The marine propeller market is estimated to be USD 4.73 Billion in 2017 and is projected to reach USD 5.37 Billion by 2022, at a CAGR of 2.56% from 2017 to 2022. Asia was the largest market for propellers, followed by North America in 2016. The growth of the marine propeller market can be attributed to the growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism.
Key players operating in the marine propeller market include Caterpillar (US), Hyundai Heavy Industries (South Korea), MAN SE (Germany), Rolls-Royce (UK), and Wartsila (Finland). Major strategies adopted by leading players include contracts, agreements, new product launches/developments, expansions, and mergers & acquisitions. The strategy of contracts and agreements accounted for a major share of all developments adopted by leading market players from 2013 to 2017.
Hyundai Heavy Industries (South Korea), one of the key players in the marine propeller market, is engaged in the manufacture and sale of ships for commercial as well as military purposes. The company develops heavy industrial machinery, wind turbines, marine propellers and thrusters, and electrical components for engines and powertrains. It focuses on investing in the development of propulsion systems and propellers, primarily designed for drillships, LNG carriers, LNG FRSUs, FLINGs, and LPG carriers. As a part of its key growth strategy, the company is involved in the development of energy-efficient and eco-friendly propulsion systems. For instance, in 2015, the company launched a new energy-saving propeller attachment, Hi-FIN, which is capable of reducing fuel consumption by up to 2.5%. This new product launch strategy has helped the company enhance its competitive position in the marine propeller market.
Rolls-Royce (UK), another prominent player in the marine propeller market, offers integrated power solutions to aerospace, marine, industrial, and power systems markets. The company operates through 5 business divisions; it provides marine propellers and related equipment through its marine segment. Rolls-Royce has a strong presence in the marine propeller market. In recent years, the company signed several contracts with key industry players to supply marine propellers. For instance, in 2015, the company signed a contract with Sanmar Shipyards (Turkey) to deliver 12 steerable propellers and azimuth thrusters. In addition, the company is also focused on investing in R&D activities to develop new products and technologies in the marine propeller market. For instance, in 2015, the company launched new permanent magnet azimuth thrusters with various benefits, such as improved fuel efficiency, reduced noise and vibration, and the ability to operate without the need of dry docking. Furthermore, the company has enhanced its presence in Southeast Asia, wherein the demand for marine propellers is significantly high.
Marine Propeller Market by Type (Propellers, Thrusters), Application (Merchant Ships, Naval Ships, Boats), Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze), End User, Propulsion, Number of Blades, Region - Global Forecast to 2022
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