Global Marine Propeller Market Size, Share, Growth Analysis, By Type(propellers, thrusters), By Application(merchant ships, naval ships) - Industry Forecast 2024-2031

Global Marine Propeller Market size was valued at USD 3.72 billion in 2022 and is poised to grow from USD 3.97 billion in 2023 to USD 6.70 billion by 2031, growing at a CAGR of 6.76% during the forecast period (2024-2031).

Since seawater accelerates corrosion, marine propellers are constructed of materials resistant to corrosion. Marine propellers are made of a stainless steel and aluminum alloy. Nickel, aluminum, and bronze alloys are also frequently utilized due to their superior strength and 10-15% less weight compared to other materials. The propeller's number of blades controls the ship's speed. In order to construct the propeller, many blades are welded or forged onto the hub or boss in one piece. Although they cost more, forged blades are stronger and more secure than welded ones. The helicoidal surface parts that make up a marine propeller revolve through the water by means of a screw effect.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Marine Propeller Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Marine Propeller Market Segmental Analysis

The Global Marine Propeller Market is segmented based on the type, application and region. Based on type, the market is segmented into propellers, thrusters, and others. Based on application, the market is segmented into merchant ships, naval ships, recreational boats, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Marine Propeller Market

The Electric Propulsion System includes the gas turbine and hybrid diesel engines (EPS). Diesel generators provide the energy needed to drive propeller blades on nautical vessels. This propulsion method does away with the requirement for gearboxes and clutches.Comparing this technique to the conventional system reveals a number of benefits. It has more mobility, a larger cargo, less pollution and fuel consumption, and high redundancy due to the flexible arrangement of mechanical components. For the Republic of Korea Navy's KDDX destroyer and LPX-II LHD projects, South Korean builders Daewoo Shipbuilding & Marine Engineering created an electric propulsion system in May 2020.

Restraints in the Global Marine Propeller Market

With the new IMO2020 regulations (mass by mass), fuel oil's sulphur content must drop from 3.50 percent m/m to 0.50 percent m/m. Along with reducing acid rain and lightning storms along trade routes, these new laws will also help reduce health issues in coastal and port communities. These strict environmental rules will hinder the expansion of businesses by having a major effect on seaborne commerce.

Market Trends of the Global Marine Propeller Market

The adoption and use of fixed propellers has grown in the industry in recent years. The hub is firmly fastened with the fixed pitch marine propeller shaft and blades. Because fixed pitch propellers are typically cast, their pitch position is fixed and cannot be altered while in operation. To produce it, copper alloy is commonly utilized. Fixed pitch propellers are chosen because they are the most dependable and long-lasting because the system does not have any hydraulic or mechanical links. Because they are less expensive to produce, install, and run than controllable pitch propellers, fixed propellers have gained popularity.