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The Increase Trade and Services has Resulted in new Ship Building which has Primarily Fueled up the Demand for the Marine Propellers.
The marine propellers market is estimated to be valued at $4.76 billion by the end of 2015 and is projected to grow at a CAGR of 3.65% up to $5.68 billion by 2020. The market is estimated to be driven by the increased demand for retrofitting, the rise in new ship building, and technological advancements. The procurement mainly occurs from the ship, boat, as well as from the submarine manufacturers.
The increase trade and services has resulted in new ship building which has primarily fueled up the demand for the marine propellers. Currently world shipping consumes around 200 million tonnes of diesel oil annually and is estimated that the world’s merchant vessels emit around the same amount or more of sulphur oxide as do the world’s cars, trucks and buses. Fuel savings can be achieved if we use hybrid power marine propulsion systems. These include solar panels, Lithium batteries and wind power propulsion systems. Investments in R&D have been made so that fuel efficient propulsion systems and propellers can be installed in a mass scale in the near future. APAC is currently the dominating market for the marine propellers. Rise in demand for fuel efficient ships have also increased to the demand for new propellers.
The probable ban on ducted propellers due to the increased amount of seal death in the oceans is expected to be a major restraining factor for the market. China, South Korea, Japan are projected to be the potential markets in the Asia-Pacific region; this is because of the major percentage of ship building in these countries.
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) are the key global players.
Marine Propellers Market by Number of Blades (3, 4, 5), by Type (Controllable Pitch Propeller and Fixed Pitch Propeller), by Application (Ship-Defense and Merchant, Boat-Inboard Engine and Outboard Engine, Underwater Vehicles-Submarine and Unmanned), by Material (Aluminum, Bronze and Stainless Steel) - Global Forecasts, Trends & Analysis to 2014 - 2020
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