Ship Propeller Market Worth $5.68 Billion By 2029 |

PUNE, India, May 26, 2022 (GLOBE NEWSWIRE) – The global Ship propeller market The size was $3.48 billion in 2021. The market is expected to grow from $3.60 billion in 2022 to $5.68 billion in 2029 at a CAGR of 6.76% over the forecast period. Fortune Business Insights™ has addressed these findings in its latest research report entitled “ship propeller market, 2022-2029.”

According to the analysis, advances in technology and the introduction of fixed-pitch propellers in marine propulsion systems will boost product acceptance. With the trend of real-time data tracking in ship propulsion system, the penetration of green propulsion system will bode well for the industry. However, the Russia-Ukraine war could have a noticeable impact in the period that followed.

Effects of the Russia-Ukraine War

Increasing defense spending and the suspension of cargo operations are disrupting the supply chain

A significant increase in defense spending against the background of the Russia-Ukraine war could change global dynamics. For example, the Polish Defense Minister reportedly announced in March 2022 that it would procure three new anti-mine vessels (MCVs) to boost its naval capabilities in the Baltic Sea. As of January 2022, NATO is said to have stationed more than 120 Allied ships and 100 jets in the Mediterranean. In addition, Russia appears to have deployed 1,000 pieces of military equipment, 140 combat and supply ships, and over 50 aircraft for exercises. Rising demand for new warships bodes well for business prospects. However, the suspension of freight operations could pose challenges for leading companies looking to expand their portfolios.

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Key Players Profiled in the Report:

  • AB Volvo (Sweden)
  • Brunswick Corporation (USA)
  • Kongsberg groups (Norway)
  • Mecklenburger Metallguss GmbH (Germany)
  • Brunton’s Propellers Ltd. (Great Britain)
  • Hyundai Heavy Industries Co.,Ltd. (South Korea)
  • Kawasaki Heavy Industries, Ltd. (Japan)
  • MAN SE (Germany)
  • NAKASHIMA PROPELLER Co.,Ltd. (Japan)
  • Rolls Royce plc (UK)
  • SCHOTTEL Group (Germany)
  • Michigan Wheel Holdings LLC (USA)
  • Wartsilä Corporation (Finland)
  • VEEM Propellers Ltd. (Australia)
  • Andritz AG (Austria)

Scope and segmentation of the report:

report attribute details
Market size value in 2021 $3.48 billion
Sales forecast 2029 $5.68 billion
growth rate CAGR of almost 6.76% 2022-2029
base year 2021
historical years 2018 – 2020
Expected years 2022 – 2029
Covered Segments By product type, application and geography
Forecast Units Value (Billion USD) and Volume (Units)
Quantitative Units Revenue in USD mn/bn and CAGR from 2022 to 2029
Regions Covered North America, Europe, Asia Pacific, South America, Middle East & Africa and Rest of World
Countries Covered USA, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others
Number of companies covered

AB Volvo (Sweden), Brunswick Corporation (USA), Kongsberg Group (Norway), Mecklenburger Metallguss GmbH (Germany), Bruntons Propellers Ltd. (UK), Hyundai Heavy Industries Co., Ltd. (South Korea), Kawasaki Heavy Industries, Ltd. (Japan), MAN SE (Germany), NAKASHIMA PROPELLER Co., Ltd. (Japan), Rolls-Royce plc (UK), SCHOTTEL Group (Germany), Michigan Wheel Holdings LLC (USA), Wärtsilä Corporation (Finland) , VEEM Propellers Ltd. (Australia), Andritz AG (Austria) and other key players

report coverage Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments and Regions, Company Market Share Analysis, and COVID-19 Impact Analysis.

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segments

In terms of type, the market is segmented into engines, propellers and others.

According to the application, the market is segmented into naval vessels, merchant vessels, pleasure boats and others.

Based on the number of blades, the market is segmented into 5 blade, 4 blade and 3 blade models.

In terms of propulsion, the market includes sterndrives, inboards, outboards and others.

In terms of material, the market is segmented into aluminum, stainless steel, nickel aluminum bronze, bronze and others.

In terms of end users, the market is segmented into aftermarket and OEM.

