The global Ship Propulsion System market was valued at USD 7.12 Billion in 2020 and is projected to reach USD 20.23 Billion by 2028, growing at a CAGR of 2.98% from 2021 to 2028.
Marine propulsion is the mechanism or system used to generate thrust to move a ship across the water. While paddles and sails are still used on some smaller boats, most modern ships are propelled by mechanical systems consisting of an electric motor or engine turning a propeller, or less frequently, in pump-jets, an impeller.
COVID-19 pandemic led governments of numerous countries across the globe to impose stringent lockdown measures during the primary stages. This led to numerous challenges owing to the supply chain. However, the market witnessed steady growth over the later stages as the governments lifted restrictions on construction activities.
Based on region, the global Ship Propulsion System market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.
The market comprises numerous small, medium, and large-sized players spread across various geographies. Some of the main competitors in the global Ship Propulsion System market are Orbital ATK, 3W International GmbH, Rolls-Royce, Lockheed Martin, Honeywell, Thrustmaster, Aerojet Rocketdyne, Safran S.A, GKN Aerospace, GE, Northrop Grumman, United Technologies Corporation, Raytheon.
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