Rise in adoption of electric application technology, surge in new shipbuilding & repair activities, and increase in demand for maritime travel & tourism activities have boosted the growth of the global marine propeller market. However, high maintenance cost and advent of strict environmental regulations hinder the market growth. On the contrary, technological innovations in marine applications systems and the growth in navy expenditure across the world are expected to open new opportunities for the market players in the future.
The global marine propeller market was accounted for $5.07 billion in 2020, and is estimated to garner $8.52 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Electric propulsion technology in ships is gaining momentum as several shipbuilding companies are focusing on building greener ships, which would be based on clean energy. Electric propulsion technology enables gas turbines to generate three-phase electricity to run electric motors, which, in turn, rotates the propellers. This electric propulsion technology is expected to aid in reducing green house gas effect as well as contribute in reduction in weight of ship.
Marine Propeller Market Segment Review
The report divides the global marine propeller market on the basis of type, material, number of blades, applications, sales channel, and region.
On the basis of material, the stainless steel segment held the lion’s share in 2020, contributing to more than half of the global marine propeller market. However, the aluminum segment is estimated to portray the highest CAGR of 6.7% from 2021 to 2030.
Based on type, the fixed pitch propeller segment held the largest share in 2020, accounting for more than half of the global marine propeller market. However, the controllable pitch propeller segment is projected to manifest the highest CAGR of 6.4% during the forecast period.
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On the basis of application, the marine propeller market is segregated into merchant ships, naval ships, recreational boats, and others. Rise in demand for containerships has been observed after the COVID-19 pandemic. This surge in demand for containership is attributed to rushing of several e-commerce companies to stock up after a year of pandemic related supply chain disruptions. This growing demand for containerships is creating demand for new merchant ships to be built with more capacity, which also creates demand for equipment related to shipbuilding such as propellers, engines, and shafts.
The report offers an analysis of the market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The global marine propeller market across Europe held the lion’s share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 4.7% during the forecast period.
Marine Propeller Market Key Players
The global report includes an in-depth analysis of the prime market players such as 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.
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The report analyzes these key players in the distribution system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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