The marine propeller market was valued at USD 3.48 billion in 2021 and is expected to grow from USD 3.60 billion in 2022 to USD 5.68 billion by 2029, with a compound annual growth rate (CAGR) of 6.76%. This information comes from a recent report by Fortune Business Insights titled “Marine Propeller Market, 2022-2029.”

The marine propeller market is a vital segment of the global maritime industry, focusing on the design, production, and distribution of propellers used to propel various types of ships and vessels. Marine propellers convert rotational motion into thrust, enabling vessel movement across water. These components are critical for commercial ships, naval vessels, fishing boats, and recreational watercraft.

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

Key drivers of the market include the rise in global seaborne trade, increasing demand for fuel-efficient propulsion systems, and advancements in marine technology. The market is segmented based on type (fixed pitch, controllable pitch), material (bronze, stainless steel, aluminum), and application (merchant ships, naval ships, leisure boats, and others).

Asia-Pacific holds a significant share of the market due to its strong shipbuilding industry, particularly in countries like China, South Korea, and Japan. Additionally, stringent environmental regulations are pushing the development of eco-friendly and energy-efficient propeller systems.

Overall, the marine propeller market is poised for steady growth, driven by innovation, regulatory compliance, and the continuous expansion of the maritime sector.

Key Insights

• Growth Factors: The market is likely to grow due to advancements in technology and the increasing use of fixed propellers in marine propulsion systems. There's also a growing trend for real-time data tracking in these systems, which supports the use of eco-friendly propulsion options.
• Challenges: The ongoing Russia-Ukraine war may impact the market negatively.

Impact of the Russia-Ukraine War

• Increased Defense Spending: As countries ramp up their defense budgets, demand for new warships is rising. For instance, Poland announced plans to buy new mine countermeasure vessels to strengthen its naval capabilities.
• Supply Chain Disruptions: However, the war has also led to disruptions in cargo operations, which could pose challenges for companies looking to expand.

Major Companies in the Market

Key players in the marine propeller market include:

• AB Volvo (Sweden)
• Brunswick Corporation (U.S.)
• Kongsberg Gruppen (Norway)
• Bruntons Propellers Ltd. (U.K.)