The Report "Marine Propeller Market by Type (Propellers, Thrusters), Application (Merchant Ships, Naval Ships, Boats), Material (Stainless Steel, Aluminum, Bronze, Nickel-Aluminum Bronze), End User, Propulsion, Number of Blades, Region - Global Forecast to 2022", the growing demand for marine propellers from the new shipbuilding & repair market and growth in international seaborne trade and maritime tourism are some of the key factors expected to drive the marine propeller market. The market is projected to reach USD 5.4 billion by 2022, at a CAGR of 2.7% from 2017 to 2022.
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With the ongoing technological advancements, there is an increase in the adoption of highly advanced and energy-efficient marine propulsion systems that offer excellent performance with minimum fuel consumption. The decline in fuel consumption will reduce the cost associated with seaborne trade, which will further drive the seaborne trade.
The adoption of thrusters is projected to remain high during the forecast period for efficient maneuverability and docking of ships. Marine thrusters are used primarily in tugboats, yachts, barges, boats, and Autonomous Underwater Vehicles (AUVs). The increasing number of marine vehicles is expected to drive the growth of the segment. Some of the leading manufacturers of thrusters are Rolls-Royce, Hyundai Heavy Industries, and Caterpillar.
The merchant ships application segment is anticipated to lead the marine propeller market during the forecast period. The increasing demand for passenger and cargo ships is expected to drive the growth of the merchant ships segment. Merchant ships are used majorly for commercial transportation. These ships vary in sizes - from long diving boats (6 meters long) to long ultra large crude carriers (415 meters long). These carriers are used to transport crude oil and goods across oceans; they are also known as tankers, containers, or bulk carriers.
Nickel-aluminum bronze alloy is one of the key materials used to manufacture ship propellers. This alloy comprises up to 7% iron, 6-13% aluminum, and 7% nickel. The use of this material provides resistance to notch sensitivity and increases the efficiency of propellers. Kruger & Sons is one of the key manufacturers of nickel-aluminum bronze propellers.
By end-user, the OEM segment of the marine propeller market is projected to outpace the aftermarket segment during the forecast period. Increase in spending on shipbuilding activities by different regions is one of the major factors expected to drive this segment. OEMs offer both line-fit and retrofit options, thereby saving the time required in the installation of marine components post their delivery.
Asia is projected to lead the marine propeller market from 2017 to 2022. The rise in demand for oil tankers and bulk carriers for import and export activities in Asia is expected to fuel the market in this region. The rise in maritime trade has subsequently increased the demand for ships that are used to transport manufactured goods to various regions. Hence, the increase in the number of ships has contributed to the growing demand for propulsion systems and propellers in this region.
Rolls-Royce Holdings Plc (UK), Wärtsilä Oyj Abp (Finland), Hyundai Heavy Industries Co., Ltd. (South Korea), MAN SE Corporation (Munich), and Caterpillar Inc. (US), among others, are some of the major players in the marine propeller market.
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