Pune, India, May 26, 2022 (GLOBE NEWSWIRE) — The world marine propeller market the size stood at USD 3.48 Billion in 2021. The market is expected to grow from USD 3.60 Billion in 2022 to USD 5.68 Billion by 2029 at a CAGR of 6.76% during the forecast period. forecast. Fortune Business Insight™ has deepened this knowledge in its latest research report titled “marine propeller market, 2022-2029.”

According to the analysis, advances in technology and the adoption of fixed propellers in marine propulsion systems will drive product adoption. With the trend of real-time data monitoring in the marine propulsion system, the penetration of environmentally friendly propulsion systems bodes well for the industry outlook. However, the Russo-Ukrainian war could have a noticeable influence in the following period.

Impact of the Russia-Ukraine War

Soaring defense spending and halt to cargo operation disrupt supply chain

A significant increase in defense spending in the context of the Russian-Ukrainian war could reshape global dynamics. For example, in March 2022, Poland’s Minister of National Defense reportedly announced that it would procure three new Mine Countermeasures Vessels (MCVs) to boost its naval capabilities in the Baltic Sea. By January 2022, NATO would have deployed more than 120 allied ships and 100 jet aircraft in the Mediterranean region. In addition, Russia has apparently deployed 1,000 pieces of military equipment, 140 combat and supply ships and more than 50 aircraft for exercises. The growing demand for new warships bodes well for business prospects. However, the halt in freight operations could challenge large companies preparing to expand their portfolios.

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Key Players Featured in the Report:

  • AB Volvo (Sweden)
  • Brunswick Corporation (USA)
  • Kongsberg Gruppen (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)

Report Scope and Segmentation:

Report attribute Details
Market size value in 2021 $3.48 billion
Revenue forecasts in 2029 $5.68 billion
Rate of growth CAGR of nearly 6.76% 2022-2029
base year 2021
Historical years 2018 – 2020
Forecast years 2022 – 2029
Segments Covered By product type, by application and by geography
Forecast units Value (USD billion) and volume (units)
Quantitative units Revenue in USD Million/Billion and CAGR from 2022 to 2029
Regions covered North America, Europe, Asia-Pacific, South America, Middle East and Africa, and Rest of the World
Countries covered United States, Canada, Mexico, United Kingdom, 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 Gruppen (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 cover Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Market Attractiveness Analysis by Segments & Region, Market Share Analysis business and analysis of the impact of COVID-19.

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segments

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

Based on application, the market is divided into naval vessels, merchant vessels, pleasure craft and others.

Based on the number of blades, the market is fragmented into 5 blades, 4 blades and 3 blades.

As far as propulsion is concerned, the market includes sterndrive, inboard, outboard and others.

With respect to materials, the market is segmented into aluminum, stainless steel, nickel-aluminum bronze, bronze, and others.

In terms of end user, the market is separated into aftermarket and OEM.

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

Report cover

The report provides a comprehensive view of market size, share, volume, and revenue. He also delved into Porters Five Force analysis and SWOT analysis. The report was prepared using qualitative and quantitative analyzes to reinforce the strategic approach. Primary interviews were used to validate assumptions, conclusions and prevailing business scenarios. The report was also prepared from secondary resources such as annual reports, press releases, white papers and journals.

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Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • key ideas
    • Recent Developments in the Marine Propeller Market
    • Market trends
    • Analysis of the five forces of carriers
    • Supply chain analysis
  • Quantitative Insights – Impact of COVID-19 Pandemic on Marine Propeller Market
    • Impact of COVID-19 on the global marine propeller market
    • Measures taken by industry/business/government to overcome the impact
    • Potential opportunities due to the COVID-19 outbreak

TOC Continued…!

Drivers and Restrictions

Increase in maritime trade attendance to increase industry growth

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

However, stringent environmental regulations can challenge large companies looking to expand their portfolios.

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Regional outlook

Strong Demand for Frigates and Corvettes to Propel Market Growth in Asia Pacific

Asia-Pacific is likely to become a happy hunting ground thanks to the growing demand for frigates and corvettes. The strong demand is mainly attributed to boosting naval fleet operations and procurement initiatives. The upgrading of marine propeller design systems has been pronounced in South Korea, China, Japan and India. The Asia-Pacific market size was valued at USD 1.21 billion in 2021 and will increase owing to the growing demand for advanced equipment.

The growth of the marine propeller market in North America will witness a sizable gain thanks to the booming marine sector in the United States and Canada. Upgrading dry cargo for real-time data exchange will propel regional growth. The high demand for vessels specializing in maritime tourism will fuel the growth of the market.

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

Competitive landscape

Stakeholders strengthen product offerings to tap into markets

Stakeholders are ready to pour funds into product rollouts, technology advancements, and mergers and acquisitions. Both established players and new players could invest in R&D activities to gain competitive advantage. In addition, geographic expansion investments could be pronounced over the next few years.

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Development of key industry

  • March 2020: SCHOTTEL has been awarded a contract for the supply of propulsion units for two double-ended Ro-Pax ferries by Ada Shipyard.

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