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
204 Pages
October 2023
Region: Global
BIS Research
ID: 5898181

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.

Market Lifecycle Stage

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.

Industrial Impact

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.

Market Segmentation

Segmentation 1: by Application

Cargo Ships
Passenger Ships
Fishing Vessels
Bulk Carriers

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.

Segmentation 2: by Technology

Towing Kites
Sails
Flettner Rotors
Suction Wings
Others

Based on technology, the wind-assisted propulsion market is estimated to be led by the sails segment during the forecast period of 2023-2032.

Segmentation 3: by Installation Type

Retrofit
New Installation

Based on installation type, the wind-assisted propulsion market was led by the retrofit segment in 2022.

Segmentation 4: by Vessel Type

Wind-Assisted Motor Vessels
Purely Wind Vessels

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.

Segmentation 5: by Region

North America
Europe - Germany, Greece, France, Norway, Finland, and Rest-of-Europe
China
U.K.
Asia-Pacific and Japan - Japan, South Korea, Singapore, and Rest-of-Asia-Pacific and Japan
Rest-of-the-World

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.

Recent Developments in the Wind-Assisted Propulsion Market

In May 2022, Econowind and Vertom jointly announced their partnership to equip multiple vessels with wind-assist VentoFoil units by the end of 2022. The initial installations would take place on the general cargo vessels MV Progress and MV Perfect, marking the first fleet order for Econowind.
In April 2021, BAR Technologies and Yara Marine Technologies entered into an exclusive agreement to collaborate on the design and deployment of wind-assisted propulsion systems for the worldwide shipping sector. Utilizing solid wing sails, this innovative solution is expected to provide the shipping industry with potential fuel efficiency savings of up to 30%.
In June 2021, Alfa Laval and Wallenius revealed their plan to establish a new joint venture with a 50/50 ownership structure. This joint venture, named AlfaWall Oceanbird, would be dedicated to advancing and implementing technology for entirely wind-powered vessel propulsion.
In September 2023, Airbus plans to install new fuel-saving sails for its maritime operations. The company intends to outfit one of its vessels, which it uses for transporting aircraft subassemblies, and is chartered from shipowner Louis Dreyfus Armateurs, with wind-assisted propulsion technology. This technology harnesses wind energy to generate thrust, resulting in significant fuel consumption and CO2 emission savings.

Demand - Drivers and Limitations

The following are the demand drivers for the wind-assisted propulsion market:

Increasing Need for Reducing GHG Emissions
Rise in Sea Trade

The market is expected to face some limitations due to the following challenges:

High Installation Cost of Wind-Assisted Propulsion Systems
Technical Challenges Resisting the Adoption of Wind-Assisted Propulsion

How can this report add value to an organization?

Product/Innovation Strategy: 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.

Growth/Marketing Strategy: 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. For instance, in April 2021, BAR Technologies and Yara Marine Technologies entered into an exclusive agreement to collaborate on the design and deployment of wind-assisted propulsion systems for the worldwide shipping sector. Utilizing solid wing sails, this innovative solution is expected to provide the shipping industry with potential fuel efficiency savings of up to 30%.

Competitive Strategy: 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.

Some of the prominent producers of wind-assisted propulsion are:

Company Type 1 (by Technology): Towing Kites

SkySails Marine

Company Type 2 (by Technology): Hard-Wing Sails

Eco Marine Power Co. Ltd.
GT Green Technologies
OCEANBIRD
Mitsui O.S.K. Lines

Company Type 3 (by Technology): Soft-Wing Sails

Omer Wing-Sail
WingSails Co.

Company Type 4 (by Technology): Flettner Rotors

Anemoi Marine Technologies Ltd.
Norsepower

Company Type 5 (by Technology): Suction Wings

Econowind
bound4blue

Company Type 6 (by Technology): Others

Bar Technologies

Various other players are involved in the market as well, which has been covered in different sections of the report.

