Water-jet propulsion device market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period. Waterjet propulsion is a type of marine propulsion system that uses a high-pressure jet of water to move a vessel forward or backward. Waterjet propulsion systems are becoming increasingly popular in the marine industry due to their efficiency and versatility. One of the main advantages of waterjet propulsion systems is their ability to operate in shallow waters, making them ideal for use 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. Owing to such factors, the waterjet propulsions’ demand is growing across the globe.

Segmental Outlook  

The global water-jet propulsion device market is segmented by type and application. Based on type, the market is sub-segmented into axial flow waterjet, mixed flow waterjet, and centrifugal flow waterjet. Based on application, the market is sub-segmented into monohull and multihull. Among types, axial flow waterjets are the most common type of waterjet propulsion system used in marine applications. Axial flow waterjets are popular because they are efficient at converting the power from the engine into thrust, they have a relatively simple design, and they are able to generate high levels of thrust at high speeds.

The Multihull Segment Holds a Prominent Share in the Global Water-Jet Propulsion Device Market

Based on application, the market is sub-segmented into monohull and multihull. Among these, the multihull segment is expected to hold the highest market share. These vessels are more commonly equipped with waterjet propulsion systems. Waterjet propulsion is often used in high-speed vessels, such as ferries, fast patrol boats, and high-speed catamarans, which are commonly multihull vessels. This is because waterjet propulsion provides several advantages in terms of maneuverability, speed, and efficiency compared to traditional propeller systems. 

Regional Outlook

The global water-jet propulsion device market is segmented based on geography, including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the North American region is expected to generate the highest market share, followed by the European market. Increasing demand for high-speed vessels, stringent environmental regulations, technological advancements, and growing adoption in new industries are driving the growth of the waterjet propulsion market in Europe. The European Union has implemented stringent environmental regulations to reduce emissions and improve fuel efficiency in the shipping industry. Waterjet propulsion systems are more environmentally friendly compared to traditional propellers, as they produce less noise and vibration and can operate in shallow waters without damaging the marine environment. Hence, the European market is growing.

Global Water-Jet Propulsion Device Market Growth, by Region (2023-2029)

The North American Region is Expected to Dominate the Global Water-Jet Propulsion Device Market

The combination of growing demand for recreational boating and increasing use in military and defense applications is driving the growth of the waterjet propulsion market in North America. Waterjet propulsion systems are popular in recreational boating, as they offer several advantages over traditional propellers, such as improved safety, maneuverability, and efficiency. Additionally, the region has a well-established marine industry, with several leading waterjet propulsion system manufacturers and suppliers based in the US and Canada, such as Hamilton Jet, Ultra Dynamics, and others. This, coupled with a strong research and development sector and favorable government policies, is also driving growth in the North American waterjet propulsion market.

Market Players Outlook

The major companies serving the global water-jet propulsion device market include Blue Arrow, Castoldi, Doen Waterjets, Hamilton Jet, Holland Marine Parts, and others. These companies are considerably contributing to the market’s growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, investments, and new product launches to stay competitive in the market. 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 with cutting-edge technology and remarkable sophistication to provide the optimal sailing experience. Its environmental compliance satisfies Tier III criteria, with 22,000 horsepower generated by four MTU 20V 4000 engines and four Kongsberg S90 waterjets.

The Report Covers-

• Market value data analysis for 2023 and forecast to 2029.
  
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global water-jet propulsion device market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who stands where’ in the market.