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Marine Propeller Market worth 5.06 Billion USD by 2020
The report "Marine Propellers Market by Number of Blades (3, 4, 5, Others), by Propeller Type (Controllable Pitch, Fixed Pitch, Ducted), by Application (Merchant, Naval, Others), by Material & by Geography - Global Forecasts to 2020", The marine propeller market is estimated to be valued USD 4.61 Billion by the end of 2015 and is projected grow USD 5.06 Billion by 2020, at a CAGR of 1.88%.
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Growth in the international seaborne trade is expected to drive the marine propeller market in the coming years. Despite the moderate trade GDP growth in the recent years, the demand for maritime transport services and seaborne trade volumes continue to rise through global economic growth and the need to carry merchandise trade. Furthermore, the increase in demand for compatible propellers such as hybrid technology is also driving the global marine propeller market.
Controllable pitch propeller is expected to be the major contributor to the overall marine propeller market-
A controllable pitch propeller is known for its high efficiency and its blade bearing arrangement designed to avoid peak pressures and cavitation. According to a study, China has become the worlds largest shipbuilding country; foreign controllable pitch propeller enterprises entered Chinas market in succession. With the continuous development of Chinas ship industry and improvement in consumers awareness towards controllable pitch propellers, it is estimated that by 2017, the utilization ratio of the controllable pitch propeller will exceed 55%.
Naval ships segment is projected to grow the highest in the marine propeller market-
The naval marine propeller segment is expected to show the highest CAGR during the forecast period. Increased defense expenditure of countries like China and India is one of the prime reasons for their growth. Propellers with higher number of blades are mostly used in naval vessels. U.S., and Russia are the countries with the largest naval fleet propeller demand. The merchant fleet propeller is expected to have the largest share in the marine propeller market. Large merchant fleet size and increased seaborne trade is responsible for high market share. China, Japan, and South Korea are the countries with the largest merchant fleet marine propeller demand.
Asia-Pacific region to witness highest growth in marine propeller market during the forecast period
APAC is estimated to account for the largest share in the global marine propeller market by the end of 2015. China, South Korea, Japan are some regions estimated to be contributing to the increasing demand for marine propellers. Trade liberalization, especially in Asia-Pacific countries, has propelled the demand for exports through container ships, which, in turn, has had a positive impact on the demand for marine propellers in the region. Countries in Asia-Pacific such as China, India, Vietnam and Indonesia are forecast to witness the largest percentage of growth in the per capita GDP in the future due to rise in seaborne trade and subsequently increased demand for merchant shipbuilding.
Countries such as Brazil and South Africa are also proving to be emerging markets. Furthermore, R&D programs and initiatives for advancements in technology are adding to the growth of the marine propeller market across the globe.
Some of the major players in the 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.).
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