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1 Markets

1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Technological Innovations in Shipping Industry
1.1.1.2 Increasing Investment in Wind-Assisted Propulsion
1.1.2 Supply Chain Analysis
1.1.3 Ecosystem of Wind-Assisted Propulsion Market
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory/Certification Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.1.4 Economic Impact of Wind-Assisted Propulsion
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Need for Reducing GHG Emissions
1.2.1.2 Rise in Sea Trade
1.2.2 Business Challenges
1.2.2.1 High Installation Cost of Wind-Assisted Propulsion Systems
1.2.2.2 Technical Challenges Resisting the Adoption of Wind-Assisted Propulsion
1.2.3 Business Strategies
1.2.3.1 Product and Market Developments
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions, Partnerships, and Joint Ventures
1.2.5 Business Opportunities
1.2.5.1 Increasing Preference for Environmental-Friendly Shipping Services
1.2.5.2 Offsetting High Cost of Fossil and Green Fuels
1.3 Start-Up Landscape
1.3.1 Key Start-Ups in the Ecosystem

2 Application

2.1 Global Wind-Assisted Propulsion Market (Applications and Specifications)
2.1.1 Global Wind-Assisted Propulsion Market (by Application)
2.1.1.1 Cargo Ships
2.1.1.1.1 Tankers
2.1.1.1.2 Car Carriers/RO-RO Vessels
2.1.1.1.3 Container Ships
2.1.1.1.4 General Cargo Vessels
2.1.1.2 Bulk Carriers
2.1.1.3 Passenger Ships
2.1.1.4 Fishing Vessels
2.2 Demand Analysis of Wind-Assisted Propulsion Market (by Application), Volume and Value Data

3 Products

3.1 Global Wind-Assisted Propulsion Market (Technology and Specifications)
3.1.1 Global Wind-Assisted Propulsion Market (by Technology)
3.1.1.1 Towing Kites
3.1.1.2 Sails
3.1.1.2.1 Soft-Wing Sails
3.1.1.2.2 Hard-Wing Sails
3.1.1.3 Flettner Rotors
3.1.1.4 Suction Wings
3.1.1.5 Others
3.2 Demand Analysis of Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
3.3 Global Wind-Assisted Propulsion Market (Installation Type and Specifications)
3.3.1 Global Wind-Assisted Propulsion Market (by Installation Type)
3.3.1.1 Retrofit
3.3.1.2 New Installation
3.4 Demand Analysis of Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
3.5 Global Wind-Assisted Propulsion Market (Vessel Type and Specifications)
3.5.1 Global Wind-Assisted Propulsion Market (by Vessel Type)
3.5.1.1 Wind-Assisted Motor Vessels
3.5.1.2 Purely Wind Vessels
3.6 Demand Analysis of Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
3.7 Wind-Assisted Propulsion Technology and its Role in Greening the Maritime Industry
3.8 Patent Analysis
3.8.1 Patent Analysis (by Status)
3.9 Average Pricing Analysis: Global and Regional Level, Wind-Assisted Propulsion Systems

