The Global Marine Propeller Market Size Was Valued At USD 3.48 Billion In 2021. The Market Is Projected To Grow From USD 3.60 Billion In 2022 To USD 5.68 Billion By 2030, Exhibiting A CAGR Of 6.76% During The Forecast Period.

Marine Propeller Market

Overview:

The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for marine propellers is lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market was 21.84% smaller in 2020 than it was in 2019.

A marine propeller has a complicated design with blades that spread out and a propeller shaft. When a central hub is used to build a naval ship, the rotating blades are used to move the ship. There can be as many as five or six radiating blades on a navy ship, depending on how fast it needs to go and how well it needs to be able to turn.

Improvements in real-time data tracking in marine propulsion systems will be good for the market. But changes in the price of oil and gas are making it harder for the market to grow. Rolls-Royce Holdings and the Italian shipbuilder Cantiere Navale Vittoria signed a marine propulsion system for offshore patrol vessels in March 2019.

Market Dynamics:

Latest Trends:

Market growth is helped by the growing use of fixed propellers in marine propulsion systems.

In recent years, the fixed propeller has become more popular on the market and has been used more often. The shaft and blades of a marine propeller with a fixed pitch are securely attached to the hub. The pitch position of a fixed pitch propeller can't be changed while the engine is running because it is usually cast. Most of the time, copper alloy is used to make it. Since the system has no mechanical or hydraulic links, fixed pitch propellers are chosen because they are the most durable and reliable. Fixed propellers are becoming more popular because they are cheaper to make, instal, and run than controllable pitch propellers.

Rim thrusters are being used more and more in marine propulsion systems, which will help the market grow.

In recent years, the rim thruster has become more popular among the main competitors in the marine propeller market. It is a cheap and light way to move something. The German company SCHOTTEL has made a rim thruster that is at the cutting edge. The main purpose of the thruster is to cut down on noise and vibration. The Schottel rim thruster makes the maritime propulsion system work better and saves money on maintenance. The rim thruster has interchangeable blades and slide bearings, bearings that are lubricated by water, and low-cost operation. The market is likely to grow as more and more naval ships use rim thrusters.

The market will grow because more people are using propulsion systems that are good for the environment.

Marine propulsion systems move ships through the water and keep the marine ecosystem safe at the same time. The International Maritime Organization (IMO) has set goals for the shipping industry to cut down on pollution. The IMO wants international shipping to cut its carbon emissions by at least 40% by 2030 and by 70% by 2050.

Customers who use wind power to move commercial ships have become more interested in wind propulsion systems as the price of fuel has gone up. It can also take the place of systems that put out a lot of carbon dioxide (CO2). In February 2021, the International Windship Association (IWSA) began a new project to speed up the shipping industry's move away from carbon-based fuels. The campaign is called the "Decade of Wind Propulsion," and its goal is to encourage the use of blending wind, hybrid alternative propulsion methods, alternative fuels, and energy efficiency measures.

Driving Factors:

The market will grow because the shipbuilding industry is going to need more electric propulsion technology.

The Electric Propulsion System (EPS) has diesel and gas turbine engines that work together. Diesel generators power the energy that drives the propeller blades on ships. With this type of propulsion, clutches and gearing systems can be done away with.

Compared to the old way of doing things, this technology has a lot of benefits. It has a lot of redundancy, better mobility, and a bigger payload because the mechanical parts can be put together in different ways. It also has less pollution and uses less fuel. South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering made an electric propulsion system for the Republic of Korea Navy's KDDX destroyer and LPX-II LHD projects. This system will be ready in May 2020.

Due to the return of trade after the pandemic, growth in international seaborne trade will drive market growth.

According to the United Nations Conference on Trade and Development (UNCTAD), the global healthcare crisis and supply chain problems caused by the pandemic have had a big effect on global maritime trade and transportation. According to the UNCTAD, global trade by sea fell by 4.1% in 2020. In the UNCTAD maritime transport report for 2018, the growth rate for international maritime trade was 4%, which was the highest since 2014. The report showed that containerized trade grew by 17.1%, dry bulk goods by 29.9%, and crude oil shipments by 2.4%.

