Marine Propeller Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 09/28/2017 -- A propeller contains rotating blades and produce thrust through these rotating blades. A marine propeller is made up of sections of helicoidal surfaces which act together \'screwing\' through the water. The number of blades in propeller decides the speed of ship. The more the blades present in the propeller the more is the speed. However, the decisions concerning number of blades in the propeller are influenced to a great extent by the need to minimize the vibration caused in the propeller. The demand for marine propeller market has been growing substantially and is expected to witness a double-digit CAGR during the forecast period 2015 – 2023.
Global marine propeller market can be segmented on the basis of type, application, material used, and geography. On the basis of type, the marine propeller market can be categorized as controllable pitch propeller and fixed pitch propeller. A controllable pitch propeller works efficiently for full range of rotational speed and fan rotation. Controllable pitch propeller requires less maintenance while the fixed pitch propeller requires more maintenance. In addition, the marine propeller market can be segmented based on the type of materials used the marine propeller market can be categorized into aluminum marine propeller, bronze marine propeller and stainless steel marine propeller. Furthermore, on the basis of applications, the marine propeller market can be categorized into defense and merchant ships, and boats including tug boats, recreational boats, and submarines. Furthermore, on the basis of geography the marine propeller market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Over the years, the marine propulsion systems have undergone major technological advancements to deliver more efficient output by reducing the consumption of diesel and other non-renewable energy sources. Technologically advanced hybrid marine propulsion systems are increasingly used to save fuel consumption. These include solar panels, Lithium batteries and wind power propulsion systems. Investments in R&D have been made so that fuel efficient propulsion systems and propellers can be installed in a mass scale in the near future. Delivering compatible propellers to suit hybrid technology is expected to be a key opportunity area during the forecast period in the global marine propeller market.
Asia Pacific is one of the leading regions in the global marine propeller systems market. Large scale production and considerable demand from countries such as China is stimulating the growth of the marine propeller market in the APAC region. Furthermore, the R&D programs and initiatives for advancements of technology are adding to the growth of the marine propeller market across the globe. Trade liberalization, especially in Asia Pacific countries has propelled the demand for exports through container ships, which, in turn has had positive impact on the demand for marine propellers in the region.
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Some of the key players in the global marine propeller market include Hyundai Heavy Industries Co. Ltd (South Korea), Rolls-Royce Holdings (U.K.), Mitsubishi Heavy Industries, Ltd. (Japan), Man Se Corporation (Germany), and Caterpillar Inc. (U.S) among others.