Market Trends of Controllable Pitch Marine Propeller Industry
This section covers the major market trends shaping the Controllable Pitch Marine Propeller Market according to our research experts:
Controllable Pitch Propellers Continue to Witness Growth
Controllable Pitch Propellers (CPP) In Controllable or Variable Pitch Propellers (CPP), the propeller blades are attached to the boss, and their pitch can be altered via a hydraulic system. The blades are removable, so if they incur damage, they can be repaired without the removal of the whole propellor.
For the advantages that a CPP system gives, the CPP propellor is also more complex. Instead of the Monoblock design of a Fixed propellor, the CPP has multiple moving parts in the propellor and shaft and a hydraulic system with which to control the pitching.
On the other hand, growth of the global marine propeller market is driven by greater adoption of electric propulsion technology, increase in new shipbuilding & repair activities, greater demand for sea-based logistics & trade, and growth in demand for maritime travel & tourism activities.
Controllable Pitch Propellers Continue to Witness growth across the Shipbuilding industry.
Asia-Pacific is Likely to Lead the Market
Asia-Pacific continues to dominate the Controllable Pitch marine propeller market, owing to an increase in shipbuilding industries in China & South Korea and growth in the number of joint ventures with international brands.
In recent years, China's shipbuilding industry has been rapidly strengthening. Compared with the world-class shipbuilding powerhouses, however, China's research and manufacturing capabilities in the field of high-tech and high-value-added ships have been noticed as insufficient, while the industry has excess manufacturing capacity. Thus, the companies in the country have been focusing on merging plans to operate as a big unit in order to capture the potential demand in the marine industry. For instance, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation Limited merged into one corporation. This reorganized corporation has 147 scientific research institutes, enterprises, and listed companies with total assets of CPY 790 billion (about USD 112.29 billion dollars) and 310,000 employees. It has the largest shipbuilding and repairing base in China and the complete research and development capability in the field of shipping, allowing its marine equipment to meet the requirements of international technical standards and safety conventions.
Moreover, the rise in seaborne trade of crude oil, mostly from Middle East countries to Asia-Pacific, is another factor that drives the Asia-Pacific controllable pitch marine propeller market.
