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MarketsandMarkets, a leading competitive intelligence and market research firm, has released new market research into the marine propellers market, predicting the market to be worth $5.94 billion by 2020.
According to the new publication, ‘Marine Propellers Market… Global Forecasts, Trends and Analysis 2014 – 2020’, by MarketsandMarkets, the marine propeller market is estimated to be valued at $3.67 billion by the end of 2015, and is projected to grow to $5.94 billion by 2020 at a compound annual growth rate (CAGR) of 10.07%.
The study, entitled in full as "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", states that the key challenge faced by the marine propeller market is that the life cycle of the part is fairly high, therefore the need for replacement occurs only after a considerable amount of time.
The publication also reveals that Europe is projected to witness a strong growth of the market due to the increase in trade and services in countries such as Germany, Turkey and the United Kingdom. Technical advancements in the sector are however estimated to increase demand, hence driving the market by 2020.
It also suggested that the heavy mass of propellers has significantly reduced the demand for certain propellers made with aluminium or bronze, but the overall increase in new shipbuilding is expected to contribute to the growth of this market globally.
Within the report, the market is segmented on the basis of the number of blades, types, applications and by materials.
The competitive landscape includes an analysis of the market share of the leading companies in the marine propeller market, such as APAC who hold a significant share of the secot, and also includes analysis of the impact of the main drivers and restraints country-wise, and region-wise to give more insight into the market.
Industry and market trends have also been highlighted, which would provide competitive market intelligence to utilse business opportunities.
For more information, or to read the report in full, visit MarketsandMarkets.
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