Harnessing Emerging Business Opportunities through Marine Propeller Market
Propellers are rotating fan like structures that are used to propel the ship. This is done by using the power generated and transferred by the engine. Propellers comprise of rotating blades which produces thrust. The more the number of blades, the more is the speed of the ship. However, one of the major concerns with increased number of blades in the vibration caused by them. The global marine propeller market is expected to witness substantial growth over the forecast period.
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The global marine propeller market is driven by increasing demand for ships across the globe. The government initiatives to increase seaborne trade in developing countries and advancement in technology are anticipated to boost the global marine propeller market over the forecast period. In addition to this, the increased naval fleet size and growth in the use of inland waterways is expected to augment the demand for marine propeller over the forecast period. The increased marine tourism is also expected to boost the demand for marine propellers in the near future. High investments cost is expected to hamper the growth of marine propeller market in the recent years. One of the important trends in the marine propeller is the designing of marine propulsion system so as to decrease its fuel intake. This is due to the increased demand for the use of sustainability. Rising navy budgets globally is expected to bring in new opportunities for major players in this market.
The marine propeller market is bifurcated on the basis of propeller type, blade types, material type, and application. The market is segmented by propeller type as controllable pitch propeller, ducted propellers, and fixed pitch propeller. The global marine propeller market is segmented on the basis of blade types as three blade marine propeller, four blade marine propeller, five blade marine propeller and others. The global marine propeller market is bifurcated based on material type as a bronze marine propeller, aluminum marine propeller, and stainless steel marine propeller. Based on application, the global marine propeller market is segmented as defense and merchant ships, and boats including recreational boats, tug boats, and submarines.
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The market for the marine propeller is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and Middle East. Asia Pacific dominated the marine propeller market in the current year because of the rapid advancement and increased demand for ships in this region. North America and Europe are also expected to contribute a significant share in the global marine propeller market. Middle East is projected to witness moderate growth in the global marine propeller market.
Some key players in the marine propeller market include Hyundai Heavy Industries Co. Ltd, Mecklenburger Metallguss GmbH., Rolls-Royce Holdings, Schottel Group, Mitsubishi Heavy Industries, Ltd., Wartsila OYJ ABP, Man Se Corporation, Veem Ltd. and Caterpillar Inc. The major players in global marine propeller market are largely focused on product launch and acquisitions with the local players. These companies have adopted this strategy in order to increase their geographical presence across the globe. These companies have adopted the strategy in order to strengthen their product portfolio and market reach worldwide.
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