Marine Propeller Market to experience a healthy CAGR of 4.2%
February 17, 2020
Marine Propeller Market Overview:
Marine Propeller Market is likely to witness an impressive CAGR of 4.2% during the forecast period. Increased demand for marine propellers from the new shipbuilding & repair market, growth in international seaborne trade and maritime tourism are the major factors expected to bolster the global marine propeller market.
Report Overview:
This report, from Stratview Research, studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Marine Propeller Market Segment Insights:
Merchant ships segment: The growth engine
Based on the application type, the market is segmented as merchant ships, naval ships, recreational boats, and others. The merchant ships segment is expected to witness the highest growth during the forecast period. The growth of the segment can be attributed to the growing demand for imported goods. The International Chamber of Shipping (ICS) estimates, more than 50,000 merchant ships are engaged in transporting cargos internationally. In addition, as per the United Nations Conference on Trade and Development (UNCTAD), the Greek merchant fleet is considered to be the largest, globally encompassing 4,017 ships; it accounts for over 16% share of the world’s total tonnage.
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Dominance of: The 5-blade segment
Based on the number of blades type, the market is segmented as 3-blade, 4-blade, 5-blade, and others. The 5-blade segment is likely to register the highest growth during the forecast period, owing to the fact that 5-blade propellers offer improved propulsion efficiency and deliver lesser vibration as compared to 4-blade propellers.
A highly/moderately/fragment consolidated Market
Some of the major players in the marine propeller market are Brunswick, Caterpillar, Kawasaki Heavy Industries, Man SE, Nakashima Propeller, Rolls-Royce, Schottel, Volvo, and Wartsila.
Regional Hegemony of Europe
In terms of regions, the marine propeller market in Europe is estimated to witness the highest growth during the forecast period. The market is driven by the European shipbuilding industry, which is engaged in the construction of intricate naval vessels, such as ferries, cruise ships, mega yachts, dredgers (offshore vessels), and submarines. Further, the European marine equipment industry offers a plethora of products that comprise diesel engines, propulsion systems, cargo handling systems, environmental safety systems, and related electronics. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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