Marine Propeller Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Marine Propeller Market Analysis
The global marine propeller market is expected to register a CAGR of over 6.0%, during the forecast period, 2020-2025.
- With growing international seaborne trade, new shipbuilding and repair market, and increasing maritime tourism are some of the primary factors that are driving the market growth.
- Additionally, with growing technology and innovations in marine industry, the advent of highly advanced and energy- efficient marine propulsion system has resulted in maximum output with minimum fuel consumption. Thus, the design, material and operating efficiency have been the major aspect areas where the buyers have been majorly concerned about.
- Asia-Pacific continues to lead the market owing to its high shipbuilding and seaborne trade activities, especially in the regions of China and South Korea.
However, fluctuations in government policies, regulations and subsidies from region to region are likely to influence the global marine industry growth, which would eventually impact the marine propeller market during the forecast period.
Marine Propeller Market Trends
This section covers the major market trends shaping the Marine Propeller Market according to our research experts:
Fixed Pitch Propeller Continue to Witness Growth
Fixed pitch propeller blades are permanently attached to the hub. The fixed pitch type propellers are generally casted and hence the position of the pitch is permanently fixed and cannot be changed during the operation. These have been normally made from copper alloy.
Fixed pitch propellers have been identified as the robust and reliable as the system doesn't incorporate any mechanical and hydraulic connection as in Controlled Pitch Propeller. The other benefits such as manufacturing, installation and operational costs are lower than controlled pitch propeller type.
However, the manoeuvrability of fixed-pitch propeller has not been as as good as controlled pitch propeller.
These types of propellers are fitted in a ship which does not have good manoeuvrability requirements.
Asia-Pacific is Likely to Lead the Market
Asia-Pacific continues to dominate marine propeller market, owing to increase in shipbuilding industries in China & South Korea and growth in number of joint ventures with international brands.
In recent years, China's shipbuilding industry has been rapidly strengthening. Compared with the world-class shipbuilding powerhouses, however, China's research and manufacturing capabilities in the field of high-tech and high value-added ships has been noticed insufficient, while the industry has excess manufacturing capacity. Thus, the companies in the country has been focusing on merging plans to operate as a big unit in order to capture the potential demand in the marine industry. For instance, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited merged into one corporation. This reorganized corporation has 147 scientific research institutes, enterprises and listed companies with total assets of CPY 790 billion (about USD 112.29 billion dollars) and 310,000 employees. It has the largest shipbuilding and repairing base in China and the most complete research and development capability in the field of shipping, allowing its marine equipment to meet the requirements of international technical standards and safety conventions.
Moreover, rise in seaborne trade of crude oil mostly from Middle East countries to Asia-Pacific is another factor that drives the Asia-Pacific marine propeller market.
Marine Propeller Industry Overview
Some of the major players in the marine propeller market, includes Mecklenburger Metallguss GmbH (MMG), Wärtsilä Oyj Abp, MAN Energy Solutions, Hyundai Heavy Industries Co., Ltd, SCHOTTEL amongst others.
Marine Propeller Market Leaders
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Mecklenburger Metallguss GmbH (MMG)
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Wärtsilä Oyj Abp
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MAN Energy Solutions
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Hyundai Heavy Industries Co., Ltd
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SCHOTTEL
*Disclaimer: Major Players sorted in no particular order
Marine Propeller Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Force's Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Propeller Type
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5.1.1 Fixed Pitch Propeller
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5.1.2 Controllable Pitch Propeller
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5.1.3 Others
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5.2 By Number of Blades
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5.2.1 3 Blades
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5.2.2 4 Blades
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5.2.3 5 Blades
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5.2.4 Others
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5.3 By Application
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5.3.1 Passenger Vessels
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5.3.2 Commercial/Cargo Vessels
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5.4 Geography
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5.4.1 North America
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5.4.2 Europe
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5.4.3 Asia Pacific
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5.4.4 South America
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5.4.5 Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share**
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6.2 Company Profiles*
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6.2.1 Kongsberg Gruppen
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6.2.2 Wartsila Oyj Abp
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6.2.3 MAN Energy Solutions
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6.2.4 Hyundai Heavy Industries Co., Ltd
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6.2.5 Mitsubishi Heavy Industries Ltd
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6.2.6 Schottel
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6.2.7 Mecklenburger Metallguss GmbH
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6.2.8 Veem LTD.
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6.2.9 Schaffran Propeller + Service GmbH
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6.2.10 Nakashima Propeller Co., Ltd.
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6.2.11 Brunswick Corporation (Mercury Marine)
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6.2.12 Kawasaki Heavy Industries, Ltd
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6.2.13 Changzhou Chonghai Marine Propeller Co.,Ltd
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6.2.14 Teignbridge Propellers International Limited
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Marine Propeller Industry Segmentation
A marine propeller contains rotating blades and produce thrust through these rotating blades. It is made up of sections of helicoidal surfaces acting together to rotate through the water with a screw effect. The number of blades in propeller decides the speed of ship. The more the blades present in the propeller the more is the speed. However, the decisions concerning number of blades in the marine propeller are influenced to a great extent by the need to minimize the vibration caused in the propeller.
The marine propeller market study has been segmented by Propeller Type, by Number of Blade, by Application and Geography.
| By Propeller Type | |
| Fixed Pitch Propeller | |
| Controllable Pitch Propeller | |
| Others |
| By Number of Blades | |
| 3 Blades | |
| 4 Blades | |
| 5 Blades | |
| Others |
| By Application | |
| Passenger Vessels | |
| Commercial/Cargo Vessels |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| South America | |
| Middle East & Africa |
Marine Propeller Market Research FAQs
What is the current Marine Propeller Market size?
The Marine Propeller Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Marine Propeller Market?
Mecklenburger Metallguss GmbH (MMG), Wärtsilä Oyj Abp, MAN Energy Solutions, Hyundai Heavy Industries Co., Ltd and SCHOTTEL are the major companies operating in the Marine Propeller Market.
Which is the fastest growing region in Marine Propeller Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Marine Propeller Market?
In 2024, the Asia Pacific accounts for the largest market share in Marine Propeller Market.
What years does this Marine Propeller Market cover?
The report covers the Marine Propeller Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Marine Propeller Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Marine Propeller Industry Report
Statistics for the 2024 Marine Propeller market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Marine Propeller analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Marine Propeller Market Report Snapshots