Also, in 2019, 65% of maritime imports came from developing countries, and seaborne trade reached 155 million tonnes. According to the Maritime Transport Report 2020 from UNCTAD, seaborne trade will grow by 4.8% in 2021. The most important part of a naval ship is its propellers. So, the growth of the market would be fueled by the growth of the naval sector, which would be caused by more international seaborne trade.

Restraining Factors:

Putting in place strict environmental rules will slow down market growth.

Fuel oil's sulphur content must drop from 3.50 percent m/m to 0.50 percent m/m to meet the new IMO2020 rules (mass by mass). These new rules will help cut down on health problems along trade routes, such as acid rain and lightning storms in port cities and along the coast. These strict environmental laws will have a big effect on commercial activities at sea, making it hard for businesses to grow.

The International Maritime Organization (IMO) put in place strict sulphur rules in 2016 under a programme called IMO2020. International shipping costs would go up because of the new rules about the environment. These rules are directly related to the amount of sulphur oxide (SOx) that ships that sail around the world release into the air. Commercial ships and container ships today use fossil fuels to power their engines. These are sometimes called "bunker fuels." Marine gas oil (MGO), marine diesel oil (MDO), marine fuel oil (MFO), heavy fuel oil (HFO), and intermediate fuel oil (IFO) are the types of fuels that are used (IFO).

Segmentation Analysis:

By Type Analysis:

This market is split into propellers, thrusters, and other types based on what they do.

In 2021, the propellers segment had the largest share of the marine propellers market. This is because there are more naval ships, boats for recreation, and commercial ships. The marine propeller market is expected to grow because of the growth of the market by the major players, the arrival of 3D printing in the marine industry, and the rising demand for naval ships.

In April 2021, Nakashima Propeller said that it would buy the majority of Becker Marine Systems' shares. The deal is expected to help the market grow because both companies make a wide range of products, such as high-efficiency propellers and rudders and marine devices that use less energy.

By Application Analysis:

Due to higher demand for defence applications, the naval ships market will grow in a big way.

The market is split into merchant ships, military ships, boats for recreation, and other types.

During the forecast period, the segment of merchant ships will grow at the fastest rate. The growth is due to the fact that more goods and materials are being bought and sold around the world. The UNCTAD report from 2018 says that dry bulk carriers make up 42.5% of dead-weight tonnage, which is the most of any type of ship.

Between 2022 and 2029, the naval ship market will grow very quickly. China, the U.S., Russia, and other countries will all want more defence ships, which will help the segment grow. Due to technological advances in recreational boat propellers, the recreational boat segment is expected to grow at a fast rate. For example, in May 2020, Sharrow Propeller released the MX-1 model, a propeller for recreational boats with a new design, high performance, and better gas mileage.

By Number of Blades Analysis:

The market is split into three groups based on the number of blades: 3-blade, 4-blade, and 5-blade.

Five-blade marine propellers are in high demand because more commercial, military, coast guard, and recreational boats are being built and shipped out. Increases in shipbuilding in China, Japan, South Korea, and Greece, as well as growth in major shipbuilding countries, have led to market consolidation. This is because of the effects of the pandemic on the economy and slower market growth in 2019.

For example, China, India, and Singapore all want to work together to build ships. Marine Engineering, Hyundai Heavy Industries, and Daewoo Shipbuilding, which are the three biggest shipbuilders, are waiting for the regional governments and shipbuilding industry to finish their review of market competition.

By Propulsion Analysis:

The market is divided into inboard, sterndrive, outboard, and other types based on how the boats move. From 2022 to 2029, the inboard propulsion system will show a lot of growth. Advanced inboard systems are set up inside the hull of the boat. Most water sports boats use the inboard system. The boat is moved by a driveshaft that is connected to the propeller.

In 2021, most of the market was made up of sterndrive boats. It's the most powerful way to move a ship. The system can give the naval ship a boost with more horsepower than inboard and outboard.

By End-User Analysis:

The market is split into OEM and aftermarket based on who the end user is.

