"Smart Market Solutions to Help Your Business Gain Edge over Competitors"

Marine Propeller Market Size, Share and Covid-19 Impact Analysis, By Type (Propellers, Thrusters, and Others), By Application (Merchant Ships, Recreational Boats, Naval Ships, and Others), By Number of Blades (3-blade, 4-blade, 5-blade, and Others), By Propulsion (Inboard, Outboard, Sterndrive, and Others), By Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze, and Others), By End User (OEM, and Aftermarket) and Regional Forecast, 2

Region : Global | Format: PDF | Report ID: FBI103074

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version
COVID-19 Cover

This report covers COVID-19 impact analysis on Marine Propeller Market

Inquire before buying

A marine propeller is a combination of advanced architecture, which includes radiating blades and propeller shaft. This central hub architecture is used to propel a naval ship by using the power generated rotating blades. Based on speed and maneuvering requirements, the vessels can be equipped with a maximum of five to six radiating blades.


Increasing international seaborne trade activities will directly affect the growth of the overall market. Moreover, the increased demand for marine propellers from the new ship building & MRO/ aftermarket is anticipated to boost this market.  Technological innovations in marine propulsion systems are an opportunity for the market. However, fluctuations in oil & gas prices are hampering the market growth. Rolls-Royce Holdings and Italian shipbuilder, Cantiere Navale Vittoria, has been signed a contract for the supply of a marine propulsion system for offshore patrol vessels.


MARKET TRENDS


Request a sample to learn more about this report.


Fuel-Efficient Propulsion Systems in Naval Vessels to Boost the Market Growth


Fuel efficient propulsion systems are based on a highly adaptable mechanism. Globally renowned such as Rolls-Royce are adapting these mechanisms, and the company’s ‘Azipull’ thruster is a perfect example of one such product. It is low drag and highly efficient pulling thruster and designed for service speed up to 24 knots. This fuel-efficient propeller has excellent maneuverability, low noise, and vibration levels. Also, high hydrodynamic efficiency and fuel efficiency are some of the key characteristics of the Azipull thruster. An increasing number of fuel-efficient products will bode well for the market in the coming years.


Increasing Adoption of Rim Thruster in Marine Propulsion Systems Will Aid Market Growth


In recent years, rim thruster has been widely adopted by major players in the market. Rim thruster provides a lightweight and low-cost propulsion system. Moreover, exchangeable blades & slide bearings, water-lubricated bearings, and efficient operation are the main characteristics of the rim thruster. The SCHOTTEL is a German-based company that has been designed an advanced rim thruster that is majorly used to reduced noise and vibration. The rim thruster is effectively reduced the maintenance cost and improves the efficiency of the marine propulsion system.  Accounting to the favorable properties of the product, the rim thruster is being used on a large scale, which in turn will affect the marine propeller market growth in the coming years.


MARKET DRIVERS 


Increased Demand of Electric Propulsion Technology from the Shipbuilding Industry is Projected to Boost the Market Growth


Marine propellers are primarily used in merchant ships, naval ships, and recreational boats. The electric propulsion technology is a combination of diesel generators and gas turbines. The three-phase electricity is generated by diesel generators. The three-phase electricity is majorly provided to electric power motors to rotate the propellers. This technology helps reduce the unwanted noise created by the marine engines and eliminates the need for clutches and gearboxes.


In May 2020, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering was designed an electric propulsion system for KDDX destroyer as well as  LPX-II LHD projects of the Republic of Korea Navy. Therefore, the increasing demand for electric propulsion technology from the new shipbuilding industry is expected to propel the market growth.


Rising International Seaborne Trade Activities Will Aid Market Growth


According to the United Nations Conference on Trade and Development (UNCTAD) maritime transport report (2018), the global seaborne trade is expanding at a rate of 4 percent, the fastest growth reported in the last five years. The report indicates a 17.1% growth in the containerized trade, 29.9% growth in the dry bulk commodities, and 2.4 % growth in crude oil shipments. The merchant ships are majorly used for seaborne trade. Countries such as China, the Republic of Korea, and Japan have emerged as the leading regions in the shipbuilding industry. These three countries were accounted for 90.5% of global deliveries of naval vessels in the year 2017. These propellers are an essential system of the naval vessels. Therefore the increasing demand for merchant vessels for seaborne trades is propelling the market.


MARKET RESTRAINT


Covid-19 Pandemic to Halt Trade Activities and Subsequently Hamper Market Growth


The coronavirus outbreak has had an adverse effect on major businesses across the world. Several companies are facing major supply issues, and this effect will continue to affect the naval industry. 90% of the global trade activities have been carried out overseas. According to The United Nations Conference on Trade and Development (UNCTAD) report 2020, the coronavirus pandemic has led to a 3% drop in global trade in the first quarter of the financial year 2020. This indicates more than a twenty percent fall in commodity prices and a 7.5% fall in the oil prices in March 2020. The direct effect of the COVID-19 pandemic on the naval industry has slowed down the production of naval vessels due to the decreasing demand for naval vessels and also slowed down trade activities. The COVID-19 effect will delay the expected deliveries of these propellers, which are equipped in naval vessels.


