Global Marine Propellers Market by Types, Materials, Applications, and Regions— Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Marine Propellers Market is valued to reach USD 5.42 Billion by 2022, growing at CAGR of 3.2% over forecast period 2020–2026. Increased demand for marine propellers from new shipbuilding & repair market, surge in international seaborne trade, growing shipbuilding capacity and rise in maritime tourism are key factors driving the market.

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Global marine propeller market can be segmented on the basis of type, application, material used, and geography. On the basis of type, the marine propeller market can be categorized as controllable pitch propeller and fixed pitch propeller. A controllable pitch propeller works efficiently for full range of rotational speed and fan rotation. Controllable pitch propeller requires less maintenance while the fixed pitch propeller requires more maintenance. In addition, the marine propeller market can be segmented based on the type of materials used the marine propeller market can be categorized into aluminum marine propeller, bronze marine propeller and stainless steel marine propeller. Furthermore, on the basis of applications, the marine propeller market can be categorized into defense and merchant ships, and boats including tug boats, recreational boats, and submarines. Furthermore, on the basis of geography the marine propeller market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Dynamics:

Increase in marine transportation activities due to rising fright transportation, boom in the travel and tourism industry, and growth in marine activities such as fishing are propelling the market growth.
Rise in shipbuilding activities across the globe is boosting the demand for marine propellers.
Surge in the usage of ships has resulted in the rise in repairing activities worldwide, thus fuelling the demand for marine propellers.
Manufacturers are focusing on research & development to launch efficient and technologically advanced marine propellers. This is expected to create a significant opportunities in the market in the coming years.