4 Regions

4.1 North America
4.1.1 Market
4.1.1.1 Key Producers and Suppliers in North America
4.1.1.2 Business Drivers
4.1.1.3 Business Challenges
4.1.2 Application
4.1.2.1 North America Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.1.3 Product
4.1.3.1 North America Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.1.3.2 North America Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.1.3.3 North America Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2 Europe
4.2.1 Market
4.2.1.1 Key Producers and Suppliers in Europe
4.2.1.2 Business Drivers
4.2.1.3 Business Challenges
4.2.2 Application
4.2.2.1 Europe Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.3 Product
4.2.3.1 Europe Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.3.2 Europe Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.3.3 Europe Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4 Europe (by Country)
4.2.4.1 Germany
4.2.4.1.1 Market
4.2.4.1.2 Application
4.2.4.1.2.1 Germany Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.1.3 Product
4.2.4.1.3.1 Germany Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.1.3.2 Germany Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.1.3.3 Germany Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4.2 Greece
4.2.4.2.1 Market
4.2.4.2.2 Application
4.2.4.2.2.1 Greece Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.2.3 Product
4.2.4.2.3.1 Greece Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.2.3.2 Greece Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.2.3.3 Greece Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4.3 Norway
4.2.4.3.1 Market
4.2.4.3.2 Application
4.2.4.3.2.1 Norway Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.3.3 Product
4.2.4.3.3.1 Norway Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.3.3.2 Norway Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.3.3.3 Norway Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4.4 France
4.2.4.4.1 Market
4.2.4.4.2 Application
4.2.4.4.2.1 France Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.4.3 Product
4.2.4.4.3.1 France Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.4.3.2 France Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.4.3.3 France Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4.5 Finland
4.2.4.5.1 Market
4.2.4.5.2 Application
4.2.4.5.2.1 Finland Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.5.3 Product
4.2.4.5.3.1 Finland Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.5.3.2 Finland Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.5.3.3 Finland Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.2.4.6 Rest-of-Europe
4.2.4.6.1 Market
4.2.4.6.2 Application
4.2.4.6.2.1 Rest-of-Europe Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.2.4.6.3 Product
4.2.4.6.3.1 Rest-of-Europe Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.2.4.6.3.2 Rest-of-Europe Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.2.4.6.3.3 Rest-of-Europe Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.3 U.K.
4.3.1 Market
4.3.1.1 Key Producers and Suppliers in the U.K.
4.3.1.2 Business Drivers
4.3.1.3 Business Challenges
4.3.2 Application
4.3.2.1 U.K. Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.3.3 Product
4.3.3.1 U.K. Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.3.3.2 U.K. Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.3.3.3 U.K. Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.4 China
4.4.1 Market
4.4.1.1 Key Producers and Suppliers in China
4.4.1.2 Business Drivers
4.4.1.3 Business Challenges
4.4.2 Application
4.4.2.1 China Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.4.3 Product
4.4.3.1 China Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.4.3.2 China Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.4.3.3 China Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.5 Asia-Pacific and Japan
4.5.1 Market
4.5.1.1 Key Producers and Suppliers in Asia-Pacific and Japan
4.5.1.2 Business Drivers
4.5.1.3 Business Challenges
4.5.2 Application
4.5.2.1 Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.5.3 Product
4.5.3.1 Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.5.3.2 Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.5.3.3 Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.5.4 Asia-Pacific and Japan (by Country)
4.5.4.1 Japan
4.5.4.1.1 Market
4.5.4.1.2 Application
4.5.4.1.2.1 Japan Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.5.4.1.3 Product
4.5.4.1.3.1 Japan Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.5.4.1.3.2 Japan Wind-assisted Propulsion Market (by Installation Type), Volume and Value Data
4.5.4.1.3.3 Japan Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.5.4.2 South Korea
4.5.4.2.1 Market
4.5.4.2.2 Application
4.5.4.2.2.1 South Korea Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.5.4.2.3 Product
4.5.4.2.3.1 South Korea Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.5.4.2.3.2 South Korea Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.5.4.2.3.3 South Korea Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.5.4.3 Singapore
4.5.4.3.1 Market
4.5.4.3.2 Application
4.5.4.3.2.1 Singapore Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.5.4.3.3 Product
4.5.4.3.3.1 Singapore Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.5.4.3.3.2 Singapore Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.5.4.3.3.3 Singapore Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.5.4.4 Rest-of-Asia-Pacific and Japan
4.5.4.4.1 Market
4.5.4.4.2 Application
4.5.4.4.2.1 Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.5.4.4.3 Product
4.5.4.4.3.1 Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.5.4.4.3.2 Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.5.4.4.3.3 Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data
4.6 Rest-of-the-World
4.6.1 Market
4.6.1.1 Key Producers and Suppliers in Rest-of-the-World
4.6.1.2 Business Drivers
4.6.1.3 Business Challenges
4.6.2 Application
4.6.2.1 Rest-of-the-World Wind-Assisted Propulsion Market (by Application), Volume and Value Data
4.6.3 Product
4.6.3.1 Rest-of-the-World Wind-Assisted Propulsion Market (by Technology), Volume and Value Data
4.6.3.2 Rest-of-the-World Wind-Assisted Propulsion Market (by Installation Type), Volume and Value Data
4.6.3.3 Rest-of-the-World Wind-Assisted Propulsion Market (by Vessel Type), Volume and Value Data

