THE global market for marine propellers is estimated to increase to $6.1 billion by 2026, from the projected $5 billion in 2022, driven by the growth in global seaborne trade, according to Global Industry Analysts Inc. (GIA). GIA, one of the premier market research companies, published a report entitled, "Marine propellers – Global market trajectory and analytics." It said the world marine propellers market is projected to reach a revised size of $6.1 billion by 2026, with a compound annual growth rate of 4.5 percent. It also sees that the rising maritime tourism contributes to the growth of the marine propellers market. Maritime transport constitutes the most important component facilitating global trade, as 90 percent of worldwide merchandise that is traded is carried by ships.

Source: Manila Times June 15, 2022 04:05 UTC