Marine Propeller Market will exhibit a CAGR of 4.69% during the forecast period, 2020-2027 and reach USD 5.34 billion by the end of 2027, and the market value as per 2019 was USD 4.84 billion.
Fortune Business Insights™ in a recently published report, titled, “Marine Propeller Market Size, Share and Global Trend By Type (Propellers, Thrusters, and Others), By Application (Merchant Ships, Recreational Boats, Naval Ships, and Others), By Number of Blades (3-blade, 4-blade, 5-blade, and Others), By Propulsion (Inboard, Outboard, Sterndrive, and Others), By Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze, and Others), By End User (OEM, and Aftermarket) and Regional Forecast, 2020-2027.”
Marine Propeller Market Drivers and Restraint :
Increased Demand of Electric Propulsion Technology from the Shipbuilding Industry is Projected to Boost the Market Growth
Marine propellers are primarily used in merchant ships, naval ships, and recreational boats. The electric propulsion technology is a combination of diesel generators and gas turbines. The three-phase electricity is generated by diesel generators. The three-phase electricity is majorly provided to electric power motors to rotate the propellers. This technology helps reduce the unwanted noise created by the marine engines and eliminates the need for clutches and gearboxes.
In May 2020, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering was designed an electric propulsion system for KDDX destroyer as well as LPX-II LHD projects of the Republic of Korea Navy. Therefore, the increasing demand for electric propulsion technology from the new shipbuilding industry is expected to propel the market growth.
Rising International Seaborne Trade Activities Will Aid Market Growth
According to the United Nations Conference on Trade and Development (UNCTAD) maritime transport report (2018), the global seaborne trade is expanding at a rate of 4 percent, the fastest growth reported in the last five years. The report indicates a 17.1% growth in the containerized trade, 29.9% growth in the dry bulk commodities, and 2.4 % growth in crude oil shipments. The merchant ships are majorly used for seaborne trade. Countries such as China, the Republic of Korea, and Japan have emerged as the leading regions in the shipbuilding industry. These three countries were accounted for 90.5% of global deliveries of naval vessels in the year 2017. These propellers are an essential system of the naval vessels. Therefore the increasing demand for merchant vessels for seaborne trades is propelling the market.
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List of Significant Manufacturers Marine Propeller Market are:
- AB Volvo (Sweden)
- Brunswick Corporation. (The U.S.)
- Caterpillar (The U.S.)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Kawasaki Heavy Industries, Ltd. (Japan)
- MAN SE (Germany)
- NAKASHIMA PROPELLER Co., Ltd. (Japan)
- Rolls-Royce Holdings (The U.K.)
- SCHOTTEL (Germany)
- Wärtsilä (Finland)
The market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to account for a significant share during the forecast period. This growth is attributed to upgradation in the dry cargos for real-time data exchange in the U.S. Furthermore, high demand for specialized vessels in maritime tourism in Canada is expected to boost the market. The increasing demand for dry cargo and maritime tourism is supporting market growth.
Asia Pacific is expected to be the largest market during the forecast period. This growth is attributed to the increasing demand for corvettes and frigates in emerging economies such as China and India to improve the coordination in the naval fleet. South Korea is a major supplier of the merchant ship in Asia Pacific. The rise in the up-gradation of propulsion systems for older vessels is helping to propel the market growth.
Europe is expected to be the fastest-growing market during the forecast period. In Germany, ship equipment up-gradation is propelling the demand for the naval ship. The introduction of automation technology in naval ships is projected to boost the market in the U.K. The Rest of the World will also show significant growth in the market during the forecast period. This growth is attributed to a rise in the maritime trade in Latin America and the Middle East & AfricaBrowse
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Players Investing Massively on Product Expansion to maintain Foothold in the Market
The nature of this market is highly fragmented owing to the presence of many companies. On the contrary, major players such as Unilever, Colgate, and Henkel are focusing on the expansion of the portfolio to maintain the named of their brand in the top list. Besides this, players are adopting other plans such as new product launches and are massively investing in the same to stay put in the competition.
Some of the key industry developments in the Marine Propeller Market Include:
March 2020: SCHOTTEL announced that it has bagged a contract from the US Navy for the production of propulsion systems for U.S. Navy vessels.
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