Portland, OR -- (SBWIRE) -- 07/06/2018 -- As of 2015, penetration of controllable pitch propeller is higher as compared to others propeller types, owing to its advantages such as, high propulsion efficiency, no need of reversible engine, and significant NVH performance. The distinctive manufacturing technique of marine propellers, with lightweight materials such as composites & alloys of carbon, steel, and magnesium make them an outstanding alternative to conventional steel or aluminum propellers.
Marine Propeller Market is growing at a CAGR of 4.3% from 2016 to 2022. Controllable pitch propeller segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 53% in 2015 and is anticipated to maintain this trend.
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Propeller type segment is divided into controllable pitch propeller, fixed pitch propeller, and others (adjusted bolted propeller, and ducted propeller). In 2015, controllable pitch propeller accounted for the largest revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to higher propulsion efficiency, better maneuverability, and less wear & tear of blades as compared to others. Additionally, controllable pitch propeller segment is anticipated to witness highest growth rate among others, during the forecast period.
By ship type, the market is categorized into cargo or container ship, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). In 2015, cargo or container ship accounted for the largest market share due to rise in international seaborne trade of non-bulk cargo, such as vehicles, food products and electronic items. Bulk carrier segment is anticipated to show highest growth rate among ship types, owing to rise in demand of resources such as ore, coal, grains, and other similar products (unpacked).
Key findings of the Marine Propeller Market:
In 2015, controllable pitch propeller led the overall marine propeller market, and is projected to grow at a CAGR of 5.1% during the forecast period. Cargo or container ship segment led the overall market in 2015, and is estimated to grow at a CAGR of 3.1% during (2016-2022). Bulk carrier segment is expected to grow at a remarkable CAGR of 5.6% during (2016-2022). Asia-Pacific accounted for the largest market share in 2015, and is anticipated to grow at a CAGR of 5.0%.
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Key Players of the Marine Propeller Market:
Key players in the Marine Propeller Market are Rolls-Royce plc, Wrtsil, MAN Diesel & Turbo, Hyundai Heavy Industries Co. Ltd, MITSUBISHI HEAVY INDUSTRIES, LTD., SCHOTTEL, Mecklenburger Metallguss GmbH, VEEM LTD., SCHAFFRAN PROPELLER + SERVICE GMBH, NAKASHIMA PROPELLER Co., Ltd., Caterpillar Inc., Kawasaki Heavy Industries Ltd., Changzhou Chonghai Marine Propeller Co. Ltd and Teignbridge Propellers International Limited.