Northrook, IL -- (SBWire) -- 04/28/2020 --The marine propeller market size 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 market. Increased seaborne trade worldwide has pushed the demand for merchant Ships, subsequently marine propellers. The increase in shipbuilding capacity in countries, such as China, Japan, and South Korea, is anticipated to drive the growth of the market in the Asia Pacific region.
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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 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.
The marine propeller market in Asia Pacific is expected to witness the highest market size during the forecast period
The marine propeller market in Asia Pacific is projected to be highest in market size during the forecast period. The Asia pacific 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 Asia Pacific offers a wide range of products that include propulsion systems, diesel engines, environmental safety systems, cargo handling systems, and related electronics. The demand for marine propellers in the defense sector, especially the navy, is projected to increase, owing to the ongoing territorial conflicts among countries, such as China, the Philippines, North Korea, Japan, India, Vietnam, Pakistan, and Afghanistan.
The market in Europe is projected to grow at the fastest rate during the forecast period. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide. Thus, the rise in the number of ships has contributed to the growing demand for propulsion systems and propellers in this region.
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Key market players
Rolls-Royce (UK), Wartsila (Finland), Hyundai Heavy Industries (South Korea), MAN SE (Germany), Caterpillar (US), Kawasaki Heavy Industries, Brunswick, Volvo, Nakashima Propeller, and Schottel.
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Exponential Growth in Marine Propeller Market
Marine Propeller Market worth $5.4 billion by 2022 growing with a CAGR of 2.7%