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(IT-NEWSWIRE.COM, March 18, 2020 ) The marine propeller market size 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. The growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism are key factors anticipated to drive the market. Increased seaborne trade worldwide has pushed the demand for merchant Ships, subsequently marine propellers. The increase in shipbuilding capacity in countries, such as China, Japan, and South Korea, is anticipated to drive the growth of the market in the Asia Pacific region.
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Driver: Growth in international seaborne trade
Maritime transport is considered the backbone of international trade. According to data published by the International Chamber of Shipping (UK), approximately 90% of the global volume of merchandise trade is being carried by sea as transport of goods and raw material through this channel is much cheaper than rail and road transport.
Countries in the Asia Pacific region have become leading providers of manufactured goods. The demand for container ships is significantly high in this region, owing to an increase in the export of goods. Most shipbuilding companies, including manufacturers of propulsion systems and propellers, are located in the Asia Pacific region. Thus, the demand for maritime transport services and the growth of the shipping industry in Asia Pacific have contributed to the increased demand for marine propellers in this region.
Asia Anticipated to be a Leading Revenue Contributor to the Marine Propeller Market
Asia is projected to lead the marine propeller market from 2017 to 2022. The rise in demand for oil tankers and bulk carriers for import and export activities in Asia is expected to fuel the market in this region. The rise in maritime trade has subsequently increased the demand for ships that are used to transport manufactured goods to various regions. Hence, the increase in the number of ships has contributed to the growing demand for propulsion systems and propellers in this region.
Rolls-Royce Holdings Plc (UK), Wärtsilä Oyj Abp (Finland), Hyundai Heavy Industries Co., Ltd. (South Korea), MAN SE Corporation (Munich), and Caterpillar Inc. (US), among others, are some of the major players in the marine propeller market.
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