The marine propeller market size stood at USD 3.48 billion in 2021. The market is anticipated to rise from USD 3.60 billion in 2022 to USD 5.68 billion by 2029 at 6.76% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report titled, “Marine Propeller Market, 2022-2029.”
According to the analysis, technological advancements and the adoption of fixed propellers in marine propulsion systems will foster the product adoption. With the trend for real-time data tracking in the marine propulsion system, penetration of environment-friendly propulsion systems will bode well for the industry outlook. However, the Russia-Ukraine war could have a notable influence in the ensuing period.
Drivers and Restraints
Rising Footfall of Seaborne Trade to Augment Industry Growth
Amidst the onslaught of the COVID-19 pandemic, a gradual rise in seaborne trade has spurred marine propeller market share. Industry players expect developing economies to play an invaluable role in fueling the demand for marine propeller systems. According to UNCTAD, developing countries’ share in maritime imports surged to 65% in 2019, while seaborne trade stood at 155 million tons. Moreover, UNCTAD’s Maritime Transport Report 2020 projected seaborne trade growth would expand by 4.8% in 2021. Notable investments in the naval sector across advanced and emerging economies will expedite the adoption of the equipment.
However, rigorous environmental regulations may challenge leading companies vying to expand their portfolios.
Major Players Profiled in the Report:
- AB Volvo (Sweden)
- Brunswick Corporation (U.S.)
- Kongsberg Gruppen (Norway)
- Mecklenburger Metallguss GmbH (Germany)
Browse Summary
https://www.fortunebusinessinsights.com/marine-propeller-market-103074
