Farmington, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Global Marine Propeller Market Size Was Valued At USD 3.48 Billion In 2021. The Market Is Projected To Grow From USD 3.60 Billion In 2022 To USD 5.68 Billion By 2030, Exhibiting A CAGR Of 6.76% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for marine propellers is lower than expected in all areas compared to before the pandemic. Our research shows that the global market was 21.84% smaller in 2020 than in 2019.
A marine propeller is hard to make because it has blades that spread out and a shaft that goes through the blades. When building a naval ship with a central hub, the rotating blades move the ship. A navy ship can have up to five or six radiating blades, depending on how fast it needs to go and how well it needs to turn.
Request Sample Copy of Report “Marine Propeller Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
Recent Developments:
- February 2021 - AB Volvo announced that the company's Volvo Penta IPS was used to power the Sunseeker. The company also included 65 sport yacht fuel tanks. Forward-facing twin counter-rotating propellers help increase fuel economy by 30% over internal shaft installations of similarly powered competitors.
- August 2020 - Shipyard Brodosplit has selected SCHOTTEL GmbH to provide high-reliability main and auxiliary propulsion for the first-class expeditionary cruise ship 'Hondius'. Propeller diameter of 3.6 m.
Segment Overview
Type Insights
In 2021, the marine propellers market was led by the propellers segment. This is because there are more boats for the military, for fun, and for business. The marine propeller market is expected to grow because the big players are growing, 3D printing is coming to the marine industry, and the demand for naval ships is going up.
Application Insights
During the time frame of the forecast, the fastest growth will be in the segment of merchant ships. More goods and materials are being bought and sold around the world, which is why the economy is growing. The 2018 UNCTAD report says that dry bulk carriers have the most dead-weight tonnage of any type of ship at 42.5%.
Number of Blades Insights
Five-blade marine propellers are in high demand because more commercial, military, coast guard, and recreational boats are being made and shipped out. Market consolidation has happened because shipbuilding has grown in China, Japan, South Korea, and Greece, as well as in major shipbuilding countries. This is because the pandemic hurt the economy and the market grew more slowly in 2019.
Propulsion Insights
Based on how the boats move, the market is broken up into inboard, sterndrive, outboard, and other types. The inboard propulsion system will change a lot from 2022 to 2029. Inside the boat's hull, there are a lot of high-tech systems. The inboard system is used by most boats used for water sports. The propeller is connected to a driveshaft, which moves the boat.
End-User Insights
The OEM segment is expected to grow the fastest during the time frame of the forecast. This growth is because Chinese, Indian, and Australian merchant ships are in higher demand for sea trade. These commercial ships move forward with the help of a high-tech propeller. From 2022 to 2029, many people think that the aftermarket segment will grow a lot. More improvements are being made to merchant ships so that maritime trade around the world can go more smoothly. Part of the aftermarket segment is taking care of parts that go on propellers.
Material Insights
Boat propellers are made from metals that don't rust, like aluminium and stainless steel. In 2021, stainless steel made up most of the market. More and more propulsion systems are made of stainless steel, which is why the market is growing. It is stronger and more reliable than other things. People also often use aluminium alloys, bronze, nickel-aluminum bronze, and other materials. More and more propulsion systems are using alloys that don't rust. This would make the market grow.
Regional Outlook:
This market is split into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific market was worth $1.21 billion in 2021. This is because of growing demand for frigates and corvettes from emerging economies like India and China to improve coordination in the naval fleet, several procurement initiatives, and the demand for modern amenities on cruise ships. South Korea is the only country in Asia and the Pacific that makes more merchant ships than any other country. More and older ships are getting upgrades to their marine propeller design systems, which is making the market grow.
The market in Europe will grow a lot over the next few years. France, Germany, the United Kingdom, and Russia all have a lot of people who work in marine interiors. This makes it more likely that people on cruise ships will want to go on yachts.
