Global Marine Propeller Market: Introduction
A stable expansion in global seaborne trade will lead to a rise in the need for marine transportation, which will encourage shipbuilding operations all over the world. During the projection period, this is a significant element that is projected to drive up demand for marine propellers. Additionally, the market for marine propellers will see only modest replacement demand due to the long lifespan of ships.
Over the forecast period, it is predicted that global sales of marine propellers would increase at a rather moderate rate. The global market for marine propellers is currently in a mature stage, and as a result, low-value growth is anticipated in this market going forward. This is revealed when the market is mapped over the product life cycle.
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Additionally, global macroeconomic fluctuations have a big impact on the market. Depending on the type of ship and its load capacity, several marine propellers are used. They come in a variety of configurations and material types, and the choice of either one will largely rely on the ship’s intended usage and operating conditions.
Dynamics
In coming years, the big players operating in the marine propeller market will be focussing on bringing technological advancements in the existing products. Rise in water-based smart logistics is expected to boost shipbuilding activity, which in turn, will create demand for marine propellers over the forecast period. Growth in travel and leisure sector is another driver associated with the marine propeller market.
Growth in demand for crude oil is also expected to be a driving force as crude oil is predominantly transported using marine transportation. The repair and maintenance of components is expected to create future opportunities, particularly in heavy duty engines segment and is expected to leverage market growth.
However, the global marine propeller market may be hampered by limited market size and low product replacement rate, especially in the heavy duty engine segment. Significant opportunities exist in the market for technological advancement of products so as to provide better performance and enhanced features.
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Segmentation
Basis of material type
- Aluminium
- Steel
- Others (alloy of nickel, bronze, etc.)
Basis of product type
- Fixed pitch propeller
- Controllable pitch propeller
- Others
Basis of blade configuration
- 3 blade
- 4 blade
- 5 blade
Basis of engine type
- Light duty engines
- Medium duty engines
- Heavy duty engines
Basis of ship type
- Bulk Carrier
- Containerships
- Offshore Vessels
- Passenger Ships
- Others
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Regional Outlook
Asia pacific is expected to remain the most lucrative market in the global marine propeller market. The market in Asia Pacific is being prominently driven by the demand from new shipbuilding activities. Asia Pacific marine propeller market is expected to witness high CAGR growth over the forecast period.
In terms of production, North America, Europe and Asia Pacific are expected to hold over half of the market share over the forecast period. North America is expected to be a prominent market in terms of demand for marine propellers. Industrial sector is poised to be a major contributor to the market growth in regions such as Latin America and Middle East & Africa over the forecast period.
Market Participants
- MAN Diesel & Turbo
- Caterpillar Inc.
- Rolls-Royce plc.
- Wärtsilä
- Hyundai Heavy Industries Co., Ltd
- SCHAFFRAN PROPELLER + SERVICE GMBH
- Kawasaki Heavy Industries, Ltd.
- Mecklenburger Metallguss GmbH
- SCHOTTEL
- MITSUBISHI HEAVY INDUSTRIES, LTD.
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Regional analysis
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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