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", The marine propeller 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.
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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.
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