Current Trends and Future Growth of Marine Propeller Market
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.
Portland, OR -- (SBWire) -- 09/27/2017 --Global marine propeller market is expected to reach $5,352 million by 2022, growing at a CAGR of 4.3% from 2016 to 2022. Marine propellers operate from the rear side of the ships, and generate the desired thrust to propel the movement across the water bodies.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.
Marine propeller plays a vital role in the operation of ships as it propels the movement of the ship or boat across the water using the power generated and transmitted by the main engine of the ship. Key players in the marine propeller market are focused to expand their business operations in the emerging countries with new product launches as a preferred strategy.
Asia-Pacific accounted for majority of revenue in 2015, and is expected to maintain its dominance, followed by Europe and North America. This is attributed to the rise in shipbuilding industry of South Korea and China.
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%.
Market Players in the Value Chain
* Rolls-Royce plc
* MAN Diesel & Turbo
* Hyundai Heavy Industries Co., Ltd
* MITSUBISHI HEAVY INDUSTRIES, LTD.
* 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
* Teignbridge Propellers International Limited
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