Marine Propeller Market to Observe 6.76% CAGR from 2022 to 2029; Schottel Won a Contract to Supply Main and Auxiliary Propulsion Systems

The global marine propeller market size is predicted to rise from USD 3.60 billion in 2022 to USD 5.68 billion by 2029. Technological advancements in real-time data tracking will augur well for the business outlook. Industry players have exhibited profound traction for environment-friendly propulsion systems amidst the implementation of rigorous regulations.

According to the latest research report by Fortune Business Insights™ titled, “Marine Propeller Market Size, Share and Industry Analysis, By Application (Merchant Ships, Naval Ships, Recreational Boats, and Others), By Type (Propellers, Thrusters, and Others), By Propulsion (Inboard, Outboard, Sterndrive, and Others), By Material (Stainless Steel, Aluminum, Bronze, Nickel-Aluminum Bronze, and Others), By Number of Blades (3-blade, 4-blade, and 5-blade), By End-User (OEM and Aftermarket), and Regional Forecast, 2022-2029,” the market stood at USD 3.48 billion in 2021. It is projected to witness 6.76% CAGR during the forecast period.

Double Jolt from Russia-Ukraine War and COVID-19 Pandemic to Dent Growth Prospect

At the time when the marine sector is recuperating from the ravage of the COVID-19 outbreak, Russia’s invasion of Ukraine sent shock waves across the marine sector. The shutdown of cargo operation, along with the disruption in export, may not boded well for the industry outlook. Moreover, shifting investment toward defense has compelled marine players to rethink their strategies. Meanwhile, surging expenditure on the purchase of new warships and infusion of funds into advancements of naval vessels will fuel the industry growth.

Rolls-Royce to Develop Around 40 Fixed-pitch Propellers to Bolster the U.S. Navy

Prominent companies are gearing to invest in marine propellers to gain a competitive edge in the ensuing period. Industry players are likely to invest in fuel-efficient propulsion systems and anti-fouling coatings. In April 2021, Rolls-Royce gave the nod to construct and develop approximately 40 fixed-pitch propellers for the U.S. Navy’s Constellation-class (FFG-62) guided-missile frigate program. In February 2021, A.B. Volvo stated that its Volvo Penta IPS is boosting the new 65 Sport Yacht of Sunseeker. Robust policies are likely to act as a catalyst to foster the marine propeller market share.

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Rising Penetration of Electric Propulsion Technology to Usher in Innovation

Stakeholders predict the trend for electric propulsion systems to spur investments in marine propeller systems. Following the demand for increased mobility and payload, industry participants are poised to invest in the portfolio. Moreover, expanding maritime trade and transport has boded well for leading companies to boost their portfolios, especially in developing countries. The UNCTAD’s Maritime Transport Report 2020 projected seaborne trade to grow by 4.8% in 2021. With global seaborne trade slated to witness an uptick, the marine propeller market growth is expected to witness an uptick during the forecast period.

Industry Players to Inject Funds into Organic and Inorganic Strategies to Tap Markets

Leading players are likely to invest in mergers & acquisitions, product rollouts, research and developments, and technological advancements. The shifting global dynamics suggest that well-established and emerging players focus on geographical expansion.

Notable Industry Development

• January 2022: Schottel won a contract to supply main and auxiliary propulsion systems for Fratelli Cosulich’s first LNG bunkering vessel.

List of the Companies Profiled in the Global Market

• AB Volvo (Sweden)


• Brunswick Corporation (U.S.)


• Kongsberg Gruppen (Norway)


• Mecklenburger Metallguss GmbH (Germany)


• Bruntons Propellers Ltd. (U.K.)


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


• Kawasaki Heavy Industries, Ltd. (Japan)


• MAN SE (Germany)


• NAKASHIMA PROPELLER Co., Ltd. (Japan)


• Rolls-Royce plc (U.K.)


• SCHOTTEL Group (Germany)


• Michigan Wheel Holdings LLC (U.S.)


• Wärtsilä Corporation (Finland)


• VEEM Propellers Ltd. (Australia)


• Andritz AG (Austria)

Further Report Findings

• In terms of type, the propellers segment will account for a considerable share of the global market owing to the penetration of recreational boats, naval ships, and merchant ships.


• Asia Pacific market size was valued at USD 1.21 billion in 2021 and will grow with surging demand for frigates and corvettes.


• Europe market forecast will be strong due to the presence of leading companies across the U.K., Germany, and France.

Table of Segmentation