Marine propeller is a mechanical component used to move the ship or boat across the water using the power generated and transmitted by the main engine of the ship. Power generated by the engine is transferred to the propeller via propeller shaft, which may or may not be connected to a gearbox. Propeller is a rotating fan-like structure, which comprises of hubs and a number of blades, and create pulling power by moving water backward or creating a column of water behind it. A pressure difference is created between the forward and rear surface of the blades due to that water is accelerated behind the blade. The marine propeller market is expected to witness robust growth during the forecast period. This is mainly due to various ongoing government investments in the shipbuilding industry and inland waterways. Ships may integrate with one or more than one propeller, depending on the size (gross tonnage) of the ship.
Growth in shipbuilding industry mostly in countries such as China, Japan, and South Korea majorly fuels the marine propeller market. In addition, rise in demand for resources such as coal, ore, and iron that leads to growth in international seaborne trade drives the market growth. However, stringent environmental rules & regulations, huge capital investment required for setting up new manufacturing facilities, and volatile raw material prices hamper the market growth. Irrespective of these challenges, rise in usage of inland waterways is expected to create opportunities for the market growth. In addition, advancement in technology (production of light weight marine propeller by using light weight material such as alloys of nickel, aluminum, and bronze) is expected to unfold various opportunities for new products and boost the market growth.
The market is segmented based on propeller type, ship types, and geography. By propeller type the market is further divided into controllable pitch propeller, fixed pitch propeller, and others (adjusted bolted propeller and ducted propeller). By ship types, the market is categorized into cargo & container, tanker, bulk carrier, offshore vessel, passenger ship, and others (tugs and service ships). Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Prominent players profiled in the report include Rolls-Royce plc, Wärtsilä, MAN Diesel & Turbo, Hyundai Heavy Industries Co., Ltd, MITSUBISHI HEAVY INDUSTRIES, LTD., SCHOTTEL, Mecklenburger Metallguss GmbH, VEEM LTD., SCHAFFRAN PROPELLER + SERVICE GMBH, NAKASHIMA PROPELLER Co., Ltd., Caterpillar Inc., Kawasaki Heavy Industries, Ltd., Changzhou Chonghai Marine Propeller Co., Ltd, and Teignbridge Propellers International Limited.
KEY MARKET SEGMENTS OF MARINE PROPELLER MARKET
BY PROPELLER TYPE
BY SHIP TYPE
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