Market Size of Naval Ship Propeller Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.89 Billion |
| Market Size (2029) | USD 6.13 Billion |
| CAGR (2024 - 2029) | 4.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Naval Ship Propeller Market Analysis
The Naval Ship Propeller Market size is estimated at USD 4.89 billion in 2024, and is expected to reach USD 6.13 billion by 2029, growing at a CAGR of 4.80% during the forecast period (2024-2029).
An increasing demand for electric propulsion technology in the shipbuilding industry is anticipated to drive the naval ship propeller market. This propulsion in electric propulsion technology method eliminates the need for clutches and gearing devices. This technology provides several advantages over the traditional system. Because of the flexible arrangement of mechanical components, it provides high redundancy, enhanced mobility, and increased payload, as well as fewer emissions and fuel consumption.
Procurements of naval ships are increasing every year due to various maritime issues that the military is facing. It may drive the market for naval ship propellers in the years to come. Growing maritime trade and security concerns also bolster the market. Additionally, rising naval modernization programs worldwide create opportunities for propeller manufacturers.
However, the market faces challenges such as fluctuating raw material prices, which impact production costs. The market is majorly dependent on defense budgets and geopolitical tensions.
