Marine Propeller Market Size, Industry Analysis Report By material (aluminium, bronze, nickel aluminium bronze, stainless), By propulsion (inboard, outboard, sterndrive) & Region – Forecasts

  • 30/08/2022
  • 219
  • Aerospace & Defense

Market Overview

The global Marine Propeller market was valued at USD 4.45 billion in 2022 and expected to grow at a CAGR of 4.3% during the forecast period. A marine propeller, also known as a boat propeller or ship propeller, is a mechanism used to propel a boat or ship through the water. It typically consists of a set of blades attached to a rotating hub and is powered by an engine or motor. The shape and design of the propeller blades play a crucial role in determining the performance and efficiency of the propulsion system. Marine propellers are used in various types of vessels, including cargo ships, passenger ships, yachts, fishing boats, and naval vessels.

Factors driving the growth of the market include the rise in seaborne trade, growth in the shipbuilding industry, and the increasing demand for fuel-efficient and lightweight propellers. However, the high cost of marine propellers and the environmental impact of marine propulsion systems are expected to hamper the growth of the market.

Based on type, the market is segmented into fixed pitch propeller, controllable pitch propeller, and others. The controllable pitch propeller segment is expected to dominate the market owing to its increased efficiency and flexibility in operation. Based on application, the market is segmented into cargo ships, tankers, bulkers, offshore vessels, passenger ships, and others. The cargo ships segment is expected to hold the largest market share due to the high demand for bulk shipping and trade.

Geographically, Asia Pacific is expected to dominate the market due to the increase in shipbuilding activities and the high demand for marine propellers in the region. Europe and North America are also expected to contribute significantly to the market growth due to the presence of major shipping companies and technological advancements in marine propulsion systems.

Report Scope

Report Attributes


Market Size in 2022

USD 4.45 Billion

Market Forecast in 2031

USD 6.87 Billion

CAGR % 2023-2031


Base Year


Historic Data


Forecast Period


Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Type (Propellers, Thrusters, and Others), by Material Type (Nickel-Aluminium Bronze, Bronze, Stainless Steel, Aluminium, and Others), by Application Type (Merchant Ships, Naval Ships, Recreational Boats, and Others), by Number of Blades Type (3-Blade, 4-Blade, 5-Blade, Other)

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Caterpillar, Rolls-Royce, Kawasaki Heavy Industries, Wartsila, Volvo, Hyundai Heavy Industries, MAN SE, Schottel, Nakashima Propeller, and Brunswick.



Impact of COVID

The COVID-19 pandemic has affected the global economy and disrupted supply chains across various industries, including the marine propeller market. The restrictions on movement and transportation have caused a decline in the demand for marine transportation, leading to a decrease in the demand for marine propellers. The closure of manufacturing facilities and disruption of the supply chain has caused a delay in the delivery of components and raw materials, leading to a slowdown in the production of marine propellers. However, the market is expected to recover gradually as the restrictions are lifted, and the demand for marine transportation increases.

Type Insights

Marine propellers are essential components used to drive ships, boats, and submarines in the water. Propellers generate thrust by accelerating the water passing through them in a forward direction. The marine propeller market is segmented by type into propellers, thrusters, and others.

Propellers are the most common type of marine propulsion system, accounting for the largest share of the market. They can be further classified into fixed-pitch and controllable-pitch propellers. Fixed-pitch propellers are relatively simple and are commonly used in smaller vessels, while controllable-pitch propellers are more versatile and efficient and are used in larger ships.

Thrusters are another type of marine propulsion system that provides additional thrust to help ships maneuver in tight spaces. They are generally used in larger vessels and offshore applications, where precise control and maneuverability are critical.

Other marine propulsion systems include water jets, sail propulsion, and hybrid propulsion systems. Water jets are used in high-speed vessels, while sail propulsion systems are used in sailboats. Hybrid propulsion systems combine multiple propulsion systems to provide greater efficiency and versatility.

Overall, the marine propeller market is driven by the growth of the shipping industry, increasing demand for naval defense systems, and the rising adoption of technologically advanced propulsion systems.

Material Type Insights

Nickel-Aluminium Bronze: This material is a popular choice for marine propellers as it offers high resistance to corrosion and cavitation, good mechanical properties, and excellent seawater compatibility. It is commonly used in commercial vessels, naval ships, and pleasure boats.

Bronze: Bronze is another widely used material for marine propellers due to its excellent strength, corrosion resistance, and durability. It is commonly used in smaller vessels and pleasure boats.

Stainless Steel: Stainless steel is a popular material choice for marine propellers due to its high strength, durability, and corrosion resistance. It is commonly used in high-speed vessels, such as naval ships, yachts, and pleasure boats.

