Market Size of Passenger Vessel Propeller Industry
| 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.
