Marine Propeller Market worth $5.94 BN by 2020, According to a New Study on ASDReports
According to a new market research, now available on ASDReports, "Marine Propellers Market by Number of Blades (3, 4, 5), Type (Controllable Pitch Propeller and Fixed Pitch Propeller), Application (Ship-Defense and Merchant, Boat-Inboard Engine and Outboard Engine, Underwater Vehicles-Submarine and Unmanned), Material (Aluminum, Bronze and Stainless Steel) - Global Forecasts, Trends & Analysis to 2014 - 2020", The marine propeller market is estimated to be valued $3.67 Billion by the end of 2015 and is projected grow $5.94 Billion by 2020 at a CAGR of 10.07%. The key challenge faced by the marine propeller market is that the life cycle of a propeller is fairly high and hence replacement occurs after considerable amount of time.
APAC accounts a significant share in the marine propeller market. Europe is projected to witness a strong growth due to the increase in trade and services in countries such as Germany, Turkey, and U.K. Technological advancements in the marine propeller market are estimated to increase the demand, hence driving the marine propeller market by 2020.
Marine Propeller Market- Global Forecasts, Trends & Analysis (2014-2020)
The heavy weights of the propellers have significantly reduced the demand for certain propellers made with aluminum or bronze. The increase in new ship building is expected to contribute to the growth of this market, globally.
The market is segmented on the basis of the number of blades, type, application, and by materials. The competitive landscape includes an analysis of the market share of the leading companies in the marine propeller market. The report includes analyses of the impact of the main drivers and restraints country-wise, and region-wise to give better insight into the marine propeller market. Industry and market trends have also been highlighted, which would provide competitive market intelligence to utilize business opportunities.
The analysis of key players includes companies such as Hyundai Heavy Industries Co. Ltd (South Korea), Rolls-Royce Holdings (U.K.), Mitsubishi Heavy Industries, Ltd. (Japan), Man Se Corporation (Germany), and Caterpillar Inc. (U.S).
Source : ASDReports - Market Research - view original press release