Marine Propeller Market Statistics 2021–2030:
The global marine propeller market was valued $5,076.0 million in 2020 and is projected to reach $8,524.3 million in 2030, registering a CAGR of 5.5%.
Marine propeller is a rotating fan like structure, which comprises radiating blades and propeller shaft. It is utilized to propel a ship with aid of power generated by main engine of ship. The propeller produces thrust, which is transferred through transmission system of ships, resulting in movement of the ship. Marine propellers are manufactured using corrosion-resistant materials such as aluminium and stainless steel, which possess the ability to operate efficiently in seawater. A marine propeller can be 2-bladed, 3-bladed, 4-bladed, or 5-bladed, based on speed of the ship.
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Growth of the global marine propeller market is driven by greater adoption of electric propulsion technology, increase in new shipbuilding & repair activities, greater demand for sea-based logistics & trade, and growth in demand for maritime travel & tourism activities. However, high maintenance cost and introduction of stringent environmental regulations are factors that restrain growth of the market. Furthermore, technological innovations in marine propulsion systems and growth in navy expenditure across the world are factors expected to offer growth opportunities during the forecast period.
By Type
Controllable Pitch Propeller is projected as the most lucrative segment
The global marine propeller market is segmented on the basis of type, material, number of blades, application, sales channel, and region. On the basis of type, it is classified into fixed pitch propeller (FPP), controllable pitch propeller (CPP), and others. By material, it is fragmented into aluminum, stainless steel, and others. Based on number of blades, it is segmented into 3 blades, 4 blades, 5 blades, and others. By application, it is analyzed across merchant ships, naval ships, recreational boats, and others. On the basis of sales channel, it is classified into original equipment manufacturer and aftermarket. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Material
Aluminum is projected as the most lucrative segment
Some leading companies profiled in the report include AB Volvo, Brunswick Corporation, Kawasaki Heavy Industries, Ltd., KSOE (Hyundai Heavy Industries Co., Ltd.), MAN Energy Solutions, Nakashima Propeller Co., Ltd., Rolls-Royce Plc, Schottel Group, VEEM Ltd., and Wartsila Oyj Abp.
Greater Adoption Of Electric Propulsion Technology
Increase in demand for alternative propulsion systems, owing to climate changes has resulted in introduction of electric propulsion technology. Electric propulsion technology aids in reducing carbon footprints as well as increases overall efficiency of ships. Moreover, several manufacturers have been developing electric propulsion systems to be integrated in new ships to reduce carbon footprint. For instance, Wartsila Oyj Abp introduced electric propulsion systems for cruise & ferry applications. Rise in adoption of electric propulsion technology is expected to drive growth of the market during the forecast period.
By Number Of Blades
5 Blades is projected as the most lucrative segment
Greater Demand For Sea-based Logistics & Trade
Sea-based logistics & trade is a convenient way of transporting goods from one nation to another, owing to its cost efficiency. Sea-based logistics costs less in comparison with air logistics. Moreover, post COVID-19 pandemic, rise in demand for sea-based logistics and trade has been observed, owing to rise in consumer demand for e-commerce products. Another factor that is contributing toward greater demand for sea-based logistics & trade is that several e-commerce companies have been rushing to stock up after a year of pandemic related supply chain disruptions.
Growth In Demand For Maritime Travel & Tourism Activities
Maritime tourism is very popular across the globe. Several governments have taken initiatives in their region to promote maritime travel & tourism activities. For instance, in 2021, the government of India planned to develop 78 maritime tourism landmarks across India to enhance development of existing lighthouses and its surrounding areas into unique maritime tourism landmarks. Moreover, ships are also utilized in maritime tourism for sightseeing purposes & visiting new places, which is expected to create demand for new ships with improved propellers. This, in turn, is anticipated to contribute toward growth of the marine propeller market.
By Application
Naval Ships is projected as the most lucrative segment
Covid-19 Impact Analysis
Impact of the COVID-19 pandemic has resulted in supply-chain disruptions and reduced economic activities resulting in reduced orders for new ships. Low number of orders for new ships result in reduced demand for propellers during the pandemic. Reduced trade activities and ship production during the pandemic also hampered the market growth.
