Market Research Report
China Controllable Pitch Marine Propeller Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
|China Controllable Pitch Marine Propeller Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)|
Published: April 28, 2022
Mordor Intelligence Pvt Ltd
Content info: 70 Pages
Delivery time: 2-3 business days
The China controllable pitch marine propeller market was valued at USD 415.97 million in 2021 and is expected to reach USD 607.21 million in 2027 by registering a CAGR of 5.93% during the forecast period (2022 - 2027).
In 2020, the COVID-19 pandemic hindered the growth of the controllable pitch marine propeller market in China as the shipbuilding activities were on halt due to lockdown measures and a halt in international maritime transportation. However, since second half of 2020, as the international logistics activites started to become normal, the demand for ships and vessels witnessed an increase, driving the demand for marine propellers.
With that, the global logistic industry is gaining back its pace which will increase marine transportation, for it is a relatively budget-friendly way to transport goods and parcels. Alongside, maritime tourism is also on the rise which will further drive the demand for various ships.
As China is the world's largest shipbuilder, the China Controllable Pitch Marine Propeller Market is anticipated to witness significant growth during the forecasted period. For instance, in 2021, China accounted for 43.1% global share in number of orders delivered, and 48.8% of the global orders.
The market for Controllable Pitch Marine Propeller market in China is fairly consolidated and some of these major players include, Wartsila Oyj Abp, UC Marine (China) Company Limited, MAN Energy Solutions SE, and Hyundai.
The shipping or logistics industry is considered the backbone of the global economy as it accounts for a large shjare of the godds transported across the world. In the logistics industry, seaways are the relatively budget-friendly mode of transporting parcels and goods.Growth in the maritime logistics is likely to drive the demand for new ships, which in turn will drive the demand for controllable pitch propellers.
Over the years the number of goods transported via seaways has increased and over 90% of the global trade is carried out by maritime transportation. The trade volumes are expected to triple by 2050. For instance, in 2019, 11,071 million metric tons of loaded freight was transported through seaways. Despite worldwide lockdowns, the number fell by just 3%. The trade volume is expected to increase during the forecasted period.
As China is the leading shipbuilding industry across the globe the demand for controllable pitch marine propellers is anticipated to witness growth. The country has total of 1,200 registered shipyards that produce a wide range of fleets, including vessels of different sizes and capacities.
Two and three-blade propellers are primarily used in small passenger boats and ships. The 2 and 3 blade propellers have their own positives such as lower manufacturing cost and also the high-speed operation which is beneficial for small boats and vessels. Therefore, significant number of controllable pitch propellers are 3 blade proipellers.
The two and three-blade propellers accounts for majority of the market share and the rise in demand for small boats and ships will boost the China Controllable Pitch Marine Propeller Market. For instance, many countries are placing orders with Chinese ship manufacturers for LNG vessels that will aid in the growth of the market. For example,
The China Controllable Pitch Marine Propeller Market is fairly consolidated. The top 5 players include Zhenjiang Supersoar Marine machinery Co. Ltd, UC Marine (China) Company Limited, Dalian Marine Propeller Co. Ltd (China Shipbuilding Industry Company Limited), Hyundai Heavy Industries Co. Ltd, and Chongqing Acir Marine Co. Ltd.
Some of the other players include Chongqing Hi-Sea Marine Equipment Import & Export Co. Ltd., China Deyuan Marine Fitting Co. Ltd, Wartsila Oyj Abp, and others.