Asia Pacific Wind-Assisted Propulsion Market Introduction and Overview
According to SPER Market Research, the Asia Pacific Wind-Assisted Propulsion Market is estimated to reach USD 6735.95 million by 2033 with a CAGR 81.22%.
The report includes an in-depth analysis of the Asia Pacific Wind-Assisted Propulsion Market, including market size and trends, product mix, distribution channels, and supplier analysis. Wind-assisted propulsion is the use of wind energy to power ships or other vehicles, reducing their reliance on traditional fuel sources and thereby lowering their environmental impact. This propulsion system harnesses the strength of the wind to generate thrust and move the vessel forward. Wind-assisted propulsion systems have become more efficient, reliable, and simple to integrate into existing boats as a result of ongoing research and development efforts.
- In May 2022, Econowind and Vertom announced their collaboration to provide wind-assist VentoFoil systems for a number of vessels before the end of 2022. Econowind's first fleet order would be for the general cargo ships MV Progress and MV Perfect, where the initial installations would take place.
- In April 2021, BAR Technologies and Yara Marine Technologies signed an exclusive agreement to work on the design and deployment of wind-assisted propulsion systems for the global shipping industry. This new system, which uses solid wing sails, is intended to provide the shipping industry with fuel efficiency savings of up to 30%.
Market Opportunities and Challenges
Opportunities: The growing public concern about climate change and its environmental effects has increased public pressure on industries to adopt sustainable practices. Wind-assisted propulsion systems are an interesting choice for cargo ships that want to improve their environmental performance, meet regulatory requirements, and cut operating costs. Wind-assisted propulsion systems are expected to gain popularity in the cargo transportation business as technology progresses and the general public becomes more aware of their benefits. Continuous progress, supporting policies, and coordinated efforts are required to accelerate the adoption of wind-assisted propulsion technologies in the maritime industry.
Challenges: Wind-assisted propulsion is classified as a "energy harvesting" approach in energy efficiency indexes because it employs wind to directly boost thrust. However, operational costs are still subject to weather-related variables. The broad deployment of wind-assisted propulsion systems (WAPSs) faces various challenges, including the critical requirement for dependable and efficient technologies that can perform well in a variety of weather circumstances. The lack of a standardised strategy to designing, building, and integrating wind-assisted propulsion systems on board vessels makes it difficult to achieve the economies of scale and consistent production needed to lower costs.
Market Competitive Landscape
Wind-assisted propulsion manufacturers and the overall ecosystem are key stakeholders in the Asia-Pacific wind-assisted propulsion industry, as analysed and evaluated in this study. Furthermore, a full competitive benchmarking of the competitors operating in the Asia-Pacific wind-assisted propulsion market has been conducted to assist the reader in understanding how these players rank up against one another, resulting in a distinct market landscape. Furthermore, thorough competitive strategies such as partnerships, agreements, acquisitions, and collaborations will help the reader comprehend the market's undiscovered revenue opportunities. Key market players are Eco Marine Power Co Ltd Mitsui O.S.K. Lines.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Application, By Technology, By Installation Type, By Vessel Type
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| Regions covered | China, Japan, India, South Korea, Australia, Indonesia, Others
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| Companies Covered | Eco Marine Power Co Ltd, Mitsui O.S.K. Lines.
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COVID-19 Impact on Asia Pacific Wind-Assisted Propulsion Market
The COVID-19 pandemic has had a major impact on a number of industries, chief among them the marine sector and the growing need for wind-powered propulsion systems. Global supply chains were thrown off balance by the outbreak, including those that made and delivered parts for wind-assisted propulsion systems.
