Marine Propeller Market Size, Share, Growth Analysis, By Structure Type(Fixed Pitch Propeller (FPP), Controllable Pitch Propeller (CPP)), By Blade Type(3-Blade, 4-Blade, 5-Blade, and Others), By Material(Stainless steel alloy, Nickel-Aluminum-bronze alloy, Manganese-bronze alloy, and Others), By Application(Merchant Ships, Naval Ships, Recreational Boats, and others), By Sales Channel(Original Equipment Manufacturer, and Aftermarket), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20Y2004 | Region: Global | Published Date: April, 2024
Pages: 202 |Tables: 64 |Figures: 78

Marine Propeller Market Insights

Global Marine Propeller Market size was valued at USD 3.72 billion in 2022 and is poised to grow from USD 3.97 billion in 2023 to USD 6.70 billion by 2031, at a CAGR of 6.76% during the forecast period (2024-2031).

Marine propellers are made of corrosion-resistant materials because they are used in seawater, which is a corrosion accelerator. An alloy of aluminium and stainless steel is used to create marine propellers. Alloys of nickel, aluminium, and bronze are also commonly used because they are 10-15% lighter and have greater strength than other materials.

The number of blades in the propeller determines the ship's speed. The propeller is manufactured by welding or forging several blades onto the hub or boss in one piece. Forged blades are more secure and stronger than welded ones, but they are more expensive. A marine propeller is made up of sections of helicoidal surfaces that work together to rotate through the water using a screw effect. The majority of marine propellers are screw propellers with helical blades that rotate on a propeller shaft with an approximately horizontal axis.

The global increase in international seaborne trade is driving the Marine Propeller Market. According to the International Chamber of Shipping (UK), approximately 90% of the global volume of merchandise trade is transported by sea because transporting goods and raw materials by sea is much more cost effective than rail and road transport. Enhanced technological advancement is fueling market growth.

Furthermore, fluctuations in government policies, regulations, and subsidies from country to country are likely to affect global marine industry growth, which will have a negative impact on the Marine Propeller Market during the forecast period. Nonetheless, component repair and maintenance are expected to create future opportunities, particularly in the heavy-duty engine segment, and to leverage market growth

US Marine Propeller Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 3.72 billion

Largest Segment

propellers

Fastest Growth

propellers

Growth Rate

6.76% CAGR

Global Marine Propeller Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Marine Propeller Market Segmental Analysis

Global Marine Propeller Market is segmented by structure type, blade type, material, application, sales channel, and region. Based on structure type, the market can be segmented into Fixed Pitch Propeller (FPP) and Controllable Pitch Propellers (CPP). Based on blade type, the market is segmented into 3-Blade, 4-Blade, 5-Blade, and Others. Based on material type, the market is segmented into Stainless steel alloy, Nickel-Aluminum-bronze alloy, Manganese-bronze alloy, and Others. Based on application, the market is segmented into Merchant Ships, Naval Ships, Recreational Boats, and others.  Based on sales channel, the market is segmented into Original Equipment Manufacturer and Aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis by Type

Based on type, the propellers segment held the largest share of the marine propeller market. The increased use of naval ships, recreational boats, and merchant ships has contributed to the dominance. Furthermore, the key players' market expansion, the introduction of 3D printing in the marine sector, and increased demand for naval vessels are expected to drive the marine propeller market growth. Nakashima Propeller announced the majority share acquisition of Becker Marine Systems in April 2021. Because both manufacturers have diverse portfolios, such as high-efficiency propellers and rudders and energy-saving marine devices, the acquisition is expected to drive market growth.

Analysis by Application

Based on application, the merchant ships segment will grow at the fastest CAGR During the forecast period. The expansion is attributed to increased global trade in imported goods and materials. According to the UNCTAD report (2018), dry bulk carriers account for 42.5% of total dead-weight tonnage. During the period 2022-2028, the naval ship segment will experience rapid growth. Rising demand for defence vessels from China, the United States, Russia, and other countries will drive segment growth. Because of technological advancements in recreational boat-based propellers, the recreational boat segment is expected to grow at a significant CAGR. Sharrow Propeller, for example, introduced the MX-1 model in May 2020, a recreational boat-based propeller with an innovative design, high performance, and improved fuel efficiency.

marine propeller market By Type

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Marine Propeller Market Regional Insights

In 2021, the Asia Pacific market was worth USD 1.21 billion. This is due to rising demand for frigates and corvettes from emerging economies such as India and China to improve naval fleet coordination, several procurement initiatives, and increased demand for modern amenities on cruise ships. South Korea is Asia Pacific's largest supplier of merchant ships. The increasing upgrade of marine propeller design systems for older vessels is aiding market growth. During the forecast period, the European market will expand significantly. The presence of numerous marine interior players in France, Germany, the United Kingdom, and Russia is growing the demand for passengers for cruise ships' yachts.

