Ship Propulsion

Ship Propulsion Motors and Generators Market

Industry analysts forecast the conversion to electric ship propulsion will accelerate the growth of the current $400 million ship propulsion motors and generators market to $2-4 billion annually in the next ten years.  The expected compound annual growth rate for electric motors and generators for ship propulsion applications is expected to be more than 20 percent. Today nearly 100 percent of all cruise ships and many cargo ships have transitioned to electric motor propulsion systems.  In 2000, the U.S. Navy also announced its intention to transition to electric propulsion motors for future Navy ships.