The marine propeller market will reach $ 5.77 billion by 2028;
Pune, India, August 05, 2021 (GLOBE NEWSWIRE) – The world marine propeller market size is poised to gain momentum with the increasing adoption of rim thrusters by reputable organizations operating in this industry. SCHOTTEL, for example, recently designed a unique rim thruster capable of maximizing productivity and reducing maintenance costs. At the same time, it can improve the efficiency of the propellers. According to a report published by Fortune Business Insights ™, titled “Marine Propellers Market, 2021-2028The market was worth $ 3.87 billion in 2020. It is expected to grow from $ 3.48 billion in 2021 to $ 5.77 billion in 2028 at a CAGR of 7.48% during the forecast period .
COVID-19 pandemic: Weak commercial activity and production of warships hamper growth
The COVID-19 pandemic has severely affected the shipbuilding industry across the world. According to a report by the United Nations Conference on Trade and Development (UNCTAD) released in 2020, the pandemic reduced world trade by 3% in the first quarter of 2020. In addition, the reduction in trade activities and the decline demand for warships slowed production. These factors may hamper demand for marine propellers amid the pandemic.
The list of top 15 marine propeller market players presented is:
- AB Volvo (Gothenburg, Sweden)
- Brunswick Corporation (Illinois, United States)
- 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, United Kingdom)
- SCHOTTEL Group (Spay, Germany)
- Michigan Wheel Holdings LLC (Grand Rapids, United States)
- Wärtsilä Corporation (Helsinki, Finland)
- VEEM Propellers Ltd. (Perth, Australia)
- Andritz AG (Graz, Austria)
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Propeller segment to hold largest share fueled by increased use of merchant ships
Based on type, the market is divided into thrusters, propellers, and others. Among these, the Others segment generated 19.98% in terms of marine propeller market share in 2020. The propeller segment is expected to gain the largest share in the coming years due to their increased use in the marine propellers. pleasure craft, warships and merchant ships. 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 taking into account sales volume, growth prospects, revenue share and demand. Additionally, it would help our clients accurately determine the size of the market to guide them in choosing the right strategy for growing their business.
Drivers and constraints-
Growing adoption of electric propulsion technology to drive growth
The use of marine propellers has increased rapidly in a wide variety of ships. Nowadays, the emergence of electric propulsion technology has eliminated the need for gearboxes and clutches. At the same time, it reduced the noise created by marine engines. Unlike conventional systems, this technology also provides a high payload due to the flexibility of the machine components, fuel consumption and reduced emissions. For example, Daewoo Shipbuilding & Marine Engineering developed an electric propulsion system for LPX-II LHD projects and the KDDX destroyer in May 2020 in South Korea. These factors are likely to drive the growth of the marine propellers market in the near future.
However, the manufacturing process for these products is tedious due to the strict government standards surrounding them. The new IMO2020 regulation, for example, stipulates that the sulfur content of fuel oil must be lowered by 0.50% m / m (mass by mass) compared to the current rule of 3.50% m / m. It can hinder growth.
Growing improvement in dry cargoes in the United States to drive growth in North America
Geographically, North America generated $ 1.07 billion in revenue in 2020. It is believed to show significant growth supported by the increasing exchange of real-time data and the upgrading of dry cargoes in the United States. United. In Asia-Pacific, the market is expected to exhibit the strongest growth due to the high demand for frigates and corvettes in developing countries, such as India and China. On the other hand, Europe would experience rapid growth, supported by the launch of automation technologies by shipping companies. This would increase the demand for these propellers in this region.
Major players focus on launching cutting edge products to intensify competition
The global market contains a large number of manufacturers who are currently trying to invest considerable sums in R&D activities to introduce new systems. Some of the other companies are partnering with local businesses to improve their portfolios.
Below are the two important developments in the industry:
- February 2021: Sunseeker International has announced that its latest 65 Sport Yacht will be equipped with Volvo Penta’s Inboard Performance System (IPS). This would improve handling, performance, efficiency and comfort.
- december 2020: Wärtsilä unveiled a new fixed-pitch propeller (FPP) design concept called FPP Opti Design. It would save 4% fuel and developed using digital fluid dynamics (CFD) technology.
Browse the detailed summary of the research report with the table of contents:
Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological advances
- Porters Five Forces Analysis
- Supply chain analysis
- Quantitative information – Impact of the COVID-19 pandemic on the marine propeller market
- Impact of COVID-19 on the Global Marine Propeller Market
- Measures taken by industry / companies / governments to overcome the impact
- Key Industry Developments in Response to the COVID-19 Pandemic
- Potential opportunities due to the COVID-19 epidemic
- Global Marine Propeller Market Analysis, Outlook and Forecast, 2017-2028
- Main conclusions / Summary
- Market Analysis, Information & Forecast – By Type
- Market Analysis, Information & Forecast – By Application
- Merchant ship
- Navy ships
- Pleasure boats
- Market Analysis, Information and Forecast – By Number of Blades
- 4 blades
- 5 blades
- Market analysis, information and forecasts – By propulsion
- Market analysis, information and forecasts – By material
- Stainless steel
- Nickel-Aluminum Bronze
- Market analysis, information and forecasts – By end user
- Market analysis, information and forecasts – by region
- North America
- Asia Pacific
- Rest of the world
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