Passenger Vessel Propeller Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.70 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Passenger Vessel Propeller Market Analysis
The Passenger Vessel Propeller Market is expected to register a CAGR of over 5.7% during the forecast period.
During COVID-19, the tourism industry witnessed a major setback. The restriction on international travel and domestic travel in some countries hampered the global economy. Travel restrictions constricted leisure travel and reduced tourist influx to various tourist destinations. However, the market is in a stable position now.
With growing technologies and innovations in the shipbuilding industry, the advent of highly advanced and energy-efficient marine propulsion systems has resulted in maximum output with minimum fuel consumption. Thus, the design, material, and operating efficiency are the major areas the buyers are concerned about.
Asia-Pacific continues to lead the market owing to its high shipbuilding and tourist activities, especially in China and South Korea. An increase in the usage of ships is expected to lead to a growing passenger vessel propeller market in the coming years.
An increase in tourist traffic in different regions across the world, the growing shipbuilding and repair market and increasing maritime tourism are some of the primary factors driving the market growth.
Passenger Vessel Propeller Market Trends
This section covers the major market trends shaping the Passenger Vessel Propeller Market according to our research experts:
Fixed Pitch Propeller Continues to Witness Growth
Fixed-pitch propeller blades are permanently attached to the hub. The fixed pitch type propellers are generally cast, and hence the position of the pitch is permanently fixed and cannot be changed during the operation. These have been normally made from copper alloy.
Fixed pitch propellers have been identified as robust and reliable as the system does not incorporate any mechanical and hydraulic connection as in controlled pitch propellers. Other benefits, such as manufacturing, installation, and operational costs, are lower than the controlled pitch propeller type. Due to the above benefits, the fixed-pitch propeller is witnessing growth in the propeller market.
However, the flexibility of fixed-pitch propellers has not been as good as controlled-pitch propellers. These types of propellers are fitted in a ship that does not have good flexibility requirements. For instance, in January 2022, Hundested Propeller became the supplier of propulsion equipment and tunnel thrusters to Disko Line's new 38m hybrid passenger ferry in build at Asses Skibsvarft.
Asia-Pacific is Likely to Lead the Market
Asia-Pacific continues to dominate the passenger vessels propeller market, owing to an increase in shipbuilding industries in China and South Korea and growth in several joint ventures with international brands.
In recent years, China's shipbuilding industry has been rapidly strengthening. Compared with the world-class shipbuilding powerhouses, however, China's research and manufacturing capabilities in the field of high-tech and high-value-added ships have been noticed as insufficient, while the industry has excess manufacturing capacity. Thus, the companies in the country have been focusing on merging plans to operate as a big unit in order to capture the potential demand in the marine industry. Asia-Pacific countries have large water countries and more small islands, and to move the passenger from the islands, passenger ships are necessary.
In March 2021, Cochin Shipyard Ltd delivered MV Sindhu,' a 500 pax passenger cum 150 MT Cargo Vessel built indigenously for Andaman and Nicobar.
In July 2022, the public sector Cochin Shipyard Limited (CSL) delivered a 'Nalanda' vessel with the capacity to carry 500 passengers to the Andaman and Nicobar Administration. Nalanda has a length of 100 meters, a beam of 17 meters, a draught of 4.3 meters, and a speed of 16 knots, and it can have 500 passengers and 150 tonnes of vehicles and other freight.
Considering the increase in the ship manufacturing industry and the above instances, the Passenger Vessel Propeller Market is expected to grow in the coming year.
Passenger Vessel Propeller Industry Overview
The Passenger Vessel Propeller Market is moderately fragmented. Some of the major players in the marine propeller market include Mecklenburger Metallguss GmbH (MMG), Wärtsilä Oyj Abp, MAN Energy Solutions, Hyundai Heavy Industries Co. Ltd, SCHOTTEL, Nakashima Propeller Co. Ltd, Schottel Group, VEEM Ltd, and Kawasaki Heavy Industries Ltd. Owing to the increased tourist inclination toward leisure travel, cruise liners along with leisure boating companies have been investing in expanding their service routes across different water bodies, creating market growth opportunities and greater competitive rivalry.
Passenger Vessel Propeller Market Leaders
Mecklenburger Metallguss GmbH
Wärtsilä Oyj Abp
MAN Energy Solutions SE
Hyundai Heavy Industries Co.,
Schottel
*Disclaimer: Major Players sorted in no particular order
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Passenger Vessel Propeller Market News
- Sept 2022: Artemis Technologies unveiled the world's most advanced 100% electric passenger ferry. With a top speed of 38 knots and a foiling range of 115 nautical miles at 25 knots, these vessels will transform the global passenger ferry market as the companies race toward decarbonization.
- Jul 2022: The world's largest ro-ro passenger ship completed its trial voyage in Guangzhou, south China's Guangdong province, and is expected to be delivered for use by the end of 2022.
Passenger Vessel Propeller Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Propeller Type
5.1.1 Fixed Pitch Propeller
5.1.2 Controllable Pitch Propeller
5.1.3 Other Propeller Types
5.2 By Number of Blades
5.2.1 3 Blades
5.2.2 4 Blades
5.2.3 5 Blades
5.2.4 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Mecklenburger Metallguss GmbH
6.2.2 Wärtsilä Oyj Abp
6.2.3 MAN Energy Solutions SE
6.2.4 Hyundai Heavy Industries Co.
6.2.5 Schottel
6.2.6 Nakashima Propeller Co. Ltd
6.2.7 VEEM Ltd
6.2.8 Kawasaki Heavy Industries Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Passenger Vessel Propeller Industry Segmentation
A vessel propeller contains rotating blades and produces thrust through these rotating blades. It is made up of sections of helicoidal surfaces acting together to rotate through the water with a screw effect. The number of blades in the propeller decides the speed of the ship. The more blades present in the propeller, the higher the speed. However, the decisions concerning the number of blades in the marine propeller are influenced to a great extent by the need to minimize the vibration caused by the propeller.
The Passenger Vessel Propeller market has been segmented by Propeller Type, Number of Blades, and Geography. By Propeller Type, the market is segmented into Fixed Pitch Propellers, Controllable Pitch Propellers, and Other Propeller Types. By Number of Blades, the market is segmented into 3 Blades, 4 Blades, 5 Blades, and Others. By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
| By Propeller Type | |
| Fixed Pitch Propeller | |
| Controllable Pitch Propeller | |
| Other Propeller Types |
| By Number of Blades | |
| 3 Blades | |
| 4 Blades | |
| 5 Blades | |
| Others |
| Geography | ||||||||
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Passenger Vessel Propeller Market Research FAQs
What is the current Passenger Vessel Propeller Market size?
The Passenger Vessel Propeller Market is projected to register a CAGR of greater than 5.70% during the forecast period (2024-2029)
Who are the key players in Passenger Vessel Propeller Market?
Mecklenburger Metallguss GmbH, Wärtsilä Oyj Abp, MAN Energy Solutions SE, Hyundai Heavy Industries Co., and Schottel are the major companies operating in the Passenger Vessel Propeller Market.
Which is the fastest growing region in Passenger Vessel Propeller Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Passenger Vessel Propeller Market?
In 2024, the Asia-Pacific accounts for the largest market share in Passenger Vessel Propeller Market.
What years does this Passenger Vessel Propeller Market cover?
The report covers the Passenger Vessel Propeller Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Passenger Vessel Propeller Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Passenger Vessel Propeller Industry Report
Statistics for the 2024 Passenger Vessel Propeller market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Passenger Vessel Propeller analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
