“The marine propeller market is projected to grow at a CAGR of 2.56% during the forecast period”
The marine propeller market is estimated to be USD 4.73 billion in 2023 and is projected to reach USD 5.37 billion by 2033, at a CAGR of 2.56% from 2023-2033. The growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism are key factors expected to drive the marine propeller market. However, stringent environmental regulations worldwide and accidents caused by propellers are key restraints impacting the growth of the marine propeller market.
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“Based on type, the propellers segment is estimated to lead the marine propeller market in 2023”
Based on type, the propellers segment is estimated to lead the marine propeller market in 2023. Propellers are an essential component of naval vessels, as they generate adequate thrust to propel the vessel. They are made of different alloys. The selection of propeller type and number of blades are dependent on the type of ship, wherein these systems are installed.
“Based on application, the merchant ships segment is estimated to lead the marine propeller market in 2023”
Based on application, the merchant ships segment is estimated to lead the marine propeller market in 2023. The demand for merchant ships to transport commodities worldwide is driving the growth of the merchant ships segment. According to the International Chamber of Shipping (ICS), there are over 50,000 merchant ships that transport cargos, internationally.
“Based on number of blades, the 4-blade segment is estimated to lead the marine propeller market in 2023”
Based on number of blades, the 4-blade segment is estimated to lead the marine propeller market in 2023. 4-blade propellers offer improved propulsion efficiency and have less vibration as compared to 3-blade propellers. Moreover, 4-blade propellers are highly efficient and attain greater speed as compared to 3-blade propellers.
“Based on end user, the OEM segment is estimated to lead the marine propeller market in 2023”
Based on end user, the OEM segment is estimated to lead the marine propeller market in 2023. Original Equipment Manufacturers (OEMs) offer line-fit and retrofit options, thereby saving the time consumed in the installation of marine components post their delivery. Prominent OEMs in the marine propeller market include Man SE (Germany), Rolls-Royce (UK), and Wartsila (Finland).
“Based on propulsion, the sterndrive segment is estimated to lead the marine propeller market in 2023”
Based on propulsion, the sterndrive segment is estimated to lead the marine propeller market in 2023. The growth of the sterndrive segment can be attributed to the increased demand for sterndrive propulsion systems from the shipbuilding industry.
“The marine propeller market in Europe is projected to grow at the highest CAGR during the forecast period” The marine propeller in Europe is expected to witness the highest growth from 2023-2033. Russia, France, the UK, Turkey, Norway, Italy, and Germany are key countries considered for market analysis in the European region. The presence of leading market players, such as Michigan Marine Propulsion International (UK), Bruntons Propellers (UK), and CJR Propulsion (UK), in this region has contributed to the growth of the marine propeller market in Europe.
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Break-up of profile of primary participants for this report:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: C Level – 75% and Director Level – 25%
• By Region: Asia – 45%, Europe – 30%, North America – 20% and RoW – 5%
Major players operating in the marine propeller market include Rolls-Royce (UK), Wartsila (Finland), Hyundai Heavy Industries (South Korea), MAN SE (Germany), and Caterpillar (US).
Research Coverage
The research study segments the marine propeller market based on type (propellers, thrusters, and others), application (merchant ships, naval ships, recreational boats, and others), number of blades (3-blade, 4-blade, 5-blade, and others), end user (OEM and aftermarket), propulsion (inboard, outboard, sterndrive, and others), and material (stainless steel, aluminium, bronze, nickel-aluminium bronze, and others). These segments and subsegments are mapped across major regions, namely, North America, Europe, Asia, and RoW (Rest of the World). The report provides in-depth market intelligence regarding key factors influencing the growth of the marine propeller market (drivers, restraints, opportunities, and industry-specific challenges). It analyzes micromarkets with respect to individual growth trends, prospects, and their contribution to the marine propeller market.
Reasons to buy the report:
From an insight perspective, the marine propeller market report focuses on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on competitive landscape, high-growth regions and countries, and their respective regulatory policies, drivers, restraints, and opportunities.
The marine propeller market report provides insights on the following pointers:
• Market Penetration: Information regarding the competitive landscape of the marine propeller market
• Market Sizing: Market size in 2023 and projection of the market from 2023-2033
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the marine propeller market
• Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities in the marine propeller market
• Market Development: Comprehensive information about lucrative markets in various regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the marine propeller market
• Regional Analysis: Factors influencing the growth of the marine propeller market in North America, Europe, Asia, and Rest of the World
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players.
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