Dublin, Jan. 12, 2024 (GLOBE NEWSWIRE) — The “Europe Wind-assisted Propulsion Market: Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The Europe wind-assisted propulsion market (excluding U.K.) is projected to reach $8.29 billion by 2032 from $35.6 million in 2023, growing at a CAGR of 83.22% during the forecast period 2023-2032. Wind-assisted propulsion is listed as a “energy harvesting” technique in energy efficiency indexes due to its use of wind to directly increase thrust. Nonetheless, operational costs are still vulnerable to weather-related fluctuations. However, the benefits of sailing can be enhanced by using weather routing algorithms, which can chart ideal routes tailored to specific vessels. Nonetheless, widespread adoption of wind-assisted propulsion systems (WAPSs) confronts significant challenges, including the critical need for reliable and efficient technologies that can operate well in a variety of weather circumstances.
While wind propulsion systems have the potential to become more cost-effective in the future, they are now significant investments. The lack of a standardized strategy to designing, building, and integrating wind-assisted propulsion systems on board vessels makes achieving economies of scale and consistent production necessary to minimize costs difficult. Wind-assisted propulsion systems are predicted to grow in popularity over the next decade as a replacement for fuels such as green methanol, biofuels, green hydrogen, and others.
Sea shipping is the principal way of delivering products throughout the world and is a cornerstone of global trade. The marine industry, on the other hand, has long been recognized as a significant contributor to greenhouse gas (GHG) emissions, owing to the usage of fossil fuels for propulsion. The maritime sector is undergoing a fundamental shift as a result of the pressing need to battle climate change and cut carbon emissions. Wind energy, as harnessed by novel technology like as kite propulsion systems and other wind-assisted solutions, is poised to play a critical role in assisting the marine shipping industry in meeting its ambitious GHG emission reduction targets. The maritime sector can considerably improve its sustainability and minimize its carbon footprint by harnessing the unlimited and pure power of the wind.
Market Segmentation:
Segmentation 1: by Application
- Cargo Ships
- Tankers
- Car Carriers/Ro-Ro Vessels
- Container Ships
- General Cargo Vessels
- Passenger Ships
- Fishing Vessels
- Bulk Carriers
Segmentation 2: by Technology
- Towing Kites
- Sails
- Soft-Wing Sails
- Hard-Wing Sails
- Flettner Rotors
- Suction Wings
- Others
Segmentation 3: by Installation Type
Segmentation 4: by Vessel Type
- Wind-Assisted Motor Vessels
- Purely Wind Vessels
Segmentation 5: by Country
- Germany
- Greece
- France
- Norway
- Finland
- Rest-of-Europe
Key Market Players
Some of the prominent producers of wind-assisted propulsion are:
- Econowind
- Airseas
- Norsepower
- bound4blue
Business Dynamics
- Business Drivers
- Increasing Need for Reducing GHG Emissions
- Rise in Sea Trade
- Business Challenges
- High Installation Cost of Wind-Assisted Propulsion Systems
- Technical Challenges Resisting the Adoption of Wind-Assisted Propulsion
- Business Strategies
- Product and Market Developments
- Corporate Strategies
- Mergers and Acquisitions, Partnerships, and Joint Ventures
- Business Opportunities
- Increasing Preference for Environmental-Friendly Shipping Services
- Offsetting High Cost of Fossil and Green Fuels
Key Attributes
| Report Attribute | Details |
| No. of Pages | 116 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $35.6 Million |
| Forecasted Market Value (USD) by 2032 | $8.29 Billion |
| Compound Annual Growth Rate | 83.2% |
| Regions Covered | Europe |
Full List of Companies Mentioned
- Norsepower
- bound4blue
- Econowind
- Anemoi Marine Technologies Ltd.
- Airseas
- GT Green Technologies
- DNV GL
- OCEANBIRD
- Becker Marine Systems
- SkySails Marine
For more information about this report visit https://www.researchandmarkets.com/r/hs8xiy
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- European Wind-Assisted Propulsion Market
