Marine Propeller Market
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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. This growth can be attributed to an increase in international seaborne trade, the rise in the demand for recreational boats, and growth in maritime tourism.
The report segments the marine propeller market based on type, application, and number of blades, propulsion, end user, material, and region. Based on application, the marine propeller market has been segmented into merchant ships, naval ships, recreational boats, and others. Based on end user, the market has been segmented into OEM and aftermarket. Based on propulsion, the marine propeller market has been categorized into inboard, outboard, sterndrive, and others. Based on number of blades, the market has been segmented into 3-blade, 4-blade, 5-blade, and others, whereas, based on type, the market has been segmented into propellers, thrusters, and others. Based on material, the marine propeller market has been segmented into stainless steel, aluminum, bronze, nickel-aluminum bronze, and others.
The merchant ships segment is the largest application segment of the marine propeller market. The growth of the merchant ships segment can be attributed to the increasing use of merchant ships for commercial transportation. The merchant ships segment has been further categorized into cargo ships and passenger ships. Increase in trading activities and growth in maritime tourism has led to the rising demand for cargo ships and passenger ships, worldwide, which, in turn, is driving the demand for marine propellers.
Leading players in the marine propeller market include Caterpillar (US), Hyundai Heavy Industries (South Korea), MAN SE (Germany), Rolls-Royce (UK), and Wartsila (Finland), among others.