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 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.

Global Marine Propeller Market Report Snapshots

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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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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 Insights

Global Marine Propeller Market Report Snapshots

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What is the global market size of Marine Propeller Market?

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

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