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SAN FRANCISCO, June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Marine Propellers - Global Market Trajectory Analytics" . The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Industry Analysts Predicts the World Marine Propellers Market to Reach $6.1 Billion by 2026
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Edition: 8; Released: April 2022 Executive Pool: 1222 Companies: 127 - Players covered include Brunswick Corporation; Hyundai Heavy Industries; Kawasaki Heavy Industries Ltd.; MAN Energy Solutions SE; Mecklenburger Metallguss GmbH; Mercury Marine; Mitsubishi Heavy Industries Ltd.; MOTH; Nakashima Propeller Co. Ltd.; Rolls-Royce Holdings; Schaffran Propeller + Service GmbH; Schottel GmbH; Teignbridge Propellers International Limited; Veem Ltd.; AB Volvo; Wartsila and Others. Coverage: All major geographies and key segments Segments: Type (Propellers, Thrusters, Other Types); Application (Merchant Ships, Naval Ships, Recreational Boats, Other Applications) Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Middle East; Africa.
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Amid the COVID-19 crisis, the global market for Marine Propellers estimated at US$5.0 Billion in the year 2022, is projected to reach a revised size of US$6.1 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Propellers, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR, while growth in the Thrusters segment is readjusted to a revised 3.9% CAGR. Maritime transport constitutes the most important component facilitating global trade because around 90 percent of worldwide merchandize (on volume basis) that is traded is carried over the seas. Maritime transport is far less expensive than road or rail transport. Growth of global seaborne trade is therefore one of the important growth drivers for the market for marine propellers. Seaborne trade pushes sales of merchant ships and propellers are required during both building new vessels and for their repairs later on. Capacity of shipbuilding has also been constantly increasing in several fast developing countries like China and South Korea among others.
The shipbuilding industry in China in particular had made rapid strides in the recent years. However, despite the progress achieved in increasing shipbuilding capacity, the Chinese industry is still far behind the global shipbuilding powerhouses in terms of manufacturing and research capabilities in producing value-added and high-tech vessels. Several Chinese shipbuilding companies are therefore on the lookout for opportunities to merge with one another for operating as large units which would enable them to capture greater share of the potential marine industry demand. For instance, China State Shipbuilding Corporation Limited merged with China Shipbuilding Industry Corporation to form a single large unit and the newly reorganized corporation is now endowed with a greater number of scientific research institutes, listed companies, enterprises and also employees and assets. The reorganized corporation is currently the largest that based in China, for shipbuilding as well as repair. It is a center with the most advanced capabilities for RD in the shipping field.
Marine equipment manufactured by this corporation is able to meet global technical standards as well as requirements of international safety conventions. Japan had also been increasing the country's capacity of shipbuilding since the past many years. Another Asia-Pacific-linked growth promoting factor is the increased seaborne crude oil trade, mostly coming from the Middle East to Asian countries. Increasing maritime tourism is also contributing to growth of the market for marine propellers. A major market growth driver has been the increasing naval ships procurement worldwide driven by increasing number of maritime issues. Technical advancements in propulsion systems as well as development of newer materials for manufacturing propeller blades have also been promoting market growth. Shipping operations worldwide consume more than 200 million tons of oil and diesel on a yearly basis and release huge amounts of emissions into the atmosphere. Fuel consumption of these vessels therefore must be reduced for reducing the emissions. Companies developing propeller technologies are currently investing in new technologies development. CFD (Computational Fluid Dynamics) techniques are being used for designing and testing propellers. Blade profiles capable of increasing efficiency of propellers, ultimately allowing the vessel to consume less fuel, has been invented in recent years. Such technical advancements also enhance growth prospects for the market. 3D printing is also being employed for manufacturing propeller blades.
Furthermore, going forward, electric propulsion technology is anticipated to gain much traction, eliminating clutches and gearboxes. Electric technology also reduces noise of marine engines and provides higher payload because of increased flexibility of components and lesser emissions and fuel consumption among other positive attributes. There are quite a few companies that are currently developing electric propulsion system for instance, in South Korea, The Daewoo Shipbuilding Marine Engineering company came up with a unique electric propulsion system for KDDX destroyer and LPX-II LHD projects. Market growth for marine propellers would also be fueled by increased adoption of environment-friendly propulsion systems. The IMO (International Maritime Organization) set limits for maritime emission reductions with an aim to reduce CO2 emissions and for adhering to which, commercial ships have been increasingly using wind propulsion systems. The IWSA (International Windship Association) had also introduced a new initiative called the 'Decade of Wind Propulsion' for speeding up shipping industry decarbonization, which is also anticipated to increase demand for environment-friendly propulsion systems.
The marine propellers are categorized into propellers, thrusters and other types. The propellers segment leads the market, followed by thrusters. Marine propellers are also categorized based on the number of blades as three-, four- and five-blade propellers, with the segment of five-blade witnessing the fastest growth currently as these propellers greatly improve efficiency of propulsion and result in lesser vibration for the vessel. Demand for 5-blade propellers is anticipated to increase due to increasing demand for coast guard, naval, merchant and recreational vessels. Going forward, demand for three-blade propellers, equipped mainly in recreational boats, is anticipated to increase due to increasing use of the boats post-pandemic. Fixed pitch propellers and controllable pitch propellers are the two basic types of propellers used in the marine industry. Working efficiency of controller pitch propellers is considered better. The complete range of speed as well as fan rotation necessitates lesser maintenance. Fixed pitch propeller on the other hand is hard to maintain. However, fixed pitch propellers are more reliable and robust because they do not possess any hydraulic or mechanical subsystems. Manufacturing, installation and operational costs of fixed pitch propellers are also lower compared to controlled pitch propellers, which makes them an ideal choice for naval ships. Lesser wear tear of blades, better manoeuvrability, and higher NVH performance are a few other benefits offered by fixed pitch propellers. Major organizations in the industry are increasingly adopting rim thrusters, which is one of the major growth promoting factors for the global market for marine propellers. For instance, SCHOTTEL, a key propeller company came up with a unique design for rim thruster, capable of offering increased productivity and lowering maintenance. The new rim thruster can also improve propeller efficiency greatly. More
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About Global Industry Analysts, Inc. StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS: Zak Ali Director, Corporate Communications Global Industry Analysts, Inc. Phone: 1-408-528-9966 www.StrategyR.com Email: ZA@StrategyR.com
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