(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Wind-Assisted Propulsion Market - A Global and Regional Analysis: Focus on Application, Technology, Installation Type, Vessel Type, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets's offering.
Global Wind-Assisted Propulsion Market is projected to reach a value of $18.85 billion by 2032 from $ 71.3 million in 2023, growing at a CAGR of 85.9%
Wind-assisted propulsion is classified within energy efficiency indices as an "energy harvesting" technology, given its utilization of wind to directly augment thrust.
Nevertheless, operational costs remain subject to weather-related uncertainties. However, the advantages of sailing can be amplified through the application of weather routing algorithms, which can chart optimal routes tailored to specific vessels. Nonetheless, the widespread adoption of wind-assisted propulsion systems (WAPSs) faces several hurdles, including the imperative need for reliable and efficient technologies capable of functioning effectively across diverse environmental conditions.
While there is a prospect for wind propulsion systems to become more cost-effective in the future, these presently represent substantial investments. The absence of a standardized approach to designing, constructing, and integrating wind-assisted propulsion systems on board vessels makes it challenging to attain the economies of scale and consistent production required to reduce costs. Wind-assisted propulsion systems is expected to boom over the next decade as it acts as a substitute to fuel types such as green methanol, biofuels, green hydrogen and others.
The wind-assisted propulsion is in its initial stage of commercialization, while some of the technologies, such as hull form, are in their developing stage. The ecosystem of the wind-assisted propulsion market comprises wind-assisted propulsion manufacturers, technology providers, ship-building companies, and shipowners. The market is still developing, with Europe at the forefront, followed by other regions such as Asia-Pacific and Japan, China, Rest-of-the-World, North America, and the U.K.
Sea shipping is a cornerstone of global trade and the primary mode for transporting goods across the world. However, the maritime industry has long been recognized as a significant contributor to greenhouse gas (GHG) emissions, largely due to the use of fossil fuels for propulsion. In light of the urgent need to combat climate change and reduce carbon emissions, the maritime sector is experiencing a profound transformation.
Wind energy, harnessed through innovative technologies such as kite propulsion systems and other wind-assisted solutions, is poised to play a pivotal role in helping the marine shipping industry achieve its ambitious goals for GHG emission reduction. By tapping into the inexhaustible and clean power of the wind, the maritime sector can significantly enhance its sustainability and reduce its carbon footprint.
This transition aligns with global efforts to create a more environmentally responsible and sustainable future, making wind energy a crucial ally in the journey toward greener and more efficient maritime transportation.
How can this report add value to an organization?
The product segment helps the reader understand the different technologies, installation types, and vessel types involved in the wind-assisted propulsion market. The technology segment has been segmented into towing kites, sails (soft-wing sails, hard-wing sails), flettner rotors, suction wings, and others. The installation type segment has been segmented into retrofit and new installation. The vessel type segment has been segmented into wind-assisted motor vessels and purely wind vessels.
Moreover, the study provides the reader with a detailed understanding of the wind-assisted propulsion market based on application, including cargo ships (tankers, car carriers/ro-ro vessels, container ships, general cargo vessels), passenger ships, fishing vessels, and bulk carriers. The increasing adoption of wind-assisted propulsion in bulk carriers and cargo ships is expected to fuel market growth in the future.
The wind-assisted propulsion market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategy for the companies has been business partnerships to strengthen their position in the wind-assisted propulsion market.
Key players in the wind-assisted propulsion market analyzed and profiled in the study involve wind-assisted propulsion manufacturers and the overall ecosystem.
Moreover, a detailed competitive benchmarking of the players operating in the wind-assisted propulsion market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
Wind-assisted propulsion technologies are increasingly garnering recognition within the maritime sector as a strategy to curtail fuel consumption and emissions. These innovative systems leverage wind power to bolster a vessel's propulsion through the generation of aerodynamic forces. These systems hold the promise of substantially enhancing the efficiency of shipping operations and playing a substantial role in the industry's transition to a more sustainable, decarbonized future.
Wind, as an abundant, renewable, and emissions-free energy source, offers an invaluable opportunity for progress. Various pioneering sailing technology concepts have either been developed or are currently in the development stage. These encompass sails (hard-wing and soft-wing sails), flettner rotors, suction wings, and towing kites, among others. In 2022, sails led the global wind-assisted propulsion market and are further expected to gain traction over the forecast period with increased installations.
According to the principal analyst of the study, "Wind-assisted propulsion is in its initial stage of commercialization, while it is expected to gain traction owing to the increased need for decarbonization in the maritime industry and rising need to reduce the usage for fossil fuels. Currently, the market is consolidated with a limited number of players in the ecosystem; however, the market is witnessing new entrants on the back of increasing need for wind-propulsion systems in the market."
Key players in the wind-assisted propulsion market analyzed and profiled in the study involve wind-assisted propulsion manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the wind-assisted propulsion market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Wind-assisted propulsion is expected to have a high penetration in cargo ships, among other applications, over the forecast period 2023-2032, owing to the increased initiatives by the maritime industry related to decarbonization. Based on technology, the wind-assisted propulsion market is estimated to be led by the sails segment during the forecast period of 2023-2032. Based on installation type, the wind-assisted propulsion market was led by the retrofit segment in 2022. Based on vessel type, the wind-assisted propulsion market is estimated to be led by the wind-assisted motor vessels segment during the forecast period of 2023-2032. In the global wind-assisted propulsion market, Asia-Pacific and Japan and Europe are anticipated to gain traction in terms of wind-assisted propulsion production, owing to the increased need for decarbonization in the regions.
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