During the period of the forecast, the OEM segment is expected to grow the most quickly. This growth is due to the fact that merchant ships from China, India, and Australia are in higher demand for sea trade. A high-tech marine propeller is used to move these commercial ships forward. It is expected that the aftermarket segment will grow a lot from 2022 to 2029. The growth is due to the fact that more improvements are being made to merchant ships in order to improve maritime trade around the world. The maintenance of propeller parts is part of the aftermarket segment.

By Material Analysis:

Aluminum, stainless steel, nickel aluminium bronze, bronze, and other materials make up different parts of the market.

Metals that don't rust, like aluminium and stainless steel, are used to make propellers for boats. In 2021, most of the market was made up of stainless steel. The growth is due to the fact that more and more propulsion systems are made of stainless steel. It is more reliable and has more strength than other materials. Aluminum alloys, bronze, nickel-aluminum bronze, and other materials are also often used. The market would grow because corrosion-resistant alloys are being used more and more in propulsion systems.

Regional Insights:

This market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2021, the Asia-Pacific market was worth USD 1.21 billion. This is because of the growing demand for frigates and corvettes from emerging economies like India and China to improve coordination in the naval fleet, several procurement initiatives, and the demand for modern amenities on cruise ships. South Korea makes more merchant ships than any other country in Asia and the Pacific. The market is growing because more and more older ships are getting upgrades to their marine propeller design systems.

During the forecast period, the market in Europe will grow by a lot. There are a lot of marine interior players in France, Germany, the U.K., and Russia. This makes it more likely that people will want to go on yachts on cruise ships.

From 2022 to 2029, there will be a lot of growth in North America. This growth is due to the upgrading of dry cargos for real-time data exchange in the U.S. This was made possible by the region's thriving marine industry, presence of the largest marine lines, rise in investment in the marine sector, and rise in the number of marine propeller manufacturers. Also, the high demand for specialised boats in Canada's maritime tourism is likely to help the market.

Between 2022 and 2029, the market will grow a lot in the rest of the world. The market is growing because people in the area have a lot of money, there are more travel and business opportunities, passenger tastes are changing, people want more modern amenities, and the number of shipbuilding industries is growing.

Scope Analysis

Recent Development:

• February 2021 - AB Volvo announced that the company's Volvo Penta IPS was used to power the Sunseeker. The company also included 65 sport yacht fuel tanks. Forward-facing twin counter-rotating propellers help increase fuel economy by 30% over internal shaft installations of similarly powered competitors.
• August 2020 - Shipyard Brodosplit has selected SCHOTTEL GmbH to provide high-reliability main and auxiliary propulsion for the first-class expeditionary cruise ship 'Hondius'. Propeller diameter of 3.6 m.
• November 2021 - Spanish shipyard Navantia awarded Kongsberg Maritime the US$23.48 million Kongsberg Maritime contract to supply propeller systems for five F110 frigates currently under construction for the Spanish Navy. This next-generation vessel will build on the success of Navantia's F100 frigate and combine advanced technologies to create a vessel fit for the 21st century.
• April 2021 - Rolls-Royce has signed an agreement with Fincantieri Marinette Marine to develop and manufacture up to 40 fixed-pitch propellers for the US Navy's Constellation-class (FFG-62) guided missile frigate program.

Market Segmentation

By Type:

• Propellers
• Thrusters
• Others

By Application:

• Merchant Ships
• Naval Ships
• Recreational Boats
• Others

By Number of Blades:

• 3-blade
• 4-blade
• 5-blade
• Others

By Propulsion:

• Inboard
• Outboard
• Sterndrive
• Others

By Material:

• Stainless Steel
• Aluminum
• Bronze
• Nickel-Aluminum Bronze
• Others

By End-User:

• OEM
• Aftermarket
• Others

By Companies:

• 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)
• Rolls-Royce plc (U.K.)
• SCHOTTEL Group (Germany)
• Michigan Wheel Holdings LLC (U.S.)
• Wärtsilä Corporation (Finland)
• VEEM Propellers Ltd. (Australia)
• Andritz AG (Austria)
• Others