Marine Propeller Market to Grow at a CAGR of 8.3% over 2025 to 2032; Expansion of Global Trade to Boost Market Growth

The global marine propeller market size was valued at USD 4.50 billion in 2024. The market is projected to grow from USD 4.85 billion in 2025 to USD 8.47 billion by 2032, exhibiting a CAGR of 8.3% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Marine Propeller Market Size, Share & Industry Analysis, By Type (Propellers, Thrusters, and Others) By Application (Merchant Ships, Naval Ships, Recreational Boats, and Others), By Number of Blades (3-blade, 4-blade, and 5-blade), By Propulsion (Inboard, Outboard, Sterndrive, and Others), By Material (Stainless Steel, Aluminum, Bronze, Nickel-Aluminum Bronze, and Others), By End-User (OEM and Aftermarket), and Regional Forecast, 2025-2032”.

Marine propellers use radiating blades connected to a central shift to generate thrust for naval ships. Depending on vessel requirements, up to six blades can be installed. Growing environmental concerns are accelerating the shift toward hybrid and electric propulsion systems, enhancing efficiency and reducing emissions. Moreover, increasing growing global trade, shipping, and maritime tourism are further driving demand for advanced maritime propulsion solutions.

The Russia Ukraine war has disrupted Black Sea trade, affecting exports of corn, crude oil, and wheat. In response to Russia’s invasion, Germany raised its defense spending to over 2% of GDP, Poland and Denmark boosted military spending. Poland plans to acquire three Mine Countermeasure Vessels (MCVs) to strengthen its naval fleet. Russia deployed 140 warships and 1,000 military vehicles, while NATO mobilized 100 jets and 120 ships. Increased investment in warship procurement and naval modernization is expected to fuel market growth in the coming years.

Stena's Introduced Ro-Pax ship to Lower Underwater Radiated Noise Emissions

Stena's new Ro-Pax ship, Ala’suinu, launched in May 2024, equipped with Wärtsilä controllable pitch propellers, received DNV's Silent(E) notation for minimizing underwater radiated noise. The vessel completed successful sea trials, becoming the first to meet the requirements in the working conditions at 11 and 18 knots.

Adoption of Environment-friendly Propulsion Systems to Impel Market Growth

The shift toward sustainable propulsion systems is driving growth in the market. The IMO’s goal to cut carbon emissions by 40% by 2030 has accelerated interest in wind-assisted propulsion and hybrid systems. Rising fuel costs further boost demand for energy-efficient alternatives.  The International Windship Association’s ‘Decade of Wind Propulsion’ initiatives promote wind-assisted propulsion, alternative fuels, and hybrid systems, supporting the marine propeller market growth.

However, higher compliance costs and environmental restrictions may stifle commercial activities, reducing demand for the product.

Industry Participants Focus on Advancements to Enhance Water Sports Control

The maritime propeller market is evolving with fuel-efficient systems, rim thrusters, anti-fouling coatings, and advanced materials. Industry leaders such as Hyundai Heavy Industries and MAN SE are driving innovation through cutting-edge R&D. IN August 2020, Brunswick Corporation launched MerCruiser Bravo Four S with Smart Tow technology. 

List of Key Players Mentioned in the Report:

• 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)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/marine-propeller-market-103074

Key Industry Development

• October 2023: Sharrow Marine, a subsidiary of Sharrow Engineering LLC based in the U.S. and recognized as a top manufacturer of innovative propellers for vessels, revealed a global exclusive licensing deal with VEEM Ltd, an Australia-based company that designs and produces cutting-edge marine propulsion and stabilization systems.

Further Report Findings:

• In 2024, the marine propeller market in the Asia Pacific region reached USD 1.48 billion, fueled by naval fleet expansion, cruise ship modernization, and maritime tourism growth. South Korea remains a key ship supplier, while propeller system upgrades support market expansion.
• From 2025 to 2032, the market in North America will grow significantly, driven by advancements in dry cargo vessels, increased maritime investments, and a strong shipping industry. Canada’s expanding maritime tourism sector also contributes to this upward trend.

Table of Segmentation