The report “Marine Propeller Market by Type (Propellers, Thrusters), Application (Merchant Ships, Naval Ships, Boats), Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze), End User, Propulsion, Number of Blades, Region – Global Forecast to 2022”, published by MarketsandMarkets™ , the market is estimated to be USD 4.73 Billion in 2017 and is projected to reach USD 5.37 Billion by 2022, at a CAGR of 2.56% from 2017 to 2022. The growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism are key factors anticipated to drive the marine propeller market.
Based on type, the propellers segment is projected to grow at the highest CAGR during the forecast period
Based on type, the propellers segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. The propeller is a fan-like structure that transmits power by converting rotational motion into thrust. Propellers are commonly used in naval vessels and are made of different alloys. Marine propellers help improve the efficiency of naval vessels, thereby resulting in minimal maintenance and reduced cavitation.
Based on application, the merchant ships segment is projected to grow at the highest CAGR during the forecast period
Based on application, the merchant ships segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the merchant ships segment can be attributed to the increasing demand for imported goods. According to the International Chamber of Shipping (ICS), more than 50,000 merchant ships are involved in transporting cargos internationally. Furthermore, according to the United Nations Conference on Trade and Development (UNCTAD), the Greek merchant fleet is the largest worldwide encompassing 4,017 ships; it accounts for over 16% of the world’s total tonnage.
Based on number of blades, the 5-blade segment is anticipated to witness the highest growth during the forecast period
Based on number of blades, the 5-blade segment of the marine propeller market is projected to grow at the highest CAGR during the forecast period. 5-blade propellers offer improved propulsion efficiency and have less vibration as compared to 4-blade propellers.
Based on end user, the OEM segment is projected to witness the highest growth during the forecast period
Based on end user, the OEM segment of the marine propeller market is projected to grow at the highest CAGR during the forecast period. Increased spending on shipbuilding activities by different regions worldwide is anticipated to drive the growth of the OEM segment of the marine propeller market. OEMs offer line-fit and retrofit options, thereby saving the time consumed in the installation of marine components post their delivery.
Based on propulsion, the sterndrive segment is projected to witness the highest growth during the forecast period
Based on propulsion, the sterndrive segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the sterndrive segment can be attributed to the increased demand for ships with sterndrive propulsion systems. These systems encompass an outboard unit that is attached to the inboard gas or diesel engine positioned at the rear of the boat.
The marine propeller market in Europe is expected to witness the highest growth during the forecast period
The marine propeller market in Europe is projected to grow at the highest CAGR from 2017 to 2022. The European shipbuilding industry is involved in the construction of complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels). Moreover, the marine equipment industry in Europe offers a wide range of products that include propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronics.
Major companies profiled in the marine propeller market report include Rolls-Royce (UK), Wartsila (Finland), Hyundai Heavy Industries (South Korea), MAN SE (Germany), and Caterpillar (US).
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Source: PR Newswire
