What is the global market size of Marine Propeller Market?

Marine Propeller Market size was valued at USD 3.5 billion in 2021 and is poised to grow from USD 3.6 billion in 2022 to USD 6.1 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Marine Propeller Market?

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 June 2022, the first WinGD engine that will run on ammonia will be delivered in conjunction with Hyundai Heavy Industries’ Engine Machinery Division (EMD), marking an important milestone toward the decarbonization of transportation.', 'In August 2021, Roll-Royce signed an agreement to sell their Bergen Engines medium speed liquid engine and gas engines to the international engineering team Langley Holdings plc for a business value of € 63m. Langley sponsors the agreement, in line with Bergen’s business financing requirements going forward, from existing savings.', 'In May 2021, three Japanese marine engine manufacturers, Kawasaki Heavy Industries, Ltd., Yanmar Power Technology Co., Ltd., and Japan Engine Corporation completed the merger of a consolidated investment agreement and announced the joint establishment of the new company HyEng Corporation. To contribute to the division of power in Japan, and to promote the development of the shipping and maritime sector, the three companies have agreed to facilitate joint venture investment in the establishment of a new company, HyEng Corporation, which will do so to pursue the joint development of the world’s leading hydrogen-powered marine engines.'

Global Marine Propeller Market Size, Share, Growth Analysis, By Type(propellers, thrusters), By Application(merchant ships, naval ships) - Industry Forecast 2024-2031

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

Global 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.

Global Marine Propeller Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

Global Marine Propeller Market Size, Share, Growth Analysis, By Type(propellers, thrusters), By Application(merchant ships, naval ships) - Industry Forecast 2024-2031

Global Marine Propeller Market Dynamics

Global Marine Propeller Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Marine Propeller Market?

Who are the key vendors in the Global Marine Propeller Market?

What is the key driver of Global Marine Propeller Market?

What is the key market trend for Global Marine Propeller Market?

Which region accounted for the largest share in Global Marine Propeller Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300