and move ahead. Conventional sails are modified to harness wind energy and provide ships with more propulsion. Large, movable sails are an option for modern ships looking to maximize wind collection. Many industries, particularly maritime transportation, are being impacted by the global transition towards renewable energy sources. Because wind is a renewable energy source, using it to power ships is in line with the larger goals of the energy transition.
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To foster the development of wind-assisted propulsion systems, governments and international organizations are financing renewable energy programs. The market for wind-assisted propulsion is stagnant and expanding due to the convergence of these variables, which also promotes additional research and development and the uptake of these technologies by the world's maritime industry.
*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.
*List of Prominent 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
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*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
*Market Dynamics:*
*Drivers- *
Growing public concern about climate change and its environmental consequences has raised public pressure on industries to adopt sustainable practices. Wind-assisted propulsion systems are an appealing option for cargo ships looking to improve their environmental performance, meet regulatory requirements, and reduce operational costs. Wind-assisted propulsion systems are projected to gain popularity in the cargo shipping industry as technology advances and public knowledge of their benefits rises. Continuous progress, supportive regulations, and collaborative efforts are required to drive the wider use of wind-assisted propulsion systems in the maritime industry.
*Challenges:*
The initial capital expenditure for modifying existing vessels or incorporating wind-assisted propulsion systems into new ships can be significant. Despite the potential benefits, wind-assisted propulsion systems receive less research and development funding than other renewable energy fields. This lack of investment impedes the development of more efficient and cost-effective alternatives. These technologies may not provide significant benefits to ships travelling on routes with unexpected or irregular wind patterns. Determining the best routes and conditions for wind assistance can be challenging.
*Regional Trends:*
Asia Pacific Wind-Assisted Propulsion Market is expected to register a major market share in terms of revenue and it is projected to grow at a high CAGR in the near future. The growing volume of maritime trade and transportation increases the need for efficient and ecologically friendly propulsion technologies. Wind-assisted propulsion technologies boost the region's maritime industry's competitiveness by lowering operational costs and maintaining compliance with international environmental requirements. Continuous developments in wind-assisted propulsion systems are the result of ongoing research and development activities.
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*Segmentation of Wind-Assisted Propulsion Market-*
*By Application-*
· Cargo Ships
· Tankers
· Car Carriers/Ro-Ro Vessels
· Container Ships
· General Cargo Vessels
· Passenger Ships
· Fishing Vessels
· Bulk Carriers
*By Technology-*
· Towing Kites
· Sails
· Soft-Wing Sails
· Hard-Wing Sails
· Flettner Rotors
· Suction Wings
· Others
*By Installation Type-*
· Retrofit
· New Installation
*By Vessel Type-*
· Wind-Assisted Motor Vessels
· Purely Wind Vessels
*By Region-*
*North America-*
· The US
· Canada
· Mexico
*Europe-*
· Germany
· The UK
· France
· Italy
· Spain
· Rest of Europe
*Asia-Pacific-*
· China
· Japan
· India
· South Korea
· Southeast Asia
· Rest of Asia Pacific
*Latin America-*
· Brazil
· Argentina
· Rest of Latin America
* Middle East & Africa-*
· GCC Countries
· South Africa
· Rest of Middle East and Africa
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