Marine Propeller Market Worth 5.37 Billion USD by 2022
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.
Browse 140 Market Data Tables and 55 Figures spread through 176 Pages and in-depth TOC on "Marine Propeller Market - Global Forecast to 2022"
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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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.
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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).
Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: newsletter@marketsandmarkets.com
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