5 Markets - Competitive Benchmarking & Company Profiles

5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Product Matrix of Key Companies (by Technology)
5.1.3 Market Share Analysis of Key Companies, 2022
5.2 Company Profiles
5.2.1 Norsepower
5.2.1.1 Company Overview
5.2.1.1.1 Role of Norsepower in the Wind-Assisted Propulsion Market
5.2.1.1.2 Product Portfolio
5.2.1.2 Analyst View
5.2.2 bound4blue
5.2.2.1 Company Overview
5.2.2.1.1 Role of bound4blue in the Wind-Assisted Propulsion Market
5.2.2.1.2 Product Portfolio
5.2.2.2 Business Strategies
5.2.2.2.1 Market Developments and Product Developments
5.2.2.3 Corporate Strategies
5.2.2.3.1 Mergers and Acquisitions, Collaborations, Partnerships, and Joint Ventures
5.2.2.4 Analyst View
5.2.3 Eco Marine Power Co. Ltd.
5.2.3.1 Company Overview
5.2.3.1.1 Role of Eco Marine Power Co. Ltd. in the Wind-Assisted Propulsion Market
5.2.3.1.2 Product Portfolio
5.2.3.2 Business Strategies
5.2.3.2.1 Market Developments and Product Developments
5.2.3.3 Corporate Strategies
5.2.3.3.1 Mergers and Acquisitions, Collaborations, Partnerships, and Joint Ventures
5.2.3.4 Analyst View
5.2.4 Econowind
5.2.4.1 Company Overview
5.2.4.1.1 Role of Econowind in the Wind-Assisted Propulsion Market
5.2.4.1.2 Product Portfolio
5.2.4.2 Analyst View
5.2.5 Anemoi Marine Technologies Ltd.
5.2.5.1 Company Overview
5.2.5.1.1 Role of Anemoi Marine Technologies Ltd. in the Wind-Assisted Propulsion Market
5.2.5.1.2 Product Portfolio
5.2.5.2 Business Strategies
5.2.5.2.1 Market Developments and Product Developments
5.2.5.3 Corporate Strategies
5.2.5.3.1 Mergers and Acquisitions, Partnerships, Collaborations, and Joint Ventures
5.2.5.4 Analyst View
5.2.6 Airseas
5.2.6.1 Company Overview
5.2.6.1.1 Role of Airseas in the Wind-Assisted Propulsion Market
5.2.6.1.2 Product Portfolio
5.2.6.2 Business Strategies
5.2.6.2.1 Market Developments and Product Developments
5.2.6.3 Corporate Strategies
5.2.6.3.1 Mergers and Acquisitions, Partnerships, Collaborations, and Joint Ventures
5.2.6.4 Analyst View
5.2.7 GT Green Technologies
5.2.7.1 Company Overview
5.2.7.1.1 Role of GT Green Technologies in the Wind-Assisted Propulsion Market
5.2.7.2 Product Portfolio
5.2.7.3 Business Strategies
5.2.7.3.1 Product Developments and Market Developments
5.2.7.4 Corporate Strategies
5.2.7.4.1 Mergers and Acquisitions, Partnerships, Collaborations, and Joint Ventures
5.2.7.5 Analyst View
5.2.8 DNV GL
5.2.8.1 Company Overview
5.2.8.1.1 Role of DNV GL in the Wind-Assisted Propulsion Market
5.2.8.1.2 Product Portfolio
5.2.8.2 Analyst View
5.2.9 Mitsui O.S.K. Lines
5.2.9.1 Company Overview
5.2.9.1.1 Role of Mitsui O.S.K. Lines in the Wind-Assisted Propulsion Market
5.2.9.1.2 Product Portfolio
5.2.9.2 Analyst View
5.2.10 OCEANBIRD
5.2.10.1 Company Overview
5.2.10.2 Role of OCEANBIRD in the Global Wind-Assisted Propulsion Market
5.2.10.2.1 Product Portfolio
5.2.10.3 Corporate Strategies
5.2.10.3.1 Mergers and Acquisitions, Partnerships, Collaboration, and Joint Venture
5.2.10.4 Analyst View
5.2.11 Becker Marine Systems
5.2.11.1 Company Overview
5.2.11.2 Role of Becker Marine Systems in the Global Wind-Assisted Propulsion Market
5.2.11.2.1 Product Portfolio
5.2.11.3 Analyst View
5.2.12 Propelwind S.A.S.
5.2.12.1 Company Overview
5.2.12.2 Role of Propelwind S.A.S. in the Global Wind-Assisted Propulsion Market
5.2.12.2.1 Product Portfolio
5.2.12.3 Analyst View
5.2.13 NayamWings Ltd.
5.2.13.1 Company Overview
5.2.13.2 Role of NayamWings Ltd. in the Global Wind-Assisted Propulsion Market
5.2.13.2.1 Product Portfolio
5.2.13.3 Analyst View
5.2.14 Aloft Systems Inc.
5.2.14.1 Company Overview
5.2.14.2 Role of Aloft Systems Inc. in the Global Wind-Assisted Propulsion Market
5.2.14.2.1 Product Portfolio
5.2.14.3 Business Strategies
5.2.14.3.1 Product Developments and Market Developments
5.2.14.4 Corporate Strategies
5.2.14.4.1 Mergers and Acquisitions, Partnerships, Collaborations, and Joint Ventures
5.2.14.5 Analyst View
5.2.15 SkySails Marine
5.2.15.1 Company Overview
5.2.15.2 Role of SkySails Marine in the Global Wind-Assisted Propulsion Market
5.2.15.2.1 Product Portfolio
5.2.15.3 Analyst View

