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

Marine Propellers Market Definition:

A bladed marine propeller generates thrust with the help of these blades. The number of blades in a propeller determines the ship's speed. Controllable pitch propellers (CPP), fixed pitch propellers (FPP), tunnel thrusters, azimuth thrusters, and other types of marine propellers are available on the market. The increased demand for marine propellers from the repair and new shipbuilding markets, as well as expanding maritime tourism, are some of the primary drivers fueling the marine propeller market in the forecast periods.

 

Further, the Marine Propellers market is segmented by Types, by No. Of Blades, by Application & geography. On the basis of Types, the Marine Propellers market is segmented under Fixed Pitch Propeller (FPP), & Controllable Pitch Propeller (CPP). Based on the No. Of Blades, the Marine Propellers market is segmented under 3 Blades, 4 Blades, 5 Blades & Others. Based on Application, the Marine Propellers market is segmented under Merchant Ships, Naval Ships, Recreational Boats, & Others. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

To get more Insights: Request Free Sample Report

 

Marine Propellers Market Dynamics:

Technological Advancement:

Marine propulsion systems have advanced significantly in recent years, allowing them to produce more efficient output while using less diesel and other non-renewable energy sources. Hybrid marine propulsion systems are becoming more popular as a way to reduce fuel usage. Solar panels, lithium batteries, and wind power propulsion systems are among them. Fuel-efficient propulsion systems and propellers will be implemented on a large scale in the near future, thanks to investments in R&D. Providing appropriate propellers for hybrid technology is expected to be a key opportunity area in the global marine propeller market over the forecast period.

 

 In the global market for marine propeller systems, Asia Pacific is one of the main regions. The marine propeller market in the APAC region is booming thanks to large-scale production and strong demand from countries like China. Also, R&D programs and endeavors for technological advances are contributing to the global growth of the marine propeller market. Trade liberalization, particularly in Asia Pacific countries, has boosted the demand for containerized exports, which has had a beneficial impact on the demand for marine propellers in the region.

 

Strict Environmental Regulations:

The marine propellers market may be hampered by stringent environmental rules around the world, low freight rates, and an increasing number of accidents caused by propellers.

 

Rising technology advancements, increased military budgets around the world, and an expansion in international seaborne trade across various regions are all creating opportunities that will drive up demand for marine propellers over the forecast period.

 

COVID 19 Impact on Marine Propellers Market:

The impact of the COVID-19 pandemic has resulted in supply-chain interruptions and decreased economic activity, resulting in fewer new ship orders. During the pandemic, demand for propellers is lowered due to a lack of new ship orders. During the pandemic, reduced commercial operations and ship production impacted market growth. Also, increasing environmental rules compelled ship owners to pay more for cleaner fuel, install pollution-reducing scrubbers, or purchase newer boats. Ship owners scrapped older ships to minimize losses because of higher fuel prices and bad market conditions during the pandemic. However, in 2021, the industry saw a rise in new shipbuilding orders from all across the world. This is due to a significant surge in demand for manufactured consumer products during the pandemic.

 

But, in 2021, the industry saw a rise in new shipbuilding orders from all across the world. This is due to the pandemic's massive spike in demand for produced consumer items. Greater demand for larger cargo capacity and speedier cross-border shipments of commodities, as well as an increase in sea freight shipping rates due to container shortages and port congestion in Asia, North America, and Europe, led to increased demand for shipbuilding.

 

Marine Propellers Market Segment Analysis:

By Type, the Marine propeller market is segmented into Fixed Pitch Propeller & Controllable Pitch Propeller. Controllable Pitch Propeller dominated the market in 2023 with more than 51% share of the market. One of the most advanced propellers in the shipbuilding business is the controlled pitch propeller, also known as a variable pitch propeller. During the ship's operation, it can adjust its blade to the desired location by changing the pitch of the blades. It can move ships both forward and backward without changing the rotational direction of the engine. The superiority of controllable pitch propellers over others, such as improved propulsion efficiency, better maneuverability, less blade wear and tear, and substantial NVH performance, are driving the market. Also, an increase in the number of large ships, such as cargo or container ships, bulk carriers, and tankers, has driven market growth. A pitch propeller with a variable pitch works well for a wide variety of rotational speeds and fan rotation. The fixed pitch propeller requires more maintenance, but the controllable pitch propeller requires less.

 

 

Marine Propellers Market Regional Insights:

During the forecast period, Asia Pacific is expected to have the greatest market share in the Marine Propellers Market. This is due to the rise of the shipbuilding industry in China and South Korea, as well as the increase in the number of joint ventures with international brands.

 

Complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers, are built in the Asia Pacific shipbuilding industry. Also, the Asia Pacific marine equipment industry provides a diverse range of products, including propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronics.

 

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 global 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 global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global 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 Global Marine Propellers market to the stakeholders in the industry. The report provides trends that are most dominant in the Global 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 Global 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 Global 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 Global 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 Global 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 Global Marine Propellers market. The report also analyses if the Global 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 Global Marine Propellers market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Marine Propellers market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Marine Propellers market is aided by legal factors.

 

Marine Propellers Market Scope:

Marine Propellers Market
Market Size in 2023	USD 5.59 Bn.
Market Size in 2030	USD 7.19 Bn.
CAGR (2024-2030)	3.66%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Type Fixed Pitch Propellers Controllable Pitch Propellers
	by No. Of Blades 3 Blades 4 Blades 5 Blades Others
	by  Application Merchant Ships Naval Ships Recreational Boats Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

Marine Propellers Market Key Players: 

• 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)