The North America marine propeller market growth will witness an appreciable gain on the back of the thriving marine sector in the U.S. and Canada. Upgrade of dry cargos for real-time data exchange will propel regional growth. Prominently, strong demand for specialized vessels in maritime tourism will fuel the market growth.
The marine propeller market size stood at USD 3.48 billion in 2021.
The market is anticipated to rise from USD 3.60 billion in 2022 to USD 5.68 billion by 2029 at 6.76% CAGR during the forecast period.
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Soaring Defense Spending and Shutdown of Cargo Operation Disrupt Supply Chain
A notable uptick in the defense spending against the backdrop of the Russia-Ukraine war could reshape the global dynamics. For instance, in March 2022, Polish National Defense Minister reportedly announced it would procure three new mine countermeasure vessels (MCVs) to propel its naval capacities in the Baltic Sea. In January 2022, NATO was reported to have deployed more than 120 allied ships and 100 jets to the Mediterranean region. Furthermore, Russia apparently deployed 1,000 pieces of military equipment, 140 combat and supply ships, and over 50 aircraft for exercises. Surging demand for new warships will bode well for the business outlook. However, the shutdown of cargo operations could challenge leading companies gearing to expand their portfolios.
Drivers and Restraints
Rising Footfall of Seaborne Trade to Augment Industry Growth
Amidst the onslaught of the COVID-19 pandemic, a gradual rise in seaborne trade has spurred marine propeller market share. Industry players expect developing economies to play an invaluable role in fueling the demand for marine propeller systems. According to UNCTAD, developing countries’ share in maritime imports surged to 65% in 2019, while seaborne trade stood at 155 million tons. Moreover, UNCTAD’s Maritime Transport Report 2020 projected seaborne trade growth would expand by 4.8% in 2021. Notable investments in the naval sector across advanced and emerging economies will expedite the adoption of the equipment.
However, rigorous environmental regulations may challenge leading companies vying to expand their portfolios.
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Robust Demand for Frigates and Corvettes to Propel Asia Pacific Market Growth
Asia Pacific is likely to emerge as a happy hunting ground on the back of surging demand for frigates and corvettes. The strong demand is mainly attributed to boosting naval fleet operation and procurement initiatives. Upgrade of marine propeller design systems has become pronounced across South Korea, China, Japan, and India. The Asia Pacific market size was valued at USD 1.21 billion in 2021 and will grow owing to rising demand for advanced amenities.Stakeholders expect Europe to provide lucrative growth opportunities on the back of the presence of leading companies across the U.K., France, Russia, and Germany. Moreover, bullish demand for cruise ships will bode well for the regional growth.
Stakeholders Bolster Product Offerings to Tap Markets
Stakeholders are poised to infuse funds into product rollouts, technological advancements, and mergers & acquisitions. Well-established players and new players could invest in R&D activities to gain a competitive edge. Further, investments in geographical expansion could be pronounced over the next few years.
Key Industry Development
- March 2020: SCHOTTEL awarded a contract to supply propulsion units for two double-ended Ro-Pax ferries by Ada Shipyard.
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Major Players Profiled in the Report:
- AB Volvo (Sweden)
- Brunswick Corporation (U.S.)
- Kongsberg Gruppen (Norway)
- Mecklenburger Metallguss GmbH (Germany)
- Bruntons Propellers Ltd. (U.K.)
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