Marine Propeller Market Business Industry Segmentation and Landscape by 2032
The global marine propeller market was valued at USD 3.48 billion in 2021 and is expected to grow from USD 3.60 billion in 2022 to USD 5.68 billion by 2029, with an annual growth rate of 6.76%.
A recent report by Fortune Business Insights™ highlights that new technologies and the increasing use of fixed propellers in ships will drive market growth. The rising demand for real-time data tracking and eco-friendly propulsion systems is also shaping the industry's future. However, the ongoing Russia-Ukraine war may impact market trends in the coming years.
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https://www.fortunebusinessinsights.com/marine-propeller-market-103074
Major Players Profiled Covered in Marine Propeller Market Report are:
- AB Volvo (Sweden)
- Brunswick Corporation (U.S.)
- Kongsberg Gruppen (Norway)
- Mecklenburger Metallguss GmbH (Germany)
- Bruntons Propellers Ltd. (U.K.)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Kawasaki Heavy Industries, Ltd. (Japan)
- MAN SE (Germany)
- NAKASHIMA PROPELLER Co., Ltd. (Japan)
- Rolls-Royce plc (U.K.)
- SCHOTTEL Group (Germany)
- Michigan Wheel Holdings LLC (U.S.)
- Wärtsilä Corporation (Finland)
- VEEM Propellers Ltd. (Australia)
- Andritz AG (Austria)
Segments
The marine propeller market is divided into different categories:
- By Type: Includes thrusters, propellers, and other types.
- By Application: Used in naval ships, merchant ships, recreational boats, and more.
- By Number of Blades: Available in 3-blade, 4-blade, and 5-blade options.
- By Propulsion: Includes sterndrive, inboard, outboard, and other propulsion systems.
- By Material: Made from aluminum, stainless steel, nickel-aluminum bronze, bronze, and other materials.
- By End-User: Sold to both OEM (original equipment manufacturers) and aftermarket buyers.
- By Region: Covers North America, Asia Pacific, Europe, and the Rest of the World.
Report Coverage
The report gives a complete overview of the market, including its size, share, sales volume, and revenue. It also analyzes competition using Porter’s Five Forces model and examines strengths, weaknesses, opportunities, and threats (SWOT analysis).
To ensure accuracy, the report is based on both qualitative and quantitative research. Experts were interviewed to confirm key findings and market trends. Additionally, information was gathered from reliable sources like annual reports, press releases, white papers, and industry journals.
Drivers and Restraints
Growing Seaborne Trade to Boost Industry Growth
Despite the challenges of the COVID-19 pandemic, the marine propeller market has grown due to an increase in global sea trade. Experts believe that developing countries will play a key role in driving demand for marine propeller systems.
According to the UNCTAD, developing nations accounted for 65% of global maritime imports in 2019, with total seaborne trade reaching 155 million tons. The UNCTAD’s 2020 Maritime Transport Report also predicted a 4.8% growth in seaborne trade for 2021.
Additionally, rising investments in naval sectors across both developed and developing countries are expected to boost the use of marine propellers. However, strict environmental regulations may pose challenges for companies looking to expand their product offerings.
Regional Insights
Strong Demand for Warships to Drive Growth in Asia Pacific
Asia Pacific is expected to be a key market due to the rising demand for frigates and corvettes. Countries like South Korea, China, Japan, and India are upgrading their naval fleets and improving marine propeller designs. In 2021, the Asia Pacific market was valued at USD 1.21 billion, and it is set to grow further due to increasing demand for advanced naval technology.
In North America, the marine propeller market is expected to expand significantly, driven by a strong maritime industry in the U.S. and Canada. Upgrades to dry cargo ships for real-time data exchange and the growing demand for specialized vessels in maritime tourism will further boost market growth.
Europe will also offer great business opportunities, thanks to the presence of top marine companies in the U.K., France, Russia, and Germany. Additionally, the rising demand for cruise ships will support market expansion in the region.
Competitive Landscape
Companies Invest in New Products and Expansion
Businesses in the marine propeller industry are focusing on launching new products, improving technology, and forming partnerships or acquisitions. Both established companies and new players are expected to invest in research and development (R&D) to stay ahead of the competition. Additionally, many companies are likely to expand into new regions in the coming years to grow their market presence.
Key Industry Development
- March 2020: SCHOTTEL has received a contract to provide propulsion systems for two double-ended Ro-Pax ferries being built by Ada Shipyard.
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