Asia Pacific Marine Propellers Market: Industry Analysis and Forecast (2024-2030)

  • Asia Pacific Marine Propellers Market was valued at USD 1.50 billion in 2023. Asia Pacific Marine Propellers Market size is estimated to grow at a CAGR of 3.66% over the forecast period.

  • Format : PDF | Report ID : SMR_1122

Asia Pacific Marine Propellers Market Definition:

A maritime propeller is made up of rotating blades that provide propulsion. It's made up of screw-like portions of helicoidal surfaces that work together to rotate through the water. The propeller's number of blades determines the ship's speed. The propeller's speed increases as the number of blades increases. However, the necessity to reduce propeller vibration influences the number of blades in a marine propeller to a large extent.

 

Further, the Asia Pacific Marine Propellers market is segmented by No. Of Blades, Application, and geography. On the basis of No. Of Blades, the Asia Pacific Marine Propellers market is segmented under 3 Blades, 4 Blades, 5 Blades & Others. Based on the Application, the market is segmented under Merchant Ships, Naval Ships, and Recreational Boats & Others. By geography, the market covers the major countries in Asia Pacific i.e., India, China, Japan, Australia, and the Rest of Asia Pacific For each segment, the market sizing and forecasts have been done on the basis of value in Billion.

 

Asia Pacific Marine Propellers Market

 

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Asia Pacific Marine Propellers Market Dynamics:

Increase in Adoption of Electric Propulsion:

Due to an increase in demand for alternative propulsion systems as a result of climate change, electric propulsion technology has been introduced. Electric propulsion technology helps ships reduce their carbon footprints while also increasing their overall efficiency. Also, to cut carbon emissions, various manufacturers have been researching electric propulsion systems to be fitted into new ships. Wartsila Oyj Abp, for example, has developed electric propulsion systems for cruise and ferry applications. During the forecast period, the market is expected to develop due to an increase in the usage of electric propulsion technology.
 

Technological Innovation:

Marine technology innovation has resulted in the development of highly modern and energy-efficient marine propulsion systems that provide maximum output with minimal fuel use over the last decade. Around 200 million tonnes of diesel and oil are consumed annually by shipping activities around the world. When compared to other modes of transportation, such as cars, trucks, and buses, merchant vessels employed for shipping operations generate the same percentage of sulphur oxide. The issue of high fuel consumption and, as a result, pollution has been handled thanks to the development of hybrid power marine engines and propulsion systems. Fuel usage reductions will lower the cost of seaborne trade, resulting in increased seaborne trade and demand for additional merchant ships.

 

Key Trends:

Three Japanese marine engine manufacturers, Kawasaki Heavy Industries, Ltd., Yanmar Power Technology Co., Ltd., and Japan Engine Corporation, announced the completion of a consolidated investment agreement and the formation of HyEng Corporation. The three companies have reached an agreement to facilitate joint venture investment in the establishment of a new company, HyEng Corporation, which will pursue the joint development of the world's leading hydrogen-powered marine engines to contribute to Japan's power division and promote the development of the shipping and maritime sector.

 

Hyundai Heavy Industries Holdings (HHIH), the holding company of the HHI Group, signed a memorandum of understanding (MoU) with Saudi Aramco on March 3, 2021, for a partnership in hydrogen and ammonia-related companies. Kisun Chung, HHIH's Deputy President and Head of the Office of Administrative Support, and Ahmad A. Al Sa'adi, Saudi Aramco's Vice President of Technical Services, signed the MoU. Both sides hope to use this agreement to discover a collaborative paradigm for environmentally friendly hydrogen and ammonia, including joint research and development.

 

Hyundai Oilbank, the HHIH oil refinery, aims to collaborate with Saudi Aramco on the carbon zero processes, while Korea Shipbuilding & Offshore Engineering (KSOE), the HHIH shipbuilding business, plans to establish the world's first integrated shipping capacity capable of transporting both LPG and CO2.

 

Asia Pacific Marine Propellers Market Segment Analysis:

By No. Of Blades, Asia Pacific Marine Propellers Market is segmented on the basis of No. Of Blades, 3 Blades, 4 Blades, 5 Blades, & Others. 5 Blades segment dominated the market in 2021 with more than 51% share of the market & expected to dominate the market in the forecasted year. The 5 Blades segment dominated the market because 5-blade propellers have a higher propulsion efficiency and produce less vibration than 4-blade propellers, they are preferred.

