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

Europe Marine Propellers Market Definition:

To move a ship, a Marine propeller is used to generate thrust. A Marine propeller is made up of many blades that are attached to a motor shaft. Propellers are available in a variety of materials, including bronze, aluminium, and steel. Also, depending on the needs of the vessel or ship, a ship might be equipped with one, two, or even three propellers.

 

Further, the Europe Marine Propellers market is segmented by Application, No. Of Blades, and geography. On the basis of Application, the Europe Marine Propellers market is segmented under Merchant Ships, Naval Ships, and Recreational Boats & Others. Based on the No. Of Blades, the market is segmented under 3 Blades, 4 Blades, 5 Blades & Others. By geography, the market covers the major countries in Europe i.e., Italy, Germany, United Kingdom, Russia, France, and the Rest of Europe For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

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Europe Marine Propellers Market Dynamics:

Increased in The Imports of Goods:

The region of Europe is primarily reliant on imports of goods. They aren't very skilled at making things, but they import a lot. Imports in the European Union are expected to rise by roughly 6% in the coming years. Many European governments are supporting the manufacture of goods, which may lead to a rise in imports, which will raise demand for marine propellers.

 

Impact of the Russia-Ukraine Conflict:

A significant increase in defense spending in the context of the Russia-Ukraine conflict could change the overall dynamics. For example, Poland's National Defense Minister reportedly declared in March 2022 that the country will purchase three new mine countermeasure boats (MCVs) to boost its naval capabilities in the Baltic Sea. NATO was reported to have sent more than 120 alliance ships and 100 fighter jets to the Mediterranean region in January 2022. In addition, Russia is said to have exercised 1,000 pieces of military equipment, 140 combat and supply ships, and over 50 aircraft. Demand for new battleships is on the rise, which is good news for business. The suspension of cargo operations, on the other hand, could pose a challenge to the industry's leaders.

 

Strict Government Laws:

Government rules to safeguard the environment are the constraints in the European region. Hazardous gases are emitted during the manufacturing and use of marine propellers. The governments in those areas seek to keep carbon and other dangerous pollutants under control. This could have an impact on the profitability of propeller manufacturers in that area.

 

Availability of Raw Material:

Availability of Raw Materials to manufacturers is one of the restraints of the marine propellers market because imports of raw materials should come from either China or Africa. This will raise the manufacturing costs, lowering the profit margin.

 

Europe Marine Propellers Market Segment Analysis:

By Application, The Europe Marine Propellers Market is segmented based on Application, the Europe Marine Propellers market is segmented under Merchant Ships, Naval Ships, Recreational Boats & Others. Merchant Ship is dominating the market in 2023 with over 51% share and is expected to continue dominating the market in the forecasted year. The increased demand for imported items is responsible for the segment's growth. According to the International Chamber of Shipping (ICS), more than 50,000 merchant ships are involved in international cargo transportation. Also, according to the United Nations Conference on Trade and Development (UNCTAD), the Greek commercial fleet is the worlds largest, with 4,017 ships and a part of the world's total tonnage of over 16 %.

 

Europe Marine Propellers Market Regional Insights:

Geographically, Spain dominates the Europe Marine Propellers market with a market share of more than xx%. The country is expected to be the largest market for Marine Propellers in Europe, owing to the Spanish shipbuilding sector, which constructs intricate naval vessels such as ferries, cruise ships, mega yachts, dredgers (offshore vessels), and submarines, is driving the market. Additionally, the European maritime equipment business provides a diverse range of products, including diesel engines, propulsion systems, and cargo handling systems, environmental safety systems, and related electronics.

 

Europe 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   Europe Marine Propellers market to the stakeholders in the industry. The report provides trends that are most dominant in the   Europe 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  Europe 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 Europe 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 Europe 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 Europe 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   Europe Marine Propellers market. The report also analyses if the   Europe 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   Europe Marine Propellers market. Economic variables aid in the analysis of economic performance drivers that have an impact on the   Europe Marine Propellers market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the   Europe Marine Propellers market is aided by legal factors.

 

Europe Marine Propellers Market Scope:

Europe Marine Propellers Market
Market Size in 2023	USD 1.29 Bn.
Market Size in 2030	USD 1.66 Bn.
CAGR (2024-2030)	3.66%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Application Merchant Ships Naval Ships Recreational Boats Others
	By No.Of Blades 3 Blades 4 Blades 5 Blades Others
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

Europe Marine Propellers Market Key Players:

• AB Volvo (Sweden)
• Kongsberg Gruppen (Norway)
• Mecklenburger Metallguss GmbH (Germany)
• Bruntons Propellers Ltd. (U.K.)
• MAN SE (Germany)
• Rolls-Royce plc (U.K.)
• SCHOTTEL Group (Germany)
• Michigan Wheel Holdings LLC (U.S.)
• Wärtsilä Corporation (Finland)
• VEEM Propellers Ltd. (Australia)
• Andritz AG (Austria)