Geographically, the market includes North America, Asia Pacific, Europe and Rest of the World.

report coverage

The report provides a holistic view of the market size, share, volume and revenue. It has also looked at Porters’ Five Force Analysis and SWOT Analysis. The report was created through qualitative and quantitative analysis to underpin the strategic approach. The primary interviews were used to validate assumptions, insights and the prevailing business scenarios. The report was also created using secondary resources such as annual reports, press releases, white papers and trade journals.

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Detailed table of contents:

  • introduction
    • research area
    • market segmentation
    • research methodology
    • Definitions and Assumptions
  • summary
  • market dynamics
    • market leader
    • Market Restrictions
    • market opportunities
  • Important Findings
    • Recent developments in the marine propeller market
    • market trends
    • Porter’s Five Forces Analysis
    • Supply Chain Analysis
  • Quantitative Insights – Impact of the COVID-19 pandemic on the Marine Propellers market
    • Impact of COVID-19 on the Global Marine Propellers Market
    • Steps taken by industry/corporate/government to overcome the impact
    • Potential opportunities due to the COVID-19 outbreak

Table of contents continued…!

driver and restraint systems

Increasing visitor numbers of sea trade to boost industry growth

Amid the onslaught of the COVID-19 pandemic, a gradual increase in maritime trade has boosted marine propeller market share. Industry players expect developing countries to play an invaluable role in driving demand for marine propeller systems. According to UNCTAD, developing countries’ share of sea imports rose to 65% in 2019, while sea trade reached 155 million tons. Furthermore, UNCTAD Maritime Transport Report 2020 forecasts that maritime trade growth will increase by 4.8% in 2021. Notable investments in the naval sector in advanced and emerging economies will accelerate the adoption of the equipment.

However, stringent environmental regulations can challenge leading companies trying to expand their portfolios.

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Regional Insights

Robust demand for frigates and corvettes to drive market growth in Asia Pacific

The Asia-Pacific region is likely to make fortunate hunting ground due to increasing demand for frigates and corvettes. The strong demand is mainly due to the promotion of naval fleet operations and procurement initiatives. The modernization of ship propeller design systems is strong in South Korea, China, Japan and India. The Asia-Pacific market size was estimated at USD 1.21 billion in 2021 and is set to grow as the demand for advanced amenities increases.

The growth of the North American marine propeller market will increase significantly thanks to the thriving marine sector in the US and Canada. Upgrading dry cargo for real-time data sharing will drive regional growth. Above all, the strong demand for special ships in maritime tourism will drive market growth.

Stakeholders expect Europe to offer lucrative growth opportunities due to the presence of leading companies in the UK, France, Russia and Germany. In addition, increasing demand for cruise ships will bode well for regional growth.

competitive landscape

Stakeholders strengthen product offerings to open up markets

Stakeholders are willing to invest funds in product launches, technological advances, and mergers and acquisitions. Established and new players could invest in R&D activities to gain a competitive advantage. In addition, investments in geographical expansion could be made in the next few years.

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key industry development

  • March 2020: SCHOTTEL has received an order from Ada Shipyard to supply propulsion units for two double-ended Ro-Pax ferries.

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Marine hybrid propulsion market Size, share and COVID-19 impact analysis, by type (diesel-electric, gas-electric, all-electric), by operation (parallel and series hybrid propulsion system), by deadweight (less than 5,000 DWT, 5,000-10,000 DWT and > 10,000 DWT), by vessel type ( Anchor Tugs, Supply Vessels, Yachts, Motor Ferries, Cruise Ships, Small Cargo Vessels, Naval Vessels, Submarines, ROVs, UUVs, AUVs, Ro-Ro Vessels and Fishing Vessels), by Installation (Line Fit and Retrofit), by Rating (500 (kWh) , up to 1 (mWh), up to 2–3 (mWh) and above 3 (mWh)) and regional forecasts, 2022–2029

Marine propulsion engine market Size, Share, and Industry Analysis, by Type (Diesel, Gas Turbine, Natural Gas, Other), by Application (Cargo or Container Ship, Defense, Bulk Carrier, Offshore Vessel, Passenger Ship, Other), and Regional Forecast 2022-2029

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