SEGMENTATION


By Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Increasing Focus on Improving Product Efficacies Will Aid Market Growth


Based on type, the market is classified into propellers, thrusters, and others. The propeller is a fan-like complex structure and is commonly used in naval ships. The product is made of different alloys. Marine propellers are made from corrosion-resistant materials such as an alloy of aluminum and stainless steel. The propellers segment is predicted to hold the largest market share during the forecast period.  This growth is attributed to the increasing use of propellers in merchant ships, naval ships, and recreational boats. Marine propellers majorly improve the efficiency of naval vessels, thereby resulting in low maintenance costs.


Amarine thruster is an advanced mechanical device used to produce a hydrodynamic thrust, implemented on several parts of a marine propulsion system. The Rolls-Royce developed a contact type thruster system for merchant's vessels, combines the advantages of contra-rotating propellers along with steerable thrusters.


By Application Analysis


Naval Ship Segment to Account for a Significant Share


By application, the market is classified into merchant ships, naval ships, recreational boats, and others. The merchant ship segment consists of dry bulk carriers, liquid bulk, containerized, neo-bulk, and breakbulk. The merchant ship is predicted to have the fastest growth during the forecast period. This growth is attributed to the increasing trade of imported goods and materials across the world. According to the UNCTAD maritime transport report (2018), dry bulk carriers account for 42.5% share of dead-weight tonnage.


The naval ship consists of a commercial vessel and a defense vessel. The defense vessel is classified into an aircraft carrier, corvettes, frigates, destroyers, amphibious ships, and auxiliary vessels. The naval ship segment is predicted to hold the largest market share during the forecast period. The growth of this segment can be attributed to the increasing demand for defense vessels across the globe.


The recreational boat segment includes pontoon boats, sterndrive powerboats, jet boats, personal watercraft, propulsion systems, and cabin cruisers. The other segment consists of runabouts, towboats, fishing boats, and sailboats.


By Number of Blades Analysis


High Demand of 5-Blade Propeller in the Merchant Ship Drive the Market Growth


Based on the number of blades, the market segments include 3-blade, 4-blade, 5-blade, and others. The 3-blade is mostly made up of aluminum alloy and provides a high-speed performance to the naval vessels that have better acceleration as compared to other types.


The 4-blade uses stainless steel alloy that provides its better strength and durability. These propellers offer a better fuel economy as compared to all the other types. The manufacturing cost of 5-blade is higher than all the other types. The 5-blade segment is predicted to hold the largest market share during the forecast period. This growth is attributed to the increasing use of 5-blade propeller in the merchant ships. The other segment consists of 6-blade majorly used to minimize the vibration of the naval vessel.


By Propulsion Analysis


Increasing Use of Sterndrive in the Naval Vessels to Aid the Growth of the Market


Based on the propulsion, the market segments include inboard, outboard, sterndrive, and others. Boats with advanced inboard propulsion systems. It is majorly used in the watersports boat, mounted inside the hull of the boat. In the inboard propulsion system, the driveshaft is connected to propel and run the boat.


The outboard propulsion systems are mounted on the external part of the rear end of the naval boat. It consists of all in one steering control setup along with a boat engine, gearbox, and propeller. Compare to the above two, a Sterndrive is the most powerful propulsion system, and it can generate more power to propel the naval vessel compared to inboard and outboard. The sterndrive segment is predicted to hold the largest market share during the forecast period. This growth is attributed to the deployment of advanced propulsion systems in naval vessels.


By Material  Analysis


Growing Adoption of Stainless Steel Material in the Propulsion Systems to  Support the Growth of the Market


By material, the marine propeller market is segmented into stainless steel, aluminum, bronze, nickel-aluminum bronze, and others. A marine propeller is designed by sections of helicoidal surfaces majorly used to rotate through the water with a screw effect. The stainless steel segment is predicted to hold the largest market share during the forecast period. This growth is attributed to the growing adoption of stainless steel in the propulsion system. Stainless steel provides higher strength than other materials. Other popular materials used are alloys of aluminum, bronze, nickel-aluminum bronze, and others are  15 % lighter than stainless steel. Therefore the growing adoption of corrosion-resistant alloys material in the propulsion system to support the growth of the market.


By End User Analysis


Growing Merchant Vessel Deliveries to Support the Growth of the OEM Segment


By end user, the market is classified into OEM and aftermarket. The OEM segment is predicted to register the fastest growth during the forecast period. This growth is attributed to increasing demand for merchant vessels from emerging economies such as China, India, and Australia. These merchants vessels are equipped with a technologically advanced marine propeller. The aftermarket segment consists of the maintenance of propeller components. This propeller aftermarket segment is projected to account for the largest market share during the forecast period. This growth is attributed to the increasing focus on the up-gradation of the conventional vessels for enhanced maritime trade across the globe.


