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. Factors influencing the growth of the marine propeller market include growth in international seaborne trade, the rise in demand for recreational boats, and growth in maritime tourism.
The marine propeller market is led by a few major players that have a wide regional presence and established brand images. Leading players in the marine propeller market include Caterpillar (US), Hyundai Heavy Industries (South Korea), MAN SE (Germany), Rolls-Royce (UK), and Wartsila (Finland).
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The marine propeller market in Europe is projected to grow at the highest CAGR from 2017 to 2022. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the increased demand for marine propellers in this region. In addition, increasing investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies are additional factors driving the growth of the marine propeller market in Europe. Germany, the UK, Italy, and Norway are key countries considered for market analysis in the European region.
Based on application, the merchant ships segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. Merchant ships are primarily used 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 growing demand for cargo ships and passenger ships, worldwide, which, in turn, is driving the demand for marine propellers.
Based on number of blades, the 5-blade segment is expected to grow at the highest CAGR during the forecast period. 5-blade propellers offer improved propulsion efficiency and have less vibration as compared to 4-blade propellers. The growth of the 5-blade segment is primarily driven by the increasing use of 5-blade propellers with outboard, sterndrive, and inboard engines.
Based on material, the nickel-aluminum bronze segment of the marine propeller market is projected to grow at the highest CAGR during the forecast period. Nickel-aluminum bronze alloy is one of the key materials used for the development of marine propellers. This alloy contains up to 7% iron, 6-13% aluminum, and 7% nickel. Nickel is added to bronze-aluminum alloy for corrosion protection. Advantages associated with the use of nickel-aluminum bronze material include improved propeller efficiency and design, resistance to notch sensitivity, low maintenance, and reduced propeller costs.
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