The Latin America, Middle East and Africa Marine Propeller Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030).
Various sectors within the maritime industry, such as offshore oil and gas, fishing, and research vessels, have unique operational requirements. Adopting specialized marine propellers, including thrusters and pod propulsion systems, has become prevalent to address these specific needs. These solutions offer increased maneuverability, dynamic positioning capabilities, and operational efficiency. The maritime industry is gradually moving towards autonomous and unmanned vessels, influencing the adoption of marine propellers designed to meet the unique requirements of autonomous navigation. Autonomous vessel propulsion systems must prioritize reliability, redundancy, and precise control to ensure safe and efficient operations.
This improves overall performance, increases durability, and reduces maintenance requirements, making these propellers attractive to shipowners. The recreational boating industry has witnessed a surge in popularity, driven by increasing disposable incomes and a growing interest in leisure activities on the water. This has resulted in a higher demand for vessels equipped with efficient and high-performance marine propellers. Adopting innovative technology enhances the boating experience, attracting enthusiasts to invest in modern and technologically advanced watercraft.
As per the International Trade Administration (ITA), the United Arab Emirates is among the world's top ten oil producers in 2022. Approximately 96% of the nation's estimated 100 billion barrels of known oil reserves are in Abu Dhabi, ranked sixth globally. On average, 3.2 million barrels of liquid and petroleum products are produced daily in the UAE. Thus, due to these aspects, the marine propeller market will expand across the LAMEA region in upcoming years.
The Brazil market dominated the LAMEA Marine Propeller Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $229.8 Million by 2030. The Argentina market is showcasing a CAGR of 8.3% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 6.9% during (2023 - 2030).
Free Valuable Insights: The Worldwide Marine Propeller Market is Projected to reach USD 8 Billion by 2030, at a CAGR of 5.3%
Based on Sales Channel, the market is segmented into Aftermarket, and Original Equipment Manufacturer. Based on Material, the market is segmented into Stainless Steel, Aluminum, and Others. Based on Number of Blades, the market is segmented into 4 Blades, 3 Blades, 5 Blades, and Others. Based on Type, the market is segmented into Fixed Pitch Propeller (FPP), Controllable Pitch Propeller (CPP), and Others. Based on Application, the market is segmented into Merchant Ships, Naval Ships, Recreational Boats, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Sales Channel
By Material
By Number of Blades
By Type
By Application
By Country
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