REGIONAL ANALYSIS


North America Marine Propeller Market Size, 2016-2027 (USD Billion)

To get more information on the regional analysis of this market, Request a sample


The market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to account for a significant share during the forecast period. This growth is attributed to upgradation in the dry cargos for real-time data exchange in the U.S.  Furthermore, high demand for specialized vessels in maritime tourism in Canada is expected to boost the market. The increasing demand for dry cargo and maritime tourism is supporting market growth.


Asia Pacific is expected to be the largest market during the forecast period. This growth is attributed to the increasing demand for corvettes and frigates in emerging economies such as China and India to improve the coordination in the naval fleet. South Korea is a major supplier of the merchant ship in Asia Pacific. The rise in the up-gradation of propulsion systems for older vessels is helping to propel the market growth.


Europe is expected to be the fastest-growing market during the forecast period. In Germany, ship equipment up-gradation is propelling the demand for the naval ship. The introduction of automation technology in naval ships is projected to boost the market in the U.K. The Rest of the World will also show significant growth in the market during the forecast period. This growth is attributed to a rise in the maritime trade in Latin America and the Middle East & Africa.


KEY INDUSTRY PLAYERS


Technological Trends Implemented by Key Market Players are Propelling the Market Growth


Fuel efficient propulsion systems, advanced materials, rim thrusters, and anti-fouling coatings are the latest trends in the market. Innovative technology trends and research & development activity is the prominent factor responsible for the dominance of these key market players.


LIST OF KEY COMPANIES PROFILED:



  • AB Volvo (Sweden)

  • Brunswick Corporation. (The U.S.)

  • Caterpillar (The U.S.)

  • Hyundai Heavy Industries Co., Ltd.  (South Korea)

  • Kawasaki Heavy Industries, Ltd.  (Japan)

  • MAN SE (Germany)

  • NAKASHIMA PROPELLER Co., Ltd. (Japan)

  • Rolls-Royce Holdings (The U.K.)

  • SCHOTTEL (Germany)

  • Wärtsilä (Finland)


KEY INDUSTRY DEVELOPMENTS:



  • April 2020-  Wärtsilä and  Wiseman Fishing Co and Northbay Fishing Co. have been awarded a contract to supply the propulsion system for the new 75 meters long fishing trawler Artemis naval ship BF60, which is being built at Karstensens shipyard (Denmark).

  • March 2020 – The Rolls-Royce Holdings and German Federal Waterway and Shipping Administration have been awarded a contract to supply innovative propulsion systems for new multi-purpose vessels. The two ships are powered by gas-electric propulsion systems. These propulsion systems are helping to keep them operational even under difficult conditions.


REPORT COVERAGE


The marine propeller market research report offers qualitative and quantitative insights into this market. It offers a detailed analysis of the market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of dynamics, COVID-19 effect, emerging trends, UNCTAD maritime transport report, and competitive landscape in the market.


To gain extensive insights into the market, Request for Customization


Key insights offered in the report include the adoption trends of the marine propeller by individual segments, recent industry developments such as mergers & acquisitions, partnerships, consolidated SWOT analysis of key players, porter’s five forces analysis, business strategies of leading market players, micro and macroeconomic indicators, and the leading industry trends.


 Report Scope & Segmentation


























































SEGMENTATION



   DETAILS



Study Period



   2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



By Type




  • Propellers

  • Thrusters

  • Others



By Application




  • Merchant Ships

  • Naval Ships

  • Recreational Boats

  • Others



By Number of Blades




  • 3-blade

  • 4-blade

  • 5-blade

  • Others



By Propulsion




  • Inboard

  • Outboard

  • Sterndrive

  • Others



By Material




  • Stainless Steel

  • Aluminum

  • Bronze

  • Nickel-Aluminium Bronze

  • Others



By End User




  • OEM

  • Aftermarket



By Region




  • North America (The U.S., and Canada)

  • Europe (The U.K, Germany, France, Russia, Italy, Norway, Turkey, and Rest of Europe)

  • Asia Pacific (China, India, Japan, South Korea, Philippines, Vietnam and Rest of Asia Pacific)

  • Rest of the World (Latin America, and the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the market value stood at USD 4.84 billion in 2019 and is projected to reach USD 5.34 billion by 2027.

Growing at a CAGR of 4.69%, the market will exhibit steady growth in the forecast period (2020-2027).

In 2019, the market value stood at USD 4.84 billion.

The propellers segment is estimated to be the leading segment in this market during the forecast period.

Increased demand for electric propulsion technology from the shipbuilding industry is the key factor driving the market.

AB Volvo (Sweden), Brunswick Corporation. (The U.S.) Caterpillar (The U.S.) and Hyundai Heavy Industries Co., Ltd. (South Korea) are some of the leading OEMs in the market.

Asia Pacific is projected to be the largest shareholder in this market.

Rim thrusters, anti-fouling coatings, and fuel-efficient propulsion systems are the new trends in this market.

Marine Propeller Market Size, Share and Global Industry Trend Forecast till 2026
  • Jun, 2020
  • 2019
  • 2016-2018
  • 200

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Aerospace & Defense Clients

Kawasaki_Logo_vert

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X