In addition, introduction of new environmental regulations forced ship owners to pay more for cleaner fuel, integrate pollution-reducing scrubbers, or order newer vessels. Higher fuel prices and poor market conditions during the pandemic resulted in scrapping of older ships by ship owners to avoid losses.
By Sales Channel
Aftermarket is projected as the most lucrative segment
GHowever, in 2021, the industry experienced surge in orders for new shipbuilding across the globe. This is attributed to tremendous increase in demand for manufactured consumer goods during the pandemic with e-commerce giants such as Walmart, Alibaba, and Amazon and restocking their inventory after facing supply chain disruptions during the peak of the pandemic. Greater demand for larger cargo space and faster cross-border shipment of goods and surge in sea freight shipping rates, owing to unavailability of containers and port congestion in Asia, North America, and Europe resulted in greater demand for shipbuilding.
Moreover, majority of orders for new shipbuilding are received by shipyards in China, Japan, and South Korea. This increase in new shipbuilding & repair activities is expected to create demand for several equipment utilized in shipbuilding such as propellers and shafts, which, is expected to contribute toward growth of the marine propeller market.
By Region
Europe would exhibit the highest CAGR of 6.8% during 2021-2030.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global marine propeller market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall marine propeller market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global marine propeller market with a detailed impact analysis.
- The current marine propeller market is quantitatively analyzed from 2020 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Marine Propeller Market Report Highlights
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Analyst Review
There has been increasing focus on adoption of electric propulsion technology in ships. This is attributed to the reason that several countries are aiming to reduce carbon footprint of their shipping fleets. Ship manufactures are adopting new technologies and alternatives to address environmental concerns. For instance, liquefied natural gas as an alternative to diesel engines is expected to aid in reduction of CO2 emissions by up to 25% in comparison to diesel engines.
Increase in demand for marine propellers from emerging economies such as Asia-Pacific, coupled with high shipbuilding & seaborne trade activities in this region, and growth in maritime tourism activities is expected to supplement the market growth. Collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand to different regions. Several developments have been carried out by key players operating in the marine propeller industry. In April 2021, Rolls-Royce entered in an agreement with Fincantieri Marinette Marine to design & manufacture up to 40 fixed pitch propellers for the U.S. Navy’s constellation class frigate. Moreover, in March 2020, Schottel won a contract to equip propulsion systems in the U.S. Navy Vessels. The vessels is expected to driven by Rudderpropellers type SRP 270 FP with a propeller diameter of 1.85 m and an input power of 970 kW.
The global marine propeller market is expected to reach $8,524.3 million in 2030
The leading manufacturers include AB Volvo, Brunswick Corporation, Kawasaki Heavy Industries, Ltd., KSOE (Hyundai Heavy Industries Co., Ltd.), MAN Energy Solutions, Nakashima Propeller Co., Ltd., Rolls-Royce Plc, Schottel Group, VEEM Ltd., and Wartsila Oyj Abp
The sample/company profiles for global marine propeller system market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The key segments in the report include type, material, number of blades, application, and sales channel
The Fixed Pitch Propeller is most commonly used
The company profiles of the top market players of marine propller market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the marine propeller market.
The opportunities include Technological innovations in marine propulsion systems, and Growth in navy expenditure across the world
In October 2020, Wartsila has developed & supplied specialized propulsion solutions for three offshore fisheries science vessels manufactured for Canadian Coast Guard. Wartsila designed the propellers to deliver a high cavitation inception speed to comply with low underwater radiated noise requirements.
The upcoming trends include Greater adoption of electric propulsion technology, and use of light weight material for manufacturing
Marine propeller is a rotating fan like structure, which comprises radiating blades and propeller shaft. It is utilized to propel a ship with aid of power generated by main engine of ship. The propeller produces thrust, which is transferred through transmission system of ships, resulting in movement of the ship.
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