Marine Propeller Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global marine propeller market is expected to register a CAGR of over 6.0%, during the forecast period, 2020-2025.

Key Highlights

• With growing international seaborne trade, new shipbuilding and repair market, and increasing maritime tourism are some of the primary factors that are driving the market growth.
• Additionally, with growing technology and innovations in marine industry, the advent of highly advanced and energy- efficient marine propulsion system has resulted in maximum output with minimum fuel consumption. Thus, the design, material and operating efficiency have been the major aspect areas where the buyers have been majorly concerned about.
• Asia-Pacific continues to lead the market owing to its high shipbuilding and seaborne trade activities, especially in the regions of China and South Korea.

- However, fluctuations in government policies, regulations and subsidies from region to region are likely to influence the global marine industry growth, which would eventually impact the marine propeller market during the forecast period.

Key Market Trends

Fixed Pitch Propeller Continue to Witness Growth

Fixed pitch propeller blades are permanently attached to the hub. The fixed pitch type propellers are generally casted and hence the position of the pitch is permanently fixed and cannot be changed during the operation. These have been normally made from copper alloy.

Fixed pitch propellers have been identified as the robust and reliable as the system doesn’t incorporate any mechanical and hydraulic connection as in Controlled Pitch Propeller. The other benefits such as manufacturing, installation and operational costs are lower than controlled pitch propeller type.

However, the manoeuvrability of fixed-pitch propeller has not been as as good as controlled pitch propeller.

These types of propellers are fitted in a ship which does not have good manoeuvrability requirements.

Asia-Pacific is Likely to Lead the Market

Asia-Pacific continues to dominate marine propeller market, owing to increase in shipbuilding industries in China & South Korea and growth in number of joint ventures with international brands.

In recent years, China's shipbuilding industry has been rapidly strengthening. Compared with the world-class shipbuilding powerhouses, however, China's research and manufacturing capabilities in the field of high-tech and high value-added ships has been noticed insufficient, while the industry has excess manufacturing capacity. Thus, the companies in the country has been focusing on merging plans to operate as a big unit in order to capture the potential demand in the marine industry. For instance, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited merged into one corporation. This reorganized corporation has 147 scientific research institutes, enterprises and listed companies with total assets of CPY 790 billion (about USD 112.29 billion dollars) and 310,000 employees. It has the largest shipbuilding and repairing base in China and the most complete research and development capability in the field of shipping, allowing its marine equipment to meet the requirements of international technical standards and safety conventions.

Moreover, rise in seaborne trade of crude oil mostly from Middle East countries to Asia-Pacific is another factor that drives the Asia-Pacific marine propeller market.

Competitive Landscape

Some of the major players in the marine propeller market, includes Mecklenburger Metallguss GmbH (MMG), Wärtsilä Oyj Abp, MAN Energy Solutions, Hyundai Heavy Industries Co., Ltd, SCHOTTEL amongst others.

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