Marine Propeller Market

Market Leader - Marine Propeller Market

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.

Related Reports:

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

Contact:
Mr. Rohan
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Report Code
AS 3314
Published ON
Nov, 2017
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Marine Propeller Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved