SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Marine Propellers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: November 2021
Executive Pool: 1222
Companies: 70 - Players covered include AB Volvo; Brunswick Bowling Products, LLC; Caterpillar, Inc.; Hyundai Heavy Industries Co., Ltd.; Kawasaki Heavy Industries Ltd.; MAN SE; Nakashima Propeller Co., Ltd.; Rolls-Royce Holdings PLC; Schottel Gmbh; Wartsila Corporation and Others.
Coverage: All major geographies and key segments
Segments: Type (Propellers, Thrusters, Other Types); Application (Merchant Ships, Naval Ships, Recreational Boats, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Marine Propellers Market to Reach US$5.4 Billion by the Year 2026
A marine propeller is made of rotating blades that generate thrust and rotational power which is converted into linear thrust in the presence of a working fluid such as air or water. Propellers are integrated in naval vessels where they offer the benefits of increased operational efficiency of the ships, reduced cavitation and minimal maintenance. Marine propellers are equipped in merchant ships, boats and tug boats, submarines, recreational boats and defense vessels. Growth of global seaborne trade is one of the important growth drivers for the market for marine propellers. Increasing maritime tourism is also contributing to growth of the market for marine propellers. A major market growth driver has been the increasing naval ships procurement worldwide driven by increasing number of maritime issues. Technical advancements in propulsion systems as well as development of newer materials for manufacturing propeller blades have also been promoting market growth. Companies developing propeller technologies are currently investing in new technologies development. CFD (Computational Fluid Dynamics) techniques are being used for designing and testing propellers. Market growth for marine propellers would also be fueled by increased adoption of environment-friendly propulsion systems. Furthermore, going forward, electric propulsion technology is anticipated to gain much traction, eliminating clutches and gearboxes.
Amid the COVID-19 crisis, the global market for Marine Propellers estimated at US$4.5 Billion in the year 2020, is projected to reach a revised size of US$5.4 Billion by 2026, growing at a CAGR of 3.3% over the analysis period. Propellers, one of the segments analyzed in the report, is projected to grow at a 3.7% CAGR to reach US$3.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thrusters segment is readjusted to a revised 2.9% CAGR for the next 7-year period. This segment currently accounts for a 25.7% share of the global Marine Propellers market. Marine propellers are also categorized based on the number of blades as three-, four- and five-blade propellers, with the segment of five-blade witnessing the fastest growth currently as these propellers greatly improve efficiency of propulsion and result in lesser vibration for the vessel. Demand for 5-blade propellers is anticipated to increase due to increasing demand for coast guard, naval, merchant and recreational vessels. Major propeller manufacturers have also been increasingly adopting rim thruster technology, which is another important ongoing market trend. Rim thruster provides means for manufacturing lower-cost and lightweight propulsion systems.
The U.S. Market Size is estimated at $1 Billion in 2021, While China is Forecast to Reach $1.5 Billion by 2026
The Marine Propellers market in the U.S. is estimated at US$1 Billion in the year 2020. The country currently accounts for a 22.11% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.5 Billion in the year 2026 trailing a CAGR of 3.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.3% CAGR while Rest of European market (as defined in the study) will reach US$201.5 Million by the end of the analysis period. Strong demand growth is anticipated for marine propellers in the North American market led by a high number of naval ships procured every year in the US. Growth in Asia-Pacific region is led by increased procurements of naval ships by the defense segments of many countries and strong demand for container ships due to increased exports.
By Application, Merchant Ships Segment to Reach $1.9 Billion by 2026
Seaborne trade pushes sales of merchant ships and propellers are required during both building new vessels and for their repairs later on. In the global Other Types segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$1.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$391.4 Million by the year 2026. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.