Marine Propeller Market Overview:
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. The marine propeller market is expected to witness robust growth during the forecast period owing to various ongoing government investments in shipbuilding industry and inland waterways. Ships are integrated with one or more than one propeller, depending on their size (gross tonnage). Alloys of metals such as nickel, aluminum, bronze, and manganese, are widely used for production of propeller because of their superior properties such as high strength and corrosion resistance.
The market segmentation is based on propeller types, ship types, and geography. The propeller type segment is divided into fixed pitch propeller, controllable pitch propeller, and others (adjustable bolted propeller, and ducted propeller). By ship types, the market is categorized into cargo & container, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs & service ships). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Marine propeller market is driven by the factors such as growth in international seaborne trade, maritime tourism and significant growth in shipbuilding industry. However, factors such as volatile prices of raw materials and huge capital investment require for setting up new facility are hindering the market growth. Moreover, technological innovations in marine propulsion systems, such as light weight marine propeller and rise in usage of inland waterways is expected to unfold various opportunities for the market growth. The main challenges for marine propeller OEMs are to overcome the problems such as vibration, cavitation, tip erosion, and excessive fuel consumption.
Controllable Pitch Propeller Segment Leads the Marine Propeller Market
Controllable pitch propeller is the most common propeller specially used for heavy loads ships such as cargo or container ships, bulk carrier, and tanker. Moreover, controllable pitch propeller led the overall market, accounting for 55% in 2015. This is attributed to its benefits such as high higher propulsion efficiency, better maneuverability, less wear & tear of blades, and significant NVH performance as compared to others.
Asia-Pacific Most Lucrative Market
Asia-Pacific is the most lucrative marine propeller market, owing to increase in shipbuilding industries in China & South Korea and growth in number of joint ventures with international brands. Moreover, rise in seaborne trade of crude oil mostly from Middle East countries to Asia-Pacific is another factor that drives the Asia-Pacific marine propeller market.
- The report includes an extensive analysis of the factors that drive as well as restrain the global marine propeller market.
- The factors affecting growth along with market projections from 2014 to 2022 are included.
- The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the situations that prevail in the market.
- An in-depth analysis of key segments demonstrates stakeholders with different types of ships and different propellers.
- Competitive intelligence highlights the business practices followed by leading market players across various geographies.
Marine Propeller Market Key Segments
By Propeller Type
- Controllable Pitch Propeller
- Fixed Pitch Propeller
- Others (Adjusted Bolted Propeller, and Ducted Propeller)
By Ship Type
- Cargo or Container Ship
- Bulk Carrier
- Offshore Vessel
- Passenger Ship
- Others (Tugs & Service Ships)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
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