Between 2022 and 2029, North America will grow a lot. This growth is because dry cargos in the U.S. have been updated to allow for real-time data exchange. This was made possible by the area's thriving marine industry, the presence of the largest marine lines, the rise in investment in the marine sector, and the rise in the number of companies that make marine propellers. Also, the high demand for specialised boats in Canada's maritime tourism is likely to help the market.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/248510/?Mode=PM
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.76% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 3.60 Billion |
| By Type | Propellers, Thrusters, Others |
| By Application | Merchant Ships, Naval Ships, Recreational Boats, Others |
| By Number of Blades | 3-blade, 4-blade, 5-blade, Others |
| By Propulsion | Inboard, Outboard, Sterndrive, Others |
| By Material | Stainless Steel, Aluminum, Bronze, Nickel-Aluminum Bronze, Others |
| By End-User | OEM, Aftermarket, Others |
| By Companies | AB Volvo (Sweden), Brunswick Corporation (U.S.), Kongsberg Gruppen (Norway), Mecklenburger Metallguss GmbH (Germany), Bruntons Propellers Ltd. (U.K.), Hyundai Heavy Industries Co., Ltd. (South Korea), Kawasaki Heavy Industries, Ltd. (Japan), MAN SE (Germany), NAKASHIMA PROPELLER Co., Ltd. (Japan), Rolls-Royce plc (U.K.), SCHOTTEL Group (Germany), Michigan Wheel Holdings LLC (U.S.), Wärtsilä Corporation (Finland), VEEM Propellers Ltd. (Australia), Andritz AG (Austria) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Fixed propellers are being used more and more in marine propulsion systems, which helps the market grow.
The fixed propeller has become more popular on the market and has been used more often in recent years. A marine propeller with a fixed pitch has a hub that holds the shaft and blades in place. Because it is usually cast, a fixed pitch propeller can't have its pitch changed while the engine is running. Copper alloy is usually used to make it. Since there are no mechanical or hydraulic links in the system, fixed pitch propellers are used because they are the most durable and reliable. Fixed propellers are becoming more common because they are cheaper to make, install, and run than controllable pitch propellers.
Marine propulsion systems are using rim thrusters more and more, which will help the market grow.
Driving Factors:
The market will grow because more electric propulsion technology will be needed in the shipbuilding industry.
The diesel and gas turbine engines in the Electric Propulsion System (EPS) work together. Ships' propeller blades get their power from diesel generators. With this type of propulsion, there is no need for clutches or gears.
This new technology is a lot better than the old way of doing things. Because the mechanical parts can be put together in different ways, it has a lot of backups, moves better, and can carry more. It also pollutes less and uses less gas. For the KDDX destroyer and LPX-II LHD projects of the Republic of Korea Navy, Daewoo Shipbuilding & Marine Engineering made an electric propulsion system. In May 2020, this system will be ready.
Restraining Factors:
Putting in place strict rules about the environment will slow the growth of the market.
To meet the new IMO2020 rules, the amount of sulphur in fuel oil must drop from 3.50% m/m to 0.50% m/m (mass by mass). With these new rules, acid rain and lightning storms in port cities and along the coast will be less of a problem for people's health. Environmental laws that are very strict will make it hard for businesses to grow and do business at sea.
Key Segments Covered:
Top Market Players:
AB Volvo (Sweden), Brunswick Corporation (U.S.), Kongsberg Gruppen (Norway), Mecklenburger Metallguss GmbH (Germany), Bruntons Propellers Ltd. (U.K.), Hyundai Heavy Industries Co., Ltd. (South Korea), Kawasaki Heavy Industries, Ltd. (Japan), MAN SE (Germany), NAKASHIMA PROPELLER Co., Ltd. (Japan), Rolls-Royce plc (U.K.), SCHOTTEL Group (Germany), Michigan Wheel Holdings LLC (U.S.), Wärtsilä Corporation (Finland), VEEM Propellers Ltd. (Australia), Andritz AG (Austria), and others.
By Type
- Propellers
- Thrusters
- Others
By Application
- Merchant Ships
- Naval Ships
- Recreational Boats
- Other
By Number of Blades
- 3-blade
- 4-blade
- 5-blade
- Other
By Propulsion
- Inboard
- Outboard
- Sterndrive
- Other
By Material
- Stainless Steel
- Aluminum
- Bronze
- Nickel-Aluminum Bronze
- Other
By End-User
- OEM
- Aftermarket
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Azimuth Thrusters Market - The global azimuth thrusters market size was USD 498.5 million in 2021. The market is expected to grow from USD 526.4 million in 2022 to USD 583.8 million by 2029, exhibiting a CAGR of 1.49% during the forecast period.
- Explosive Detectors Market - The Global Explosive Detectors market size was valued at US$ 5.97 Billion in 2022 and to reach US$11.10 Billion by 2030, growing at a CAGR of 8.2% from 2023 to 2030.
- Terrestrial Laser Scanning Market - The Terrestrial Laser Scanning market is projected to reach USD 4.45 Billion by 2023, expanding at a CAGR of 7.7% during the forecast period.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
