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Marine Steering Systems Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Germany, France - Size and Forecast 2024-2028

Marine Steering Systems Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Germany, France - Size and Forecast 2024-2028

Published: Jul 2024 142 Pages SKU: IRTNTR74000

Market Overview at a Glance

$179.7 Mn
Market Opportunity
7.08%
CAGR
6.5
YoY growth 2023-2024(%)

Marine Steering Systems Market Size 2024-2028

The marine steering systems market size is forecast to increase by USD 179.7 million at a CAGR of 7.08% between 2023 and 2028.

  • The market is experiencing significant growth due to the expansion of commercial shipping and the surge in water-related recreational activities. The growth of commercial shipping is driven by the increasing global trade and the need for efficient transportation of goods. Additionally, the economic factors, such as disposable income and tax incentives, are boosting sales of boats for recreational purposes. These trends are expected to continue, leading to increased demand for marine steering systems. However, challenges such as stringent regulations for emissions and safety, and the high cost of maintenance, may hinder market growth. Manufacturers are focusing on developing eco-friendly and cost-effective solutions to overcome these challenges and cater to the evolving market needs.

    • What will be the Size of the Marine Steering Systems Market During the Forecast Period?

    Marine Steering Systems Market Size

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  • The market is a critical component of the global shipping industry, which encompasses a vast array of vessels from passenger ships, including cruise ships, ocean liners, and ferries, to cargo vessels, yachts, and recreational boats. The market's growth is driven by several key factors, including the expansion of global GDP and seaborne trade, urbanization, and the increasing demand for green shipbuilding technology and environmental regulations. Political and financial instability in certain regions may pose challenges, but the market remains robust due to the continuous growth in international tourist arrivals and the significant contribution of cruise shipping to the leisure industry and destination economies.
  • Labor-intensive manufacturing processes persist In the industry, leading to ongoing innovation and the development of advanced steering systems for various vessel types, such as dead-weight tonnage and powered boats, including outboards and sailboats.

    • How is this Marine Steering Systems Industry segmented and which is the largest segment?

    The marine steering systems industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • End-user
      • Cargo ships
      • Navy
      • Cruise ships
      • Others
    • Geography
      • North America
        • US
      • Europe
        • Germany
        • UK
        • France
      • APAC
        • China
      • South America
        • Middle East and Africa

        By End-user Insights

        • The cargo ships segment is estimated to witness significant growth during the forecast period.

        The market encompasses the supply of steering systems for various types of marine vessels, including cargo ships, passenger vessels such as cruise ships, ocean liners, ferries, yachts, and powered boats, among others. These systems generate torsional force, which is transmitted to the rudder stock to direct the vessel's course. Modern ships employ intricate intermediate steering systems, each component performing a distinct function. For instance, China launched the world's first entirely electric cargo ship with a capacity of 2,200 tons and a range of 80 kilometers. The global shipping industry, driven by factors like urbanization, global seaborne trade, and economic indicators such as Global GDP and international tourist arrivals, transports an estimated 200,000 container loads on large container ships.

        The market is influenced by factors like environmental regulations, political instability, financial instability, labor-intensive manufacturing processes, and the demand for green shipbuilding technology. The market also caters to various sectors, including cargo vessels, commercial shipping, recreational boating industry, and submarines. Key components include exhaust gas scrubbers, refined petroleum products, finished steel goods, automobiles, food, and cotton products, which serve as export volume drivers.

        Marine Steering Systems Market Size

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        The Cargo ships segment was valued at USD 177.70 million in 2018 and showed a gradual increase during the forecast period.

        Regional Analysis

        • North America is estimated to contribute 44% to the growth of the global market during the forecast period.

        Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

        Marine Steering Systems Market Share by Geography

        For more insights on the market share of various regions, Request Free Sample

        The North American the market is primarily driven by the US, with significant demand originating from Florida, Michigan, California, and Wisconsin. Key market segments include pontoon boats, new ski boats, personal watercraft, powerboats, and aluminum fishing boats. Sales of wakeboards, ski boats, and personal watercraft experienced growth in 2021. The US shipbuilding industry, consisting of naval vessels for the US Navy and commercial US-flagged ships, contributes substantially to the market. Global factors influencing demand include the growth of the global GDP, seaborne trade, urbanization, and steel production. Additionally, the adoption of green shipbuilding technology, environmental regulations, and the leisure industry's expansion contribute to the market's growth.

        However, political and financial instability, labor-intensive manufacturing processes, and the varying demand for passenger vessels such as cruise ships, ocean liners, ferries, yachts, and dead-weight tonnage impact market dynamics. Key export volume drivers include refined petroleum products, finished steel goods, automobiles, food, and cotton products. Cargo vessels, exhaust gas scrubbers, commercial shipping, and the recreational boating industry also influence market trends.

        Market Dynamics

        Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

        What are the key market drivers leading to the rise In the adoption of Marine Steering Systems Industry?

        Growth of commercial shipping is the key driver of the market.

      • The market is significantly influenced by the dynamics of the global shipbuilding industry and seaborne trade. With the ongoing urbanization and economic growth across the world, the Global GDP and international tourist arrivals have experienced a steady rise. Consequently, the demand for cargo vessels and passenger vessels, including cruise ships, ocean liners, ferries, yachts, and submarines, has increased. This trend is driven by the export volume drivers such as refined petroleum products, finished steel goods, automobiles, food, and cotton products. Moreover, the global seaborne trade relies heavily on the transportation of these commodities and manufactured goods. The marine industry, therefore, benefits from the expansion of the global economy and the subsequent increase in international trade.
      • However, factors such as political instability and financial instability can negatively impact the market. The marine industry is also undergoing a shift towards green shipbuilding technology and environmental regulations to reduce the carbon footprint. Labor-intensive manufacturing processes are being replaced by automated systems, and the use of exhaust gas scrubbers is becoming increasingly common in commercial shipping. The recreational boating industry, including powered boats, outboards, and sailboats, is also experiencing growth due to the rising leisure industry and destination economy's impact on local communities. In conclusion, the market is driven by the global demand and supply of commodities and manufactured goods, with the global shipbuilding industry and seaborne trade playing a significant role.
      • The market is influenced by various factors, including economic development, environmental regulations, and technological advancements. Despite challenges such as political instability and financial instability, the market is expected to continue growing due to the increasing demand for sea transportation and the shift towards green and sustainable shipping practices.

        • What are the market trends shaping the Marine Steering Systems Industry?

        Increased participation in water-related recreational activities is the upcoming market trend.

      • The market is witnessing significant growth In the global shipbuilding industry, driven by the increasing Global GDP, Global seaborne trade, and urbanization. With the rise in international tourist arrivals and the expansion of the cruise shipping industry, there is a surging demand for passenger vessels, including cruise ships, ocean liners, ferries, yachts, and powered boats. This growth is further fueled by the increasing consumption of refined petroleum products and finished steel goods, used In the manufacturing of these vessels. Moreover, the implementation of environmental regulations is driving the adoption of green shipbuilding technology, such as Exhaust gas scrubbers, in commercial shipping.
      • The recreational boating industry, including outboards, sailboats, and recreational boats, is also experiencing a surge in demand due to the growing leisure industry and destination economy. The increasing focus on local communities and their economic development is further boosting the demand for marine steering systems. However, political and financial instability in certain regions may pose challenges to the growth of the marine steeling systems market. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for cargo vessels and the expanding submarine industry. Overall, the market dynamics are influenced by various factors, including global steel production, international trade, consumer disposable income, and government policies.

        • What challenges does the Marine Steering Systems Industry face during its growth?

        Economic factors affecting sales of boats is a key challenge affecting the industry growth.

      • Marine steering systems play a vital role In the navigation and maneuverability of various watercraft, including passenger vessels such as cruise ships, ocean liners, ferries, yachts, and powered boats. The demand for these systems is significantly influenced by the global economic factors, particularly the health of the shipbuilding industry, which is driven by global GDP growth, urbanization, and international tourist arrivals. Moreover, global seaborne trade, steel production, and the leisure industry are essential export volume drivers for cargo vessels, further boosting the demand for marine steering systems. However, the market dynamics are not without challenges. Political and financial instability can impact the demand for marine steering systems, as can environmental regulations and the adoption of green shipbuilding technology.
      • Labor-intensive manufacturing processes and the production of finished steel goods, automobiles, refined petroleum products, food, and cotton products also influence the demand for these systems. The recreational boating industry, including outboards, sailboats, and commercial shipping, also contributes to the demand for marine steering systems. However, the sales of these systems are limited to countries with significant coastal areas and active boating cultures. The market for marine steering systems is cyclical, with fluctuations in demand. A decrease in demand is often followed by an increase in sales momentum in consecutive years. Factors such as economic conditions, consumer disposable income, and job market prospects influence the sales of boats and, consequently, the demand for marine steering systems.
      • Additionally, technological advancements, such as the adoption of exhaust gas scrubbers, are expected to impact the market positively.

        • Exclusive Customer Landscape

        The marine steering systems market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the marine steering systems market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

        Marine Steering Systems Market Share by Geography

         Customer Landscape

        Key Companies & Market Insights

        Companies are implementing various strategies, such as strategic alliances, marine steering systems market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

        AB Volvo - Mercury Marine, a subsidiary of the company, provides marine steering solutions including Hydraulic Steering and Mechanical Steering systems. These offerings cater to the boating industry, ensuring optimal vessel maneuverability and control. Hydraulic Steering systems utilize hydraulic fluid to transmit power from the helm to the rudder, providing smooth and responsive steering. Conversely, Mechanical Steering systems use a direct mechanical linkage between the helm and rudder, offering a more traditional steering experience. Both systems are essential for ensuring safe and efficient boat operation.

        The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

        • AB Volvo
        • ARTZAINAK Group
        • Brunswick Corp.
        • Dometic Group AB
        • HyDrive Engineering Pty Ltd.
        • Hypro Developments Ltd.
        • Kobelt Manufacturing Co. Ltd.
        • Lewmar Ltd.
        • Mavi Mare and Mancini SRL
        • Northrop Grumman Corp.
        • Pretech Co Inc.
        • Robert Bosch GmbH
        • Techno Italia Kft
        • Twin Disc Inc.
        • VETUS BV
        • West Marine
        • Wills Ridley Ltd.
        • ZF Friedrichshafen AG

        Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

        Research Analyst Overview

        Marine steering systems play a crucial role In the navigation and maneuverability of various watercraft, from cargo vessels to recreational boats. These systems enable captains and operators to steer their vessels effectively and efficiently, ensuring safe and productive journeys. The market for marine steering systems is driven by several key factors, including the growth of global seaborne trade, urbanization, and the expanding leisure industry. Seaborne trade is a significant contributor to the global economy, with an estimated 80% of the world's goods being transported by sea. This trend is expected to continue, driven by the increasing demand for international trade and the cost-effectiveness of maritime transportation.

        As a result, the demand for marine steering systems is expected to grow, as these systems are essential for the safe and efficient operation of cargo vessels. Urbanization is another key factor driving the market. With more people living in coastal areas, there is a growing demand for recreational boats and other watercraft. These vessels require reliable and efficient steering systems to ensure safe and enjoyable experiences for their passengers. Additionally, the expansion of ports and waterfront infrastructure in urban areas is expected to create new opportunities for marine steering system manufacturers. The leisure industry, including cruise shipping and recreational boating, is also a significant market for marine steering systems.

        Cruise ships and other large passenger vessels require advanced steering systems to navigate complex waterways and ensure the safety and comfort of their passengers. Recreational boats, from sailboats to powered boats, also rely on marine steering systems to provide a safe and enjoyable experience for their users. The market for marine steering systems is also influenced by technological advancements and regulatory requirements. For example, the adoption of green shipbuilding technology and environmental regulations is driving the development of more efficient and eco-friendly steering systems. Exhaust gas scrubbers and other emissions reduction technologies are becoming increasingly important In the commercial shipping sector, and marine steering systems are being designed to integrate with these systems.

        Political and financial instability can also impact the market. For example, geopolitical tensions and economic downturns can lead to decreased demand for new vessels and reduced investment in maritime infrastructure. However, these challenges can also create opportunities for innovation and cost reduction, as manufacturers seek to differentiate themselves in a competitive market. In conclusion, the market is driven by several key factors, including the growth of global seaborne trade, urbanization, and the expanding leisure industry. Technological advancements and regulatory requirements are also influencing the market, as manufacturers seek to develop more efficient, eco-friendly, and cost-effective solutions. Despite the challenges posed by political and financial instability, the market for marine steering systems is expected to continue growing, driven by the essential role these systems play In the safe and efficient operation of watercraft.

        Market Scope

        Report Coverage

        Details

        Page number

        142

        Base year

        2023

        Historic period

        		 2018-2022

        Forecast period

        2024-2028

        Growth momentum & CAGR

        Accelerate at a CAGR of 7.08%

        Market growