Global Marine Propellers Market: Overview
A propeller has blades that are rotating to develop the thrust and move the object. A marine propeller is developed up of segments of helicoidal planes, which as a unit act on the water. The count of blades in propeller determines the speed of the object (ship). The speed is more if more blades are present. However, the number of blades is reduced to a great extent owing to the factor to reduce the vibration caused due to them.
Global Marine Propellers Market: Growth Factors
The global marine propellers market is likely to have a huge growth in coming future. Increased defense expenditure by the nations is the main reason that has driven the growth of the global market. Besides this, increased seaborne trade is also boosting the growth of the global marine propellers market. In addition, large merchant fleet size is also driving the global market growth. Similarly, increased job opportunities are also powering the growth of the global marine propellers market. Adding one more to the list, subsequently increased demand for merchant shipbuilding is also driving the global market growth.
On the other hand, high cost for maintenance is the main reason hampering the growth of global marine propellers market. A high cost of ownership is one of the reasons that are decreasing the growth of the global market. In addition to this, high cost for transportation for marine propellers is also one of the significant reasons that are restraining the growth of the global market. Lastly, high cost for raw materials is also one of the significant reasons that are restraining the growth of the global market.
Global Marine Propellers Market: Segmentation
Based on the types of the propeller, the global marine propellers market is mainly classified as controllable pitch propeller, fixed pitch propeller, ducted propeller, and others.
On the basis of a number of blades, the global market is divided into 3, 4, 5, and others.
Based on the ship type, the global market for marine propellers is segmented into merchant, naval, and others.
Based on the target audience, the global market is segmented into original equipment manufacturers, marine propeller manufacturers, component suppliers, raw material providers, ship, defense industry, defense vessels manufacturers, submarine, shipping industry, critical infrastructure, commercial ship manufacturers, and others.
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Global Marine Propellers Market: Regional Analysis
Regionally, the global market for marine propellers is significantly segmented into North America, the Middle East and Africa, Asia-Pacific, and Rest of the World. Increased seaborne trades are boosting the global market in North America. Increased defense expenditure by the nations such as India and China is lowering the global market in Asia Pacific. Large merchant fleet size will boost the global market in France and Germany.
Global Marine Propellers Market: Competitive Players
Key players in the global marine propellers market are Rolls-Royce Holdings, Hyundai Heavy Industries Co. Ltd., Man Se Corporation, Mitsubishi Heavy Industries, Ltd., and Caterpillar Inc.