With the stable rise in international seaborne trade across geographies, there will be an increase in demand for marine transportation, which in turn, will promote shipbuilding activities across the globe. This is a major factor likely to propel the demand for marine propellers during the forecast period. Furthermore, owing to the long life span of ships, there will be moderate replacement demands in the marine propeller market. The global sales of marine propellers is anticipated to grow at a relative moderate pace over the forecast period. When mapped over the product life cycle, it turns out that the global marine propeller market is presently in the phase of maturity and hence, low value growth is expected in this market in future. Furthermore, the market is significantly impacted by macro-economic fluctuations occurring across the globe. Marine propellers vary according to the type of ship and also depend on the load capacity of the ship. They are available with various configurations and in various material types, the selection of which primarily depends on end use and operating environment of the ship.
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.
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.
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