6 Research Methodology

6.1 Primary Data Sources
6.2 BIS Data Soursces
6.2.1 Research Methodology
6.2.2 Factors for Data Prediction and Modelling
6.3 Assumptions and Limitations

List of Figures

Figure 1: Global Wind-Assisted Propulsion Market, $Million, 2022, 2023, and 2032
Figure 2: Global Wind-Assisted Propulsion Market (by Application), $Million, 2027 and 2032
Figure 3: Global Wind-Assisted Propulsion Market (by Technology), $Million, 2024 and 2032
Figure 4: Global Wind-Assisted Propulsion Market (by Installation Type), $Million, 2023 and 2032
Figure 5: Global Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2023 and 2032
Figure 6: Global Wind-Assisted Propulsion Market (by Region), $Million, 2024 and 2032
Figure 7: Global Wind-Assisted Propulsion Market Coverage
Figure 8: Supply Chain Analysis of the Wind-Assisted Propulsion Market
Figure 9: Wind Propulsion Savings with Increased Fuel Prices
Figure 10: Sales in Ocean-Based Industries, 2018
Figure 11: Patent Analysis (by Year), January 2019-December 2022
Figure 12: Patent Analysis (by Status), January 2019-December 2022
Figure 13: Research Methodology
Figure 14: Top-Down and Bottom-Up Approach
Figure 15: Wind-Assisted Propulsion Market: Influencing Factors
Figure 16: Assumptions and Limitations

