The global marine propeller market size is set to gain momentum from the surging adoption of rim thrusters by reputed organizations operating in this industry. SCHOTTEL, for instance, has recently designed a unique rim thruster that is capable of maximizing productivity and lower maintenance cost. At the same time, it can enhance the efficiency of the propellers. According to a published report by Fortune Business Insights™, titled, “Marine Propeller Market, 2021-2028,” the market stood at USD 3.87 billion in 2020. It is projected to grow from USD 3.48 billion in 2021 to USD 5.77 billion in 2028 at a CAGR of 7.48% in the forecast period.
COVID-19 Pandemic: Low Trade Activities and Naval Vessel Production to Hinder Growth
The COVID-19 pandemic has severely affected the naval industry across the globe. According to a report by the United Nations Conference on Trade and Development (UNCTAD) published in 2020, the pandemic lowered global trade by 3% during the first quarter of 2020. Besides, reduced trade activities and declining demand for naval vessels have slowed down their production. These factors may hamper the demand for marine propellers amid the pandemic.
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Propellers Segment to Hold Largest Share Fueled by Surging Usage in Merchant Ships
Based on the type, the market is trifurcated into thrusters, propellers, and others. Out of these, the others segment generated 19.98% in terms of the marine propeller market share in 2020. The propellers segment is set to earn the largest share in the upcoming years on account of their higher usage in recreational boats, naval ships, and merchant ships.
The research report studies decisive segments of the industry containing regions, end-users, technologies, types, and applications. It explains the performance and importance of each of the segments by considering sales volume, growth prospects, revenue share, and demand. Additionally, it would help our clients to accurately determine the market size to guide them in selecting the right strategy for their business growth.
Drivers & Restraints-
Increasing Adoption of Electric Propulsion Technology to Boost Growth
The usage of marine propellers has increased rapidly in a wide range of ships. Nowadays, the emergence of electric propulsion technology has eliminated the requirement of gearboxes and clutches. At the same time, it has reduced the noise created by marine engines. Unlike conventional systems, this technology also provides a high payload owing to the flexibility of machinery components, lesser fuel consumption, and emissions. For instance, Daewoo Shipbuilding & Marine Engineering developed an electric propulsion system for the LPX-II LHD projects and KDDX destroyer in May 2020 in South Korea. These factors are likely to drive the marine propeller market growth in the near future.
However, the manufacturing process of these products is tedious because of the stringent government norms revolving around them. The new IMO2020 regulations, for instance, states that the Sulfur content in fuel oil has to be lowered by 0.50% m/m (mass by mass) from the current rule of 3.50% m/m. It may obstruct growth.
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Rising Upgradation of Dry Cargos in the U.S. to Favor Growth in North America
Geographically, North America procured USD 1.07 billion in terms of revenue in 2020. It would exhibit significant growth backed by the rising exchange of data in real-time and up-gradation of dry cargos in the U.S. In Asia Pacific, the market is anticipated to showcase the largest growth owing to the high demand for frigates and corvettes in developing nations, such as India and China. On the other hand, Europe would grow rapidly, backed by the launch of automation technologies by naval ship companies. It would surge the demand for these propellers in this region.
Key Players Focus on Launching State-of-the-art Products to Intensify Competition
The global market contains a large number of manufacturers that are presently striving to invest hefty amounts in R&D activities to introduce novel systems. Some of the other companies are joining hands with local firms to enhance their portfolios. Below are the two significant industry developments:
- February 2021: Sunseeker International announced that its latest 65 Sport Yacht will be equipped with Volvo Penta’s Inboard Performance System (IPS). It would improve maneuverability, performance, efficiency, and comfort.
- December 2020: Wärtsilä unveiled a new fixed pitch propeller (FPP) design concept called the FPP Opti Design. It would save fuel by 4% and developed using computational fluid dynamics (CFD) technology.
A list of renowned marine propeller manufacturers profiled in this report:
- AB Volvo (Gothenburg, Sweden)
- Brunswick Corporation (Illinois, The U.S.)
- Kongsberg Gruppen (Kongsberg, Norway)
- Mecklenburger Metallguss GmbH (Waren (Müritz ), Germany)
- Bruntons Propellers Ltd. (Clacton-on-Sea, United Kingdom)
- Hyundai Heavy Industries Co., Ltd. (Seoul, South Korea)
- Kawasaki Heavy Industries, Ltd. (Minato, Japan)
- MAN SE (Munich, Germany)
- NAKASHIMA PROPELLER Co., Ltd. (Okayama, Japan)
- Rolls-Royce plc (London, The U.K.)
- SCHOTTEL Group (Spay, Germany)
- Michigan Wheel Holdings LLC (Grand Rapids, The U.S.)
- Wärtsilä Corporation (Helsinki, Finland)
- VEEM Propellers Ltd. (Perth, Australia)
- Andritz AG (Graz, Austria)
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