In 2021, the global marine propeller market was worth about USD 3.48 billion. It's expected to keep growing steadily, reaching around USD 5.68 billion by 2029, with an average growth rate of 6.76% each year. Asia Pacific led the market in 2021, holding the largest share at 34.77%. The marine propeller market plays a crucial role in the global shipping and maritime industry. Marine propellers are essential components used to drive and steer ships, boats, and other watercraft.
The demand for marine propellers is rising due to increasing global trade, growing shipbuilding activities, and advancements in marine technology. The market includes different types of propellers such as fixed pitch, controllable pitch, and others, catering to both commercial and defense vessels. With the expansion of global seaborne trade and rising investments in naval defense, the marine propeller market is expected to witness steady growth in the coming years.
Informational Source:
https://www.fortunebusinessinsights.com/marine-propeller-market-103074
Major Key Companies Covered in Marine Propeller Market are: