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

North America Marine Propellers Market Definition:

A marine propeller is a fan-like device with radiating blades and a propeller shaft that rotates. It is used to drive a ship using the power supplied by the ship's primary engine. The propeller generates thrust, which is sent through the ship's transmission system, causing the ship to move. Corrosion-resistant materials, such as aluminium and stainless steel, are used to make marine propellers, which can operate effectively in seawater. Depending on the ship's speed, a marine propeller can be 2-bladed, 3-bladed, 4-bladed, or 5-bladed.

Further, the North America Marine Propellers market is segmented by type, End-User, and geography. On the basis of type, the North America Marine Propellers market is segmented under, Fixed Pitch Propeller (FPP) & Controllable Pitch Propeller (CPP).  Based on the End-User, the market is segmented into OEM (Original Equipment Manufacturer) & After Market. By geography, the market covers the major countries in North America i.e., US, Canada, and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

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North America Marine Propellers Market Dynamics:

Increase in New Shipbuilding:

 In 2021, the industry saw a rise in new shipbuilding orders from all across the world. This is due to a surge in demand for manufactured consumer products during the pandemic, with e-commerce giants like Walmart, Alibaba, and Amazon refilling inventory after experiencing supply chain problems during the pandemic's peak. 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 North America, led to increased demand for shipbuilding.

Also, shipyards in Mexico, Canada & United States receive the majority of new shipbuilding orders. This increase in new shipbuilding and repair activities is expected to raise demand for a variety of shipbuilding equipment, including propellers and shafts, contributing to the growth of the marine propeller market.

Increase In Demand for Maritime Travel & Tourism Activities:

Maritime tourism is quite popular all over the world. Several governments have made steps in their regions to boost maritime travel and tourism. For example, the US government planned to build 78 maritime tourism landmarks around the country by 2021, to transform current lighthouses and their surrounding locations into unique maritime tourism landmarks. Also, ships are used in marine tourism for viewing and exploring new destinations, which will drive demand for new ships with improved propellers. This, in turn, is expected to help drive the marine propeller market forward.

North America Marine Propellers Market Segment Analysis:

By End User, North America Marine Propellers Market is segmented into OEM (Original Equipment Manufacturer) and aftermarket. OEM dominated the market with more than 51% share in the market. Because increased spending on shipbuilding activities by various regions throughout the world is driving the market. Also, OEMs provide line-fit and retrofit alternatives, avoiding the waste of time that would otherwise be spent installing marine components after delivery. In the Forecast years, the OEM segment is expected to increase at a faster rate.

North America Marine Propellers Market Regional Insights:

The United States had dominated the market in 2023 & predicted to lead the market, and this trend is expected to continue in the years ahead. This is due to the thriving marine sector in the United States and Canada will boost the growth of the North American marine propeller market. Dry cargoes will be upgraded for real-time data interchange, which will help the region flourish. The industry will increase primarily due to the strong demand for specialized vessels in maritime tourism.

Regional Outlook:

• Volvo boat propellers and Mercury boat propellers are the two biggest producers in the United States. Volvo focuses on the premium boat market and also manufactures propellers for passenger ships. The propellers' safety and durability are their main concerns. They devote a significant portion of their income to the development of maritime propellers that are both safe and environmentally friendly.
• Mercury propellers, on the other hand, primarily manufacture propellers for military and large cargo ships. For ease of use, they generally feature a six-blade propeller with a moveable shaft. In the North American region, Canada is the second-largest maker of marine propellers. They primarily produce fishing boats with excellent endurance to withstand harsh weather conditions.

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

North America Marine Propellers Market Scope:

North America Marine Propellers Market Key Players: 

• Brunswick Corporation (U.S.)
• Michigan Wheel Holdings LLC (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)
• Wärtsilä Corporation (Finland)
• VEEM Propellers Ltd. (Australia)
• Andritz AG (Austria)