Marine Propellers Market Overviews
Marine Propellers Market was valued at USD 5.59 billion in 2023. Global Marine Propellers Market size is estimated to grow at a CAGR of 3.66% over the forecast period.
A bladed marine propeller generates thrust with the help of these blades. The number of blades in a propeller determines the ship’s speed. Controllable pitch propellers (CPP), fixed pitch propellers (FPP), tunnel thrusters, azimuth thrusters, and other types of marine propellers are available on the market. The increased demand for marine propellers from the repair and new shipbuilding markets, as well as expanding maritime tourism, are some of the primary drivers fueling the marine propeller market in the forecast periods.
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Marine Propellers Market Scope and Methodology:
Marine propulsion systems have advanced significantly in recent years, allowing them to produce more efficient output while using less diesel and other non-renewable energy sources. Hybrid marine propulsion systems are becoming more popular as a way to reduce fuel usage. Solar panels, lithium batteries, and wind power propulsion systems are among them. Fuel-efficient propulsion systems and propellers will be implemented on a large scale in the near future, thanks to investments in R&D. Providing appropriate propellers for hybrid technology is expected to be a key opportunity area in the global marine propeller market over the forecast period.
Marine Propellers Market Regional Insights
During the forecast period, Asia Pacific is expected to have the greatest market share in the Marine Propellers Market. This is due to the rise of the shipbuilding industry in China and South Korea, as well as the increase in the number of joint ventures with international brands.
Complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers, are built in the Asia Pacific shipbuilding industry. Also, the Asia Pacific marine equipment industry provides a diverse range of products, including propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronics.
Marine Propellers Market Segmentation
By Type, the Marine propeller market is segmented into Fixed Pitch Propeller & Controllable Pitch Propeller. Controllable Pitch Propeller dominated the market in 2023 with more than 51% share of the market. One of the most advanced propellers in the shipbuilding business is the controlled pitch propeller, also known as a variable pitch propeller. During the ship’s operation, it can adjust its blade to the desired location by changing the pitch of the blades. It can move ships both forward and backward without changing the rotational direction of the engine. The superiority of controllable pitch propellers over others, such as improved propulsion efficiency, better maneuverability, less blade wear and tear, and substantial NVH performance, are driving the market. Also, an increase in the number of large ships, such as cargo or container ships, bulk carriers, and tankers, has driven market growth. A pitch propeller with a variable pitch works well for a wide variety of rotational speeds and fan rotation. The fixed pitch propeller requires more maintenance, but the controllable pitch propeller requires less.
Marine Propellers Market Key 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)
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Key questions answered in the Marine Propellers Market are:
- What is Marine Propellers ?
- What was the Marine Propellers market size in 2023?
- What is the growth rate of the Marine Propellers Market?
- Which are the factors expected to drive the Marine Propellers market growth?
- What are the different segments of the Marine Propellers Market?
- What growth strategies are the players considering to increase their presence in Marine Propellers ?
- What are the upcoming industry applications and trends for the Marine Propellers Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Marine Propellers Market?
- Who are the leading companies and what are their portfolios in Marine Propellers Market?
- What segments are covered in the Marine Propellers Market?
- Who are the key players in the Marine Propellers market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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