List of Tables

Table 1: Consortiums and Associations
Table 2: Regulatory/Certification Bodies
Table 3: List of Government Programs for the Wind-Assisted Propulsion Market
Table 4: List of Programs by Research Institutions and Universities
Table 5: Key Product and Market Developments
Table 6: Key Mergers and Acquisitions, Partnerships, and Joint Ventures
Table 7: Global Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 8: Global Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 9: Global Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 10: Global Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 11: Global Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 12: Global Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 13: Global Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 14: Global Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 15: Average Global and Regional Level Pricing Analysis, Wind-Assisted Propulsion Systems, $Thousand/Unit, 2022-2032
Table 16: Global Wind-Assisted Propulsion Market (by Region), Units Installed, 2022-2032
Table 17: Global Wind-Assisted Propulsion Market (by Region), $Million, 2022-2032
Table 18: North America Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 19: North America Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 20: North America Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 21: North America Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 22: North America Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 23: North America Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 24: North America Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 25: North America Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 26: Europe Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 27: Europe Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 28: Europe Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 29: Europe Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 30: Europe Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 31: Europe Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 32: Europe Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 33: Europe Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 34: Germany Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 35: Germany Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 36: Germany Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 37: Germany Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 38: Germany Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 39: Germany Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 40: Germany Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 41: Germany Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 42: Greece Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 43: Greece Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 44: Greece Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 45: Greece Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 46: Greece Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 47: Greece Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 48: Greece Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 49: Greece Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 50: Norway Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 51: Norway Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 52: Norway Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 53: Norway Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 54: Norway Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 55: Norway Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 56: Norway Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 57: Norway Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 58: France Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 59: France Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 60: France Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 61: France Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 62: France Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 63: France Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 64: France Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 65: France Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 66: Finland Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 67: Finland Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 68: Finland Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 69: Finland Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 70: Finland Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 71: Finland Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 72: Finland Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 73: Finland Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 74: Rest-of-Europe Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 75: Rest-of-Europe Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 76: Rest-of-Europe Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 77: Rest-of-Europe Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 78: Rest-of-Europe Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 79: Rest-of-Europe Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 80: Rest-of-Europe Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 81: Rest-of-Europe Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 82: U.K. Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 83: U.K. Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 84: U.K. Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 85: U.K. Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 86: U.K. Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 87: U.K. Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 88: U.K. Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 89: U.K. Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 90: China Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 91: China Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 92: China Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 93: China Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 94: China Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 95: China Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 96: China Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 97: China Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 98: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 99: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 100: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 101: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 102: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 103: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 104: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 105: Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 106: Japan Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 107: Japan Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 108: Japan Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 109: Japan Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 110: Japan Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 111: Japan Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 112: Japan Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 113: Japan Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 114: South Korea Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 115: South Korea Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 116: South Korea Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 117: South Korea Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 118: South Korea Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 119: South Korea Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 120: South Korea Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 121: South Korea Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 122: Singapore Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 123: Singapore Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 124: Singapore Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 125: Singapore Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 126: Singapore Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 127: Singapore Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 128: Singapore Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 129: Singapore Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 130: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 131: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 132: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 133: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 134: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 135: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 136: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 137: Rest-of-Asia-Pacific and Japan Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 138: Rest-of-the-World Wind-Assisted Propulsion Market (by Application), Units Installed, 2022-2032
Table 139: Rest-of-the-World Wind-Assisted Propulsion Market (by Application), $Million, 2022-2032
Table 140: Rest-of-the-World Wind-Assisted Propulsion Market (by Technology), Units Installed, 2022-2032
Table 141: Rest-of-the-World Wind-Assisted Propulsion Market (by Technology), $Million, 2022-2032
Table 142: Rest-of-the-World Wind-Assisted Propulsion Market (by Installation Type), Units Installed, 2022-2032
Table 143: Rest-of-the-World Wind-Assisted Propulsion Market (by Installation Type), $Million, 2022-2032
Table 144: Rest-of-the-World Wind-Assisted Propulsion Market (by Vessel Type), Units Installed, 2022-2032
Table 145: Rest-of-the-World Wind-Assisted Propulsion Market (by Vessel Type), $Million, 2022-2032
Table 146: Product Matrix of Key Companies (by Technology)
Table 147: Market Shares of Key Companies, 2022

Executive Summary

The global wind-assisted propulsion market is estimated to reach $18.85 billion in 2032, reveals the premium market intelligence study. The study also highlights that the market is set to witness a CAGR of 85.85% during the forecast period 2023-2032.

Currently, the major regions anticipated to use wind-assisted propulsion are Europe, Asia-Pacific, and China. Globally, there are numerous partnerships between the technology providers, manufacturers, suppliers, and regulatory bodies of wind-assisted propulsion. In addition, owing to the government's support, the region's expanding economy, rising levels of disposable income, and other factors are expected to positively impact the growth of the wind-assisted propulsion market.

USPs of the Report

Extensive competitive benchmarking of 14 key players to offer a holistic view of the wind-assisted propulsion market landscape
Market segregation based on technology, installation type, vessel type, and application
Economic impact of wind-assisted propulsion market
Key developments in the end-user industry
Supply chain analysis
Pricing analysis
Investment landscape, including product adoption scenario and patent analysis

Analyst Perspective

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 Companies Operating 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.

The key players profiled in the report include 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., and SkySails Marine.

Key Questions Answered in the Report

What are the steps taken by the existing players to improve/maintain their market positioning, and what are some of the key strategies adopted by new players entering this market space?
What are the major challenges faced by the shipping industry? What are the steps taken by manufacturers/governments to overcome these challenges?
Which are the major companies in the wind-assisted propulsion ecosystem? What are their market shares?
How does the supply chain function in the global wind-assisted propulsion market?
What is the economic impact of wind-assisted propulsion?
What is the impact of wind-assisted propulsion on the shipping industry?
What are the major ongoing and upcoming projects in the wind-assisted propulsion market?
How is the pricing of wind propulsion systems?

Companies Mentioned

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

Table Information

Report Attribute	Details
No. of Pages	204
Published	October 2023
Forecast Period	2023 - 2032
Estimated Market Value ( USD ) in 2023	$ 71.3 Million
Forecasted Market Value ( USD ) by 2032	$ 18850 Million
Compound Annual Growth Rate	85.8%
Regions Covered	Global
No. of Companies Mentioned	15

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