 

Asia Pacific Marine Propellers Market

 

Asia Pacific Marine Propellers Market Regional Insights:

Geographically, China dominates the Asia Pacific Marine Propellers market with a market share of more than xx%. The country is expected to be the largest market for Marine Propellers in Asia-Pacific, owing to China's shipbuilding industry is growing at a rapid pace. China's research and manufacturing capabilities in the field of high-tech and high-value-added ships, however, have been noted as lacking when compared to world-class shipbuilding powerhouses, despite the industry's abundant manufacturing capacity. As a result, the country's businesses have been concentrating on combining plans to operate as a single entity in order to capitalize on the potential demand in the marine industry.

 

They make 6-blade propellers in China for maximum power and efficiency. They're mostly found on cargo ships and military vessels. They also make 3 and 2-blade propellers for small boats and yachts, but this accounts for only 10% of their overall marine propeller production. They also make controllable pitch marine propellers for increased sailing efficiency. 3 and 4-blade propellers commonly employ this controlled pitch maritime propeller.

 

Asia Pacific Marine Propellers Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Asia Pacific Marine Propellers market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Marine Propellers market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Marine Propellers Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Asia Pacific Marine Propellers market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Marine Propellers market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Marine Propellers market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Marine Propellers market. The report also analyses if the Asia Pacific Marine Propellers market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Marine Propellers market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Marine Propellers market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Marine Propellers market is aided by legal factors.

 

Asia Pacific Marine Propellers Market Scope:

Asia Pacific Marine Propellers Market Scope

Market Size in 2023

USD 1.50 Bn.

Market Size in 2030

USD 1.93 Bn.

CAGR (2024-2030)

3.66%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

by No. Of Blades

  • 3 Blades
  • 4 Blades
  • 5 Blades
  • Others

by Application

  • Merchant Ships
  • Naval Ships
  • Recreational Boats
  • Others

Country Scope

  • China
  • India 
  • Japan 
  • South Korea
  • Australia 
  • ASEAN
  • Rest of APAC

 

Asia Pacific Marine Propellers Market Key Players:

  • Hyundai Heavy Industries Co., Ltd. (South Korea)
  • Kawasaki Heavy Industries, Ltd. (Japan)
  • NAKASHIMA PROPELLER Co., Ltd. (Japan)
  • VEEM Propellers Ltd. (Australia)
  • Rolls-Royce plc (U.K.)
  • SCHOTTEL Group (Germany)
  • Michigan Wheel Holdings LLC (U.S.)
  • Wärtsilä Corporation (Finland)
  • Andritz AG (Austria)


Frequently Asked Questions

The segments covered in the Asia Pacific Marine Propellers Market report are based on No. Of Blades, Application & Geography.

  1. Scope of the Report
  2. Research Methodology
    • Research Process
    • Asia Pacific Marine Propellers Market: Target Audience
    • Asia Pacific Marine Propellers Market: Primary Research (As per Client Requirement)
    • Asia Pacific Marine Propellers Market: Secondary Research
  3. Executive Summary
  4. Competitive Landscape
    • Stellar Competition matrix
      • Asia Pacific Stellar Competition Matrix
    • Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
    • Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
    • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
    • Market Challenges
    • PESTLE Analysis
    • PORTERS Five Force Analysis
    • Value Chain Analysis
  5. Asia Pacific Marine Propellers Market Segmentation
    • Asia Pacific Marine Propellers Market, by No. Of Blades (2023-2030)
      • 3 Blades
      • 4 Blades
      • 5 Blades
      • Others
    • Asia Pacific Marine Propellers Market, by Application (2023-2030)
      • Merchant Ships
      • Naval Ships
      • Recreational Boats
      • Others
    • Asia Pacific Marine Propellers Market, by Country (2023-2030)
      • India
      • China
      • Japan
      • Australia
      • Rest of Asia Pacific
  6. Company Profiles
    • Keyplayers
      • Hyundai Heavy Industries Co. Ltd (South Korea)
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Business Strategy
        • Key Developments
      • Kawasaki Heavy Industries, Ltd. (Japan)
      • NAKASHIMA PROPELLER Co., Ltd. (Japan)
      • VEEM Propellers Ltd. (Australia)
      • Rolls-Royce plc (U.K.)
      • SCHOTTEL Group (Germany)
      • Michigan Wheel Holdings LLC (U.S.)
      • Wärtsilä Corporation (Finland)
      • Andritz AG (Austria)

7. Key Findings

8. Recommendations

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