Overview of the global marine propeller market
Worldwide seaborne trade expansion is the main factor driving the global marine propeller market. Approximately 90% of the world's trade in products is carried out by sea, according to data from the International Chamber of Shipping (UK), because shipping goods and raw materials over the sea is far more cheap than doing so by train or by road. The expansion of the market is further fueled by the advancing technology.
Hybrid marine propulsion systems using cutting-edge technology are routinely employed to reduce fuel consumption. These include wind power propulsion systems, lithium batteries, and solar panels. Investments in RD have increased so that in the near future, fuel-efficient propulsion systems and propellers can be implemented on a broad scale. Additionally fueling the expansion of the global market is a sizable dealer fleet. The global Marine Propeller Market is expanding as a result of more employment possibilities. Moreover, another factor influencing the Marine Propeller Market is the expansion of water-based logistics as well as the expansion of the travel and leisure industry.
The propeller produces thrust, which is transferred through transmission system of ships, resulting in movement of the ship.
Marine propellers are manufactured using corrosion-resistant materials such as aluminium and stainless steel, which possess the ability to operate efficiently in seawater.
A marine propeller can be 2-bladed, 3-bladed, 4-bladed, or 5-bladed, based on speed of the ship.
The global marine propeller market was valued $5,076.0 Million in 2022 and is projected to reach $8,524.3 Million in 2030, registering a CAGR of 5.5%.
The global Marine Propeller Market has witnessed strong growth owing to the increasing international seaborne trade across the globe, increasing technological advancement, a huge dealer fleet size, and the rise in water-based logistics and growth in the travel and leisure sector.
Technologically advanced hybrid marine propulsion systems are frequently used to save fuel consumption.
These incorporate solar panels, Lithium batteries, and wind power propulsion systems.
RD investments have been increases so that fuel-efficient propulsion systems and propellers can be installed on a large scale in the coming future.
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Key Trends: Growth Determinants and Challenges
- High cost of maintenance
The high cost of maintenance is the principal factor hampering the growth of the global Marine Propeller Market. The high cost of ownership is one of the causes that are limiting the growth of the global market. In addition to this, the high cost of shipping for marine propellers is also one of the important reasons that are limiting the growth of the global market.
- Fluctuations in government policies
Moreover, fluctuations in government policies, regulations, and subsidies from country to country are likely to affect the global marine industry growth, which would eventually impact negatively on the Marine Propeller Market during the projection period. Nevertheless, the repair and maintenance of components is expected to create future opportunities, especially in the heavy-duty engines segment, and is anticipated to leverage market growth.
Competitive Landscape:
- 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.
- Wartsila Oyj Abp
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Segmental Analysis of Global Marine Propeller Market:
Based on Type
- Fixed Pitch Propeller (FPP)
- Controllable Pitch Propeller (CPP)
- Others
Based on Material
- Aluminium
- Stainless Steel
- Others
Based on Number of Blades
- 3 Blades
- 4 Blades
- 5 Blades
- Others
Based on Application
- Merchant Ships
- Naval Ships
- Recreational Boats
- Others
Based on Sales Channel
- Original Equipment Manufacturer
- Aftermarket
Based on Region
North America (US, Canada), Europe (UK, France, Spain, Italy, Germany), Asia-pacific (India, China, Japan, South Korea, Australia), Latin America (Mexico, Brazil), Middle East and Africa (UAE, Saudi Arabia, South Africa)The Asia Pacific is predicted to be the highest in market size during the forecast period for the global Marine Propeller Market. The Asia pacific shipbuilding industry is included in the construction of complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers. Further, the marine equipment industry in the Asia Pacific offers a broad range of products that incorporate propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronics.
Major Developments:
- In June 2022, the first WinGD engine that will run on ammonia will be delivered in conjunction with Hyundai Heavy Industries’ Engine Machinery Division (EMD), marking an important milestone toward the de-carbonization of transportation.
- In August 2021, Roll-Royce signed an agreement to sell their Bergen Engines medium speed liquid engine and gas engines to the international engineering team Langley Holdings plc for a business value of € 63m. Langley sponsors the agreement, in line with Bergen’s business financing requirements going forward, from existing savings.
Frequently Asked Questions
- What ae the major growth factors, trends and challenges in the global marine propeller market?
- Which region accounts for the largest revenue in the global marine propeller market?
- Which leading companies are contributing in the growth of global marine propeller market?
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