Global Marine Propeller Market size is projected to be valued $7 Billion by 2025; with a CAGR of 3% from 2017 to 2025. Marine propellers are the standard propulsion mechanism for surface ships and underwater vehicles. A propeller is a rotating fan-like structure which is designed to produce an adequate thrust to propel a vessel at a required speed with some care taken in ensuring some reasonable propulsive efficiency. The angle of a propeller's blades and its overall shape and size affect the thrust and so does the speed of the engine.
Growth in international seaborne trade and ongoing global investments by government in the shipbuilding industry and inland waterways are the primary factors to drive the growth of the global marine propeller market. Moreover, increasing navy budgets worldwide and technical advancement in marine propulsion system is expected to generate lucrative growth opportunities for the market in the forecast timeframe.
Material, type, number of plates, propulsion, application, end-user, and geography are the segments of the global marine propeller market. The material segment is sub-segmented into stainless steel, aluminium, bronze, nickel-aluminium bronze, and other materials. By type, the segmentation is given as propellers, thrusters, and other types. 3-blades, 4-blades, 5-blades, and others number of blades are the bifurcation of number of blades. Propulsion is categorized into inboard, outboard, sterndrive, and other propulsions. Merchant ships, naval ships, recreational boats, and other applications are covered under application segment. Furthermore, OEM and aftermarket are included into end-user segment.
On the basis of geography, global marine propeller market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico whereas Europe segment consists of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, the Middle East, and Africa.
Major companies operating in the global marine propellermarket areMitsubishi Heavy Industries, Ltd., Rolls-Royce plc, MAN Diesel & Turbo, Caterpillar Inc., Hyundai Heavy Industries Co., Ltd., Changzhou Chonghai Marine Propeller Co., Ltd, MecklenburgerMetallgussGmbH, Nakashima Propeller Co., Ltd., Kawasaki Heavy Industries, Ltd., and Teignbridge Propellers International Limited, others.
The key takeaways from the report
Scope of the Global Marine Propeller Market