Key Target Audience:
- Shipping Companies
- Shipbuilders and Shipyards
- Marine Equipment Manufacturers
- Port Authorities and Operators
- Government and Regulatory Bodies
- Environmental Organizations
- Logistics and Freight Forwarding Companies
- Maritime Research Institutions
- Investors and Financial Institutions
- Renewable Energy Advocates
Our in-depth analysis of the Asia Pacific Wind-Assisted Propulsion Market includes the following segments:
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By Application:
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Cargo Ships
Passenger Ships
Fishing Vessels
Bulk Carriers
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By Technology:
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Towing Kites
Sails
Flettner Rotors
Suction Wings
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By Installation Type:
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Retrofit
New Installation
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By Vessel Type:
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Wind-Assisted Motor Vessels
Purely Wind Vessels
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Key Topics Covered in the Report:
- Asia Pacific Wind-Assisted Propulsion Market Size (FY’2024-FY’2033)
- Overview of Asia Pacific Wind-Assisted Propulsion Market
- Segmentation of Asia Pacific Wind-Assisted Propulsion Market By Application (Cargo Ships, Passenger Ships, Fishing Vessels, Bulk Carriers)
- Segmentation of Asia Pacific Wind-Assisted Propulsion Market By Technology (Towing Kites, Sails, Flettner Rotors, Suction Wings, Others)
- Segmentation of Asia Pacific Wind-Assisted Propulsion Market By Installation Type (Retrofit, New Installation)
- Segmentation of Asia Pacific Wind-Assisted Propulsion Market By Vessel Type (Wind-Assisted Motor Vessels, Purely Wind Vessels)
- Statistical Snap of Asia Pacific Wind-Assisted Propulsion Market
- Expansion Analysis of Asia Pacific Wind-Assisted Propulsion Market
- Problems and Obstacles in Asia Pacific Wind-Assisted Propulsion Market
- Competitive Landscape in the Asia Pacific Wind-Assisted Propulsion Market
- Impact of COVID-19 and Demonetization on Asia Pacific Wind-Assisted Propulsion Market
- Details on Current Investment in Asia Pacific Wind-Assisted Propulsion Market
- Competitive Analysis of Asia Pacific Wind-Assisted Propulsion Market
- Prominent Players in the Asia Pacific Wind-Assisted Propulsion Market
- SWOT Analysis of Asia Pacific Wind-Assisted Propulsion Market
- Asia Pacific Wind-Assisted Propulsion Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Asia Pacific Wind-Assisted Propulsion Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Asia Pacific Wind-Assisted Propulsion Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Asia Pacific Wind-Assisted Propulsion Market
7. Asia Pacific Wind-Assisted Propulsion Market, By Application (USD Million) 2020-2033
7.1. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Application, 2020-2026
7.2. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Application, 2027-2033
7.3. Cargo Ships
7.3.1. Tankers
7.3.2. Car Carriers/Ro-Ro Vessels
7.3.3. Container Ships
7.3.4. General Cargo Vessels
7.4. Passenger Ships
7.5. Fishing Vessels
7.6. Bulk Carriers
8. Asia Pacific Wind-Assisted Propulsion Market, By Technology (USD Million) 2020-2033
8.1. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Technology, 2020-2026
8.2. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Technology, 2027-2033
8.3. Towing Kites
8.4. Sails
8.4.1. Soft-Wing Sails
8.4.2. Hard-Wing Sails
8.5. Flettner Rotors
8.6. Suction Wings
8.7. Others
9. Asia Pacific Wind-Assisted Propulsion Market, By Installation Type (USD Million) 2020-2033
9.1. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Installation Type, 2020-2026
9.2. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Installation Type, 2027-2033
9.3. Retrofit
9.4. New Installation
10. Asia Pacific Wind-Assisted Propulsion Market, By Vessel Type (USD Million) 2020-2033
10.1. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Vessel Type, 2020-2026
10.2. Asia Pacific Wind-Assisted Propulsion Market Size, Share and Forecast, By Vessel Type, 2027-2033
10.3. Wind-Assisted Motor Vessels
10.4. Purely Wind Vessels
11. Asia Pacific Wind-Assisted Propulsion Market Forecast, 2020-2033 (USD Million)
11.1. Asia Pacific Wind-Assisted Propulsion Market Size and Market Share
12. Asia Pacific Wind-Assisted Propulsion Market, By Region, 2020-2033 (USD Million)
12.1. Asia Pacific Wind-Assisted Propulsion Market Size and Market Share By Region (2020-2026)
12.2. Asia Pacific Wind-Assisted Propulsion Market Size and Market Share By Region (2027-2033)
12.3. China
12.4. Japan
12.5. India
12.6. South Korea
12.7. Australia
12.8. Indonesia
12.9. Others
13. Company Profile
13.1. Eco Marine Power Co Ltd
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Mitsui O.S.K. Lines
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
