Global Marine Propeller Market: Dynamics
In coming years, the big players operating in the marine propeller market will be focussing on bringing technological advancements in the existing products. Rise in water-based logistics is expected to boost shipbuilding activity, which in turn, will create demand for marine propellers over the forecast period. Growth in travel and leisure sector is another driver associated with the marine propeller market. Growth in demand for crude oil is also expected to be a driving force as crude oil is predominantly transported using marine transportation.
The repair and maintenance of components is expected to create future opportunities, particularly in heavy duty engines segment and is expected to leverage market growth. However, the global marine propeller market may be hampered by limited market size and low product replacement rate, especially in the heavy duty engine segment. Significant opportunities exist in the market for technological advancement of products so as to provide better performance and enhanced features.
Global Marine Propeller Market: Regional Outlook
Asia pacific is expected to remain the most lucrative market in the global marine propeller market. The market in Asia Pacific is being prominently driven by the demand from new shipbuilding activities. Asia Pacific marine propeller market is expected to witness high CAGR growth over the forecast period. In terms of production, North America, Europe and Asia Pacific are expected to hold over half of the market share over the forecast period. North America is expected to be a prominent market in terms of demand for marine propellers. Industrial sector is poised to be a major contributor to the market growth in regions such as Latin America and Middle East & Africa over the forecast period.
Global Marine Propeller Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Marine Propeller market are: MAN Diesel & Turbo, Caterpillar Inc., Rolls-Royce plc., Wärtsilä, Hyundai Heavy Industries Co., Ltd, SCHAFFRAN PROPELLER + SERVICE GMBH, Kawasaki Heavy Industries, Ltd., Mecklenburger Metallguss GmbH, SCHOTTEL, MITSUBISHI HEAVY INDUSTRIES, LTD.
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