USD 3.72 billion
Report ID:
SQMIG20Y2004 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
64
|Figures:
78
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.
Global Market Size
USD 3.72 billion
Largest Segment
propellers
Fastest Growth
propellers
Growth Rate
6.76% CAGR
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Free Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Better Qualities to Bolster Demand for Marine Propeller
Restraints
Stringent Regulations to Hinder Market Growth
Request Free Customization of this report to help us to meet your business objectives.
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
Recent Developments
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 |
|
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 |
Recent Developments
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG20Y2004