The global Water-jet propulsion device market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2024-2031). The market is driven by their increasing popularity in the marine industry due to their efficiency and versatility. Also, the demand for propulsion systems is rising due to their applications in recreational boats, military vessels, and search and rescue boats. Waterjet propulsion systems also offer better maneuverability compared to traditional propeller systems, allowing boats to make sharper turns and navigate through congested waters.
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The global water-jet propulsion device market is segmented by type (into axial flow waterjet, mixed flow waterjet, and centrifugal flow waterjet), application (into monohull and multihull), and regions (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Highlights
- The axial flow waterjets are the most common type of waterjet propulsion system used in marine applications as they are efficient at converting the power from the engine into thrust, they have a relatively simple design, and they can generate high levels of thrust at high speeds.
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- Additionally, the multihull segment is expected to hold the highest market share, as they provide maneuverability, speed, and efficiency as against traditional propeller systems.
- The North American region is expected to generate the highest market share during the forecast period attributing to the growing demand for recreational boating and increasing use in military and defense applications. Additionally, the region has a well-established marine industry, with several leading waterjet propulsion system manufacturers and suppliers such as Hamilton Jet, Ultra Dynamics, and others. The market is also driven by a strong R&D sector and favorable government policies.
- In addition, the industry is witnessing considerable growth in the European region attributing to the increasing demand for high-speed vessels, stringent environmental regulations, technological advancements, and growing adoption in new industries.
The major companies in the global water-jet propulsion device market include Blue Arrow, Castoldi, Doen Waterjets, Hamilton Jet, Holland Marine Parts, and others. These companies are contributing considerably to the market’s growth through the adoption of various business strategies. For instance, in January 2023, Heesen launched its new Project Skyfall, which has been named MY Ultra G, a luxury yacht. The yacht’s propulsion system is designed to provide environmental compliance. It satisfies Tier III criteria, with 22,000 horsepower generated by four MTU 20V 4000 engines and four Kongsberg S90 waterjets.
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