Aluminium: Aluminium is a lightweight material used in marine propellers for small vessels and pleasure boats. It offers excellent corrosion resistance, high durability, and low maintenance.

Others: Other materials used in marine propellers include composite materials, such as carbon fiber, which offer high strength, low weight, and excellent corrosion resistance. However, these materials are expensive and mostly used in high-performance vessels.

Number of Blades Type Insights

3-Blade Propellers: 3-blade propellers are the most common type of marine propeller, as they are generally efficient and balanced. They are suitable for a wide range of boats and applications, and are often the default option for many boaters.

4-Blade Propellers: 4-blade propellers are designed for applications that require more power and thrust, such as larger boats, heavy loads, or high-speed applications. They can offer better acceleration and maneuverability, but may sacrifice some top-end speed and fuel efficiency compared to 3-blade propellers.

5-Blade Propellers: 5-blade propellers are typically used for high-performance applications, such as racing or high-speed boats, where maximum speed and maneuverability are crucial. They can offer improved acceleration and grip on the water, but may have higher costs and reduced fuel efficiency compared to other blade types.

Other Blade Types: There are also propellers with different numbers of blades, such as 2-blade or 6-blade propellers, which are less common and usually designed for specific applications.

Application Insights

Marine propellers are used in various types of ships and boats for propulsion. The market for marine propellers is segmented based on application type, which includes merchant ships, naval ships, recreational boats, and others.

Merchant ships are vessels that transport goods from one place to another. These ships are designed to carry large quantities of cargo, and they require powerful engines and propellers to move through the water. The use of marine propellers in merchant ships is essential to ensure the efficient transportation of goods.

Naval ships are designed for military purposes, such as combat, surveillance, and transport of troops and equipment. These ships require robust propulsion systems that can handle harsh ocean conditions and provide high speed and maneuverability.

Recreational boats are used for leisure activities such as fishing, water sports, and cruising. The demand for recreational boats has been increasing in recent years, which is expected to drive the demand for marine propellers in this segment.

Other applications of marine propellers include research vessels, coast guard vessels, and offshore support vessels. The use of marine propellers in these applications depends on the specific requirements of the vessel and the nature of the work it performs.

Regional Insights

North America: The marine propeller market in North America is expected to grow due to the increasing demand for recreational boats and yachts, especially in the United States. The region is also witnessing growth in the naval industry, which is likely to boost the demand for marine propellers.

Europe: The European marine propeller market is expected to grow steadily due to the increasing demand for eco-friendly and fuel-efficient propulsion systems. The region is also witnessing growth in the shipbuilding industry, which is likely to boost the demand for marine propellers.

Asia Pacific: The Asia Pacific marine propeller market is expected to witness significant growth due to the increasing demand for commercial vessels and the growth of the naval industry in countries like China, Japan, and South Korea. The region is also witnessing growth in the shipbuilding industry, which is likely to boost the demand for marine propellers.

Middle East and Africa (MEA): The MEA marine propeller market is expected to witness moderate growth due to the increasing demand for offshore support vessels and the growth of the oil and gas industry in the region.

Latin America: The Latin America marine propeller market is expected to witness moderate growth due to the increasing demand for commercial vessels and the growth of the naval industry in countries like Brazil and Argentina. The region is also witnessing growth in the shipbuilding industry, which is likely to boost the demand for marine propellers.

Competitive Analysis

Some of the major companies operating within the market are Caterpillar, Rolls-Royce, Kawasaki Heavy Industries, Wartsila, Volvo, Hyundai Heavy Industries, MAN SE, Schottel, Nakashima Propeller, and Brunswick. These players are focusing on product innovation, expansion, and partnerships to strengthen their market position and meet the growing demand for Marine Propeller globally.

Recent News

·         In April 2023, Hundested Propeller has acquired Ocean Marine Systems Ltd (OMS) and with immediate effect welcomes the U.K. organization as a subsidiary. The purchase of OMS will increase its thruster range, and OMS will continue its range of hydraulic cylinders and through-hull instrument deployment systems used in underwater security and seabed mapping applications.

Why to buy this Report?

The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

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§  Production Capacity, Revenue, Sales, Gross Margin

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In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:

§  Company Share Analysis from 2018-2022

§  Company Analysis by Revenue and Sales

§  Company Production Capacity, Gross Margin

§  Company Share Analysis by Application/End Use

§  Company Share Analysis by Product/Specification

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·         What factors will influence demand and supply trends across each markets during the forecast period?

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·         What is the COVID-19 impact on the market and how long will it take to recover?

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·         What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?




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