North America will experience significant growth from 2022 to 2028. The upgrade of dry cargos for real-time data exchange in the United States is attributed to the region's flourishing marine industry, the presence of the largest marine lines, an increase in investment in the marine sector, and an increase in the number of marine propeller manufacturers. Furthermore, the market is expected to benefit from the high demand for specialised vessels in maritime tourism in Canada. From 2022 to 2028, the market in the rest of the world will grow significantly. The region's high net worth, increased travel and business opportunities, changing passenger preferences, demand for modern amenities, and an increase in the number of shipbuilding industries are all driving market growth.

marine propeller market By Region
  • Largest
  • Fastest

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Marine Propeller Market Dynamics

Drivers

Better Qualities to Bolster Demand for Marine Propeller

  • The hybrid diesel and gas turbine engines are part of the Electric Propulsion System (EPS). Propeller blades are driven by diesel generator-powered energy in maritime vessel propulsion. This propulsion technology eliminates the need for clutches and gearing systems. This technology has several advantages over the traditional system. Because of the variable arrangement of mechanical components, it provides high redundancy, improved mobility, and increased payload, as well as lower pollutants and fuel consumption. In May 2020, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering developed an electric propulsion system for the Republic of Korea Navy's KDDX destroyer and LPX-II LHD projects.
  • Due to the resumption of post-pandemic trade, growth in international seaborne trade will drive market growth. According to the United Nations Conference on Trade and Development (UNCTAD), pandemic-related global healthcare and economic crises, as well as supply chain issues, have severely impacted global maritime trade and transport. According to UNCTAD, global seaborne trade will fall by 4.1% in 2020. According to the UNCTAD maritime transport report 2018, international maritime trade grew at a rate of 4%, the highest since 2014. According to the report, containerized trade increased by 17.1%, dry bulk commodities increased by 29.9%, and crude oil shipments increased by 2.4%.

Restraints

Stringent Regulations to Hinder Market Growth

  • The sulphur content of fuel oil must be reduced from 3.50 percent m/m to 0.50 percent m/m under the new IMO2020 requirements (mass by mass). These new regulations will aid in the reduction of health issues in coastal and port cities, as well as acid rain and lightning storms along trade routes. These stringent environmental regulations will have a significant impact on seaborne commercial activities, stifling business growth.

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Marine Propeller Market Competitive Landscape

marine propeller market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Fuel-efficient propulsion systems, improved materials, rim thrusters, and anti-fouling coatings are among the market's upcoming trends. These market leaders, which include Hyundai Heavy Industries and MAN SE, can be attributed to their diverse product portfolios, innovative technology trends, and R&D activity.

Top Player's Company Profiles

  • Caterpillar Inc.
  • MAN Energy Solutions
  • Hyundai Heavy Industries Co. Ltd.
  • Rolls-Royce Holdings plc
  • Wärtsilä Corporation
  • SCHOTTEL GmbH
  • Kawasaki Heavy Industries, Ltd.
  • Volvo Penta
  • ABB Group
  • Brunvoll AS
  • Nakashima Propeller Co., Ltd.
  • Kongsberg Maritime AS
  • Mecklenburger Metallguss GmbH
  • Hydromaster Propulsion BV
  • Berg Propulsion AB
  • ZF Friedrichshafen AG
  • VEEM Ltd.
  • Hundested Propeller A/S
  • MMG Canada Limited
  • Nakashima United Co., Ltd.

Recent Developments

  • In April 2024, as part of its ongoing Aquarius Eco Ship Project, Eco Marine Power Co., Ltd. explored in cooperation with Nakashima Propeller Co., Ltd., the further use of carbo-fibre reinforced plastic (CFRP) and glass-fibre reinforced plastic (GFRP) for ship structures & other maritime applications. 
  • In February 2024, Mercury Racing, a division of Brunswick Corporation and Fond du Lac, Wis.-based global provider of high-performance marine propulsion systems, introduced two new product offerings - the 500R with Joystick Piloting for Outboards and the Mercury Racing Propellers Case. 
  • In January 2024, Yamaha Motor Co., Ltd. announced that it has concluded a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo, to acquire all of Torqeedo's shares. This stock acquisition is premised on the acquisition of the clearances, permits, etc., required by competition laws and other regulations.

Marine Propeller Key Market Trends

  • In recent years, the market trends of fixed propeller adoption and implementation have increased. The fixed pitch marine propeller shaft and blades are securely attached to the hub. The pitch position of fixed pitch propellers is permanently fixed and cannot be changed during operation because it is normally cast. Copper alloy is frequently used to make it. Because the system has no mechanical or hydraulic linkages, fixed pitch propellers are selected as the most durable and reliable. Fixed propellers have been adopted because they are less expensive to manufacture, install, and operate than controllable pitch propellers.
  • Among major marine propeller competitors, the rim thruster has recently grown in popularity. It's a low-cost, lightweight propulsion system. SCHOTTEL, a German firm, has developed a cutting-edge rim thruster. The primary goal of the thruster is to reduce noise and vibration. The Schottel rim thruster increases the efficiency of the maritime propulsion system while decreasing maintenance costs. The rim thruster features interchangeable blades and slide bearings, water lubricated bearings, and cost-effective operation. Because of the increasing use of rim thrusters in naval vessels, the market is expected to grow.
  • Marine propulsion systems propel ships through the water while protecting the marine ecosystem. The International Maritime Organization (IMO) has established targets for reducing emissions in the maritime industry. The International Maritime Organization (IMO) has set a target of reducing carbon emissions in international shipping by at least 40% by 2028 and 70% by 2050. End users who use wind power to propel commercial ships are becoming more interested in wind propulsion systems as fuel costs rise. It also serves as a replacement for systems that emit large amounts of CO2 (CO2). In February 2021, the International Windship Association (IWSA) launched a new initiative to accelerate decarbonization in the shipping industry. The 'Decade of Wind Propulsion' campaign aims to encourage the use of blending wind, hybrid alternative propulsion methods, alternative fuels, and energy efficiency measures.

Marine Propeller Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our marine propeller market analysis, in terms of types, the propellers held the largest market share owing to increasing usage and in terms of application, naval ships segment contributed to the market growth due to rising demand for defense application. Moreover, Increased Demand for Electric Propulsion Technology in the Shipbuilding Industry and Growth in International Seaborne Trade Drive Market Growth Due to Post-Pandemic Trade Resumption, whereas Stringent Environmental Regulations Restrain Market Growth

Report Metric Details
Market size value in 2022 USD 3.72 billion
Market size value in 2031 USD 6.70 billion
Growth Rate 6.76%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Structure Type
    • Fixed Pitch Propeller (FPP), Controllable Pitch Propeller (CPP)
  • Blade Type
    • 3-Blade, 4-Blade, 5-Blade, and Others
  • Material
    • Stainless steel alloy, Nickel-Aluminum-bronze alloy, Manganese-bronze alloy, and Others
  • Application
    • Merchant Ships, Naval Ships, Recreational Boats, and others
  • Sales Channel
    • Original Equipment Manufacturer, and Aftermarket
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Caterpillar Inc.
  • MAN Energy Solutions
  • Hyundai Heavy Industries Co. Ltd.
  • Rolls-Royce Holdings plc
  • Wärtsilä Corporation
  • SCHOTTEL GmbH
  • Kawasaki Heavy Industries, Ltd.
  • Volvo Penta
  • ABB Group
  • Brunvoll AS
  • Nakashima Propeller Co., Ltd.
  • Kongsberg Maritime AS
  • Mecklenburger Metallguss GmbH
  • Hydromaster Propulsion BV
  • Berg Propulsion AB
  • ZF Friedrichshafen AG
  • VEEM Ltd.
  • Hundested Propeller A/S
  • MMG Canada Limited
  • Nakashima United Co., Ltd.

Recent Developments

  • In April 2024, as part of its ongoing Aquarius Eco Ship Project, Eco Marine Power Co., Ltd. explored in cooperation with Nakashima Propeller Co., Ltd., the further use of carbo-fibre reinforced plastic (CFRP) and glass-fibre reinforced plastic (GFRP) for ship structures & other maritime applications. 
  • In February 2024, Mercury Racing, a division of Brunswick Corporation and Fond du Lac, Wis.-based global provider of high-performance marine propulsion systems, introduced two new product offerings - the 500R with Joystick Piloting for Outboards and the Mercury Racing Propellers Case. 
  • In January 2024, Yamaha Motor Co., Ltd. announced that it has concluded a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo, to acquire all of Torqeedo's shares. This stock acquisition is premised on the acquisition of the clearances, permits, etc., required by competition laws and other regulations.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Marine Propeller Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Marine Propeller Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Marine Propeller Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Marine Propeller Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Marine Propeller Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Marine Propeller Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Marine Propeller Market size was valued at USD 3.72 billion in 2022 and is poised to grow from USD 3.97 billion in 2023 to USD 6.70 billion by 2031, at a CAGR of 6.76% during the forecast period (2024-2031).

marine propeller market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Fuel-efficient propulsion systems, improved materials, rim thrusters, and anti-fouling coatings are among the market's upcoming trends. These market leaders, which include Hyundai Heavy Industries and MAN SE, can be attributed to their diverse product portfolios, innovative technology trends, and R&D activity. 'Caterpillar Inc.', 'MAN Energy Solutions', 'Hyundai Heavy Industries Co. Ltd.', 'Rolls-Royce Holdings plc', 'Wärtsilä Corporation', 'SCHOTTEL GmbH', 'Kawasaki Heavy Industries, Ltd.', 'Volvo Penta', 'ABB Group', 'Brunvoll AS', 'Nakashima Propeller Co., Ltd.', 'Kongsberg Maritime AS', 'Mecklenburger Metallguss GmbH', 'Hydromaster Propulsion BV', 'Berg Propulsion AB', 'ZF Friedrichshafen AG', 'VEEM Ltd.', 'Hundested Propeller A/S', 'MMG Canada Limited', 'Nakashima United Co., Ltd.', 'In April 2024, as part of its ongoing Aquarius Eco Ship Project, Eco Marine Power Co., Ltd. explored in cooperation with Nakashima Propeller Co., Ltd., the further use of carbo-fibre reinforced plastic (CFRP) and glass-fibre reinforced plastic (GFRP) for ship structures & other maritime applications. ', 'In February 2024, Mercury Racing, a division of Brunswick Corporation and Fond du Lac, Wis.-based global provider of high-performance marine propulsion systems, introduced two new product offerings - the 500R with Joystick Piloting for Outboards and the Mercury Racing Propellers Case. ', 'In January 2024, Yamaha Motor Co., Ltd. announced that it has concluded a stock purchase agreement with Germany's DEUTZ AG, which owns marine electric propulsion manufacturer Torqeedo, to acquire all of Torqeedo's shares. This stock acquisition is premised on the acquisition of the clearances, permits, etc., required by competition laws and other regulations.'

The hybrid diesel and gas turbine engines are part of the Electric Propulsion System (EPS). Propeller blades are driven by diesel generator-powered energy in maritime vessel propulsion. This propulsion technology eliminates the need for clutches and gearing systems. This technology has several advantages over the traditional system. Because of the variable arrangement of mechanical components, it provides high redundancy, improved mobility, and increased payload, as well as lower pollutants and fuel consumption. In May 2020, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering developed an electric propulsion system for the Republic of Korea Navy's KDDX destroyer and LPX-II LHD projects.

In recent years, the market trends of fixed propeller adoption and implementation have increased. The fixed pitch marine propeller shaft and blades are securely attached to the hub. The pitch position of fixed pitch propellers is permanently fixed and cannot be changed during operation because it is normally cast. Copper alloy is frequently used to make it. Because the system has no mechanical or hydraulic linkages, fixed pitch propellers are selected as the most durable and reliable. Fixed propellers have been adopted because they are less expensive to manufacture, install, and operate than controllable pitch propellers.

In 2021, the Asia Pacific market was worth USD 1.21 billion. This is due to rising demand for frigates and corvettes from emerging economies such as India and China to improve naval fleet coordination, several procurement initiatives, and increased demand for modern amenities on cruise ships. South Korea is Asia Pacific's largest supplier of merchant ships. The increasing upgrade of marine propeller design systems for older vessels is aiding market growth. During the forecast period, the European market will expand significantly. The presence of numerous marine interior players in France, Germany, the United Kingdom, and Russia is growing the demand for passengers for cruise ships' yachts.

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