Naval Ship Propeller Market Forecasts to 2028 – Global Analysis By Material (Aluminum, Bronze and Other Materials), Propulsion (Outboard, Inboard and Other Propulsions), Propeller Type, Sales Channel and By Geography

Naval Ship Propeller Market Forecasts to 2028 – Global Analysis By Material (Aluminum, Bronze and Other Materials), Propulsion (Outboard, Inboard and Other Propulsions), Propeller Type, Sales Channel and By Geography

According to Stratistics MRC, the Global Naval Ship Propeller Market is accounted for $3.7 billion in 2022 and is expected to reach $6.2 billion by 2028 growing at a CAGR of 8.7% during the forecast period. A naval ship propeller is an object that rotates like a fan and has radiating blades and a propeller shaft. The ship moves as a result of the thrust produced by the propeller and transmitted through the ship's gearbox system. Corrosion-resistant materials, such as stainless steel and aluminium, are used in the production of marine propellers because they can function well in saltwater.

According to the United Nations Conference on Trade and Development (UNCTAD), the international maritime trade grew with a growth rate of 4%, the highest from 2014.

Market Dynamics:

Driver:

Rising fixed propeller adoption

In recent years, the industry has seen a growth in fixed propeller acceptance and use. The hub is securely attached to the shaft and blades of the fixed pitch maritime propeller. set pitch propellers have a set pitch position that cannot be modified while they are operating as it is typically cast. It is often made from copper alloy. Given that the system has no mechanical or hydraulic connections, fixed pitch propellers are selected as the most dependable and long-lasting option. The use of fixed propellers has been promoted by lower manufacturing, installation, and operating costs compared to variable pitch propellers.

Restraint:

Strict regulations

Under the new IMO2020 requirements, sulfur content in fuel oil must be reduced from 3.50 percent m/m to 0.50 percent m/m (mass by mass). These new regulations will help reduce health problems in coastal areas and port cities and acid rain and lightning storms along trade routes. These severe environmental laws will considerably influence seaborne commercial activities, stifling business expansion.

Opportunity:

Adoption of environment-friendly propulsion systems

Naval Ships move over the water thanks to marine propulsion systems, which also protect the marine ecology. End users of wind propulsion systems for commercial ships have grown more interested in them as a result of increased fuel prices. It also replaces systems that produce large volumes of carbon dioxide (CO2). In order to hasten the decarbonization of the shipping sector, the International Windship Association (IWSA) introduced a new project. The Decade of Wind Propulsion campaign seeks to encourage the use of hybrid alternative propulsion systems that combine wind, alternative fuels, and energy efficiency techniques.

Threat:

Shipping overcapacity

When there are more shipping boats than there is demand, this is referred to as shipping overcapacity. One of the main causes of shipping overcapacity is the expectation of ongoing growth in commercial operations, for which additional boats are purchased to meet the anticipated demand. Old containers are being replaced with new ones that use less energy. Due to their poor scrap value, several of the ancient vessels have not yet been destroyed. These ships are put up for sale, which adds more tonnage to an already oversaturated market. Despite an increase in global seaborne commerce, the shipping sector's overcapacity has resulted in a fall in new vessel orders. Therefore, it is projected that a main obstacle to the expansion of the marine propeller market would be the decline in new shipbuilding orders.

Covid-19 Impact

The COVID-19 pandemic's effects have caused supply-chain interruptions and decreased economic activity, which has led to a decrease in orders for new ships. Propeller demand during the epidemic is down due to the low amount of new ship orders. The pandemic's reduced trade and ship manufacturing also hindered market expansion. Additionally, the implementation of new environmental restrictions compelled ship owners to purchase newer ships, pay more for cleaner fuel, or install scrubbers that reduce pollutants. The pandemic's high fuel costs and unfavourable market circumstances led ship owners to demolish older ships in order to reduce losses.

The stainless steel segment is expected to be the largest during the forecast period

The stainless steel segment is estimated to have a lucrative growth, due to the increase in result of the propulsion system's increasing usage of stainless steel materials. Compared to other materials, it offers more strength and dependability. Alloys of aluminium, bronze, nickel-aluminum bronze and other materials are also often utilised. The market would expand as a result of the propulsion system's growing use of corrosion-resistant metals.

The fixed pitch propeller segment is expected to have the highest CAGR during the forecast period

The fixed pitch propeller segment is anticipated to witness the highest CAGR growth during the forecast period, due to the lack of mechanical and hydraulic subsystems compared to controlled pitch propellers, fixed pitch propellers are strong and dependable. Additionally, they are less expensive to manufacture, install, and operate than other propeller kinds. As a result, they are now often utilised in naval ships. The benefits of the category, such as greater manoeuvrability, lower blade wear and tear, and considerable NVH performance when compared to others, are responsible for the high growth rate of the market. Since they are currently being accepted gradually, their revenue share is anticipated to increase throughout the projection period.

Region with highest share:

Asia Pacific is projected to hold the highest market share during the forecast period owing to the significant military spending by the growing nations in the Asia Pacific area, such as India and China, is what drives the region's navy ship purchases. In addition, the conflicts in the South China Sea, Indian Ocean, and Arabian Sea are encouraging the navy to improve their sea-based capabilities. All of these elements are assisting in the purchase of naval ships, which is fostering the expansion of the navy ship propeller market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to Due to the region's thriving maritime economy, the presence of the major marine lines, the rise in investment in the marine sector, and the rise in the number of naval propeller makers, this growth is ascribed to the upgrading of dry cargos for real-time data interchange in the U.S. Furthermore, the industry is anticipated to grow due to Canada's strong need for specialised vessels for marine tourism.

Key players in the market

Some of the key players profiled in the Naval Ship Propeller Market include Brunswick Corporation, Bruntons Propellers Ltd., Kongsberg Gruppen, AB Volvo, Hyundai Heavy Industries Co., Ltd., Rolls-Royce plc, VEEM Propellers Ltd, Andritz AG, Michigan Wheel Holdings LLC, Wärtsilä Corporation, NAKASHIMA PROPELLER Co., Ltd., MAN SE, Mecklenburger Metallguss GmbH, SCHOTTEL Group and Michigan Wheel

Key Developments:

In April 2023, Brunswick Corporation Announces Expansion of BoatClass with Eight New Locations for the 2023 Boating Season, BoatClass is a differentiator in the marketplace by modernizing the boat training experience giving participants a hands-on opportunity to learn and master the skills necessary to be comfortable and confident at the helm.

In Feb 2023, Kongsberg Maritime has signed a repeat order from client Grimaldi Group to supply engineering and technology for two new 7800-line metre (LM) Roll on – Roll off (Ro-Ro) vessels, which will be built at China Merchant Jinling Shipyard. The contract was signed in Q4 2022, and the vessels are scheduled for delivery in 2025.

Materials Covered:
• Aluminum
• Bronze
• Stainless Steel
• Nickel-Aluminum Bronze
• Other Materials

Propulsions Covered:
• Outboard
• Inboard
• Sterndrive
• Other Propulsions

Propeller Types Covered:
• Controllable Pitch Propeller
• Fixed Pitch Propeller
• Other Propeller Types

Sales Channels Covered:
• Aftermarket
• Original Equipment Manufacturer

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements