Marine Propeller Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Marine Propeller Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Marine Propeller Market

The marine propeller market size was valued at USD 3.48 billion in 2021, and the market is now projected to grow from USD 3.60 billion in 2022 to USD 5.68 billion by 2029, exhibiting a CAGR of 6.76% during the forecast period of 2021-2029.

During this time, the lack of raw materials hindered the production of materials. This thus hampered market expansion and upset the entire supply chain. The fall in demand caused by the automotive and construction sectors also had an effect on the marine propeller market growth. People get homesick as a result of the government's restrictions on social events, gatherings, and moving away from home. Component manufacturing were either partially or completely shut down as a result of the nationwide shutdown. The COVID pandemic is posing challenges for many businesses since it has reduced output and the supply chain, which has caused the market to shift to treating COVID patients as a priority over other operations, which has fueled the expansion of the inspection, repair, and maintenance market. Additionally, because of movement restrictions and lockdowns in various regions, manufacturing plants experienced a shortage of staff, which hindered productivity. stopped offering on-site installations and maintenance; in the midst of the pandemic, market growth faltered.

The shipbuilding industry's growing need for electric propulsion technology is expected to fuel market expansion during forecast period. The hybrid diesel and gas turbine engines are part of the Electric Propulsion System (EPS). Propeller blades on maritime vessels are powered by diesel generator energy. Clutches and gearing systems can be eliminated thanks to this propulsion technology.

Growing use of fixed propellers in marine propulsion systems accelerates marine propeller market growth during forecast period. In recent years, there has been a surge in the market trends for the acceptance and use of fixed propellers. The hub is securely attached to the fixed pitch marine propeller shaft and blades. Because fixed pitch propellers are typically cast, their pitch position is fixed and cannot be altered while in operation. To produce it, copper alloy is commonly utilized. Since there are no mechanical or hydraulic connections in the system, fixed pitch propellers are selected as the most dependable and long-lasting. Fixed propeller usage has been aided by lower manufacturing, installation, and operating costs when compared to controllable pitch propellers.

Comprehensive Analysis of Marine Propeller Market

The marine propeller market and aerospace & defence industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the aerospace & defence benefit management industry. These segmentations are methodically segregated by application, by type, by propulsion, by material, by number of blades and by end users. The Application segmentations include Recreational Boats, Merchant Ships, Naval Ships, and Others, By Type segmentations include Thrusters, Propellers, and Others, By Propulsion segmentations include Sterndrive, Inboard, Outboard, and Others, By Material include Aluminum, Bronze, Stainless Steel, Nickel-Aluminum Bronze, and Others, By Number of Blades segmentations include 3-blade, 4-blade, and 5-blade, By End-User segmentations include OEM and Aftermarket.

The Asia Pacific region lead the marine propeller market the market size of USD 1.21 billion in 2021 because of the shipbuilding industry's growing requirement for electric propulsion technology.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These prominent key industry players include, AB Volvo (Sweden), Mecklenburger Metallguss GmbH (Germany), Hyundai Heavy Industries Co., Ltd. (South Korea), Kawasaki Heavy Industries, Ltd. (Japan), MAN SE (Germany), SCHOTTEL Group (Germany), Wärtsilä Corporation (Finland), Andritz AG (Austria) these market players provide a level-playing competitive environment across the globe.

In February 2021, AB Volvo announced that Sunseeker's was powered by the company's Volvo Penta IPS. Fuel tanks for 65 Sport Yachts were also included by the business. Compared to the inboard shaft installations of similarly powered competitors, the forward-facing twin counter-rotating propellers contribute to a 30% boost in fuel efficiency.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation By Type

Propellers

Thrusters

Others

By Application

Merchant Ships

Naval Ships

Recreational Boats

Others

By Number of Blades

3-blade

4-blade

5-blade

By Propulsion

Inboard

Outboard

Sterndrive

Others

By Material

Stainless Steel

Aluminum

Bronze

Nickel-Aluminum Bronze

Others

By End-User

OEM

Aftermarket

By Geography

North America (By Type, By Application, By Number of Blades, By Propulsion, By Material, By End User, and By Country)

U.S. (By Type)

Canada (By Type)

Europe (By Type, By Application, By Number of Blades, By Propulsion, By Material, By End User, and By Country)

U.K. (By Type)

Germany (By Type)

France (By Type)

Russia (By Type)

Italy (By Type)

Norway (By Type)

Rest of Europe (By Type)

Asia Pacific (By Type, By Application, By Number of Blades, By Propulsion, By Material, By End User, and By Country)

China (By Type)

Japan (By Type)

India (By Type)

South Korea (By Type)

Philippines (By Type)

Vietnam (By Type)

Rest of Asia Pacific (By Type)

Rest of the World (By Type, By Application, By Number of Blades, By Propulsion, By Material, By End User, and By Country)

Latin America (By Type)

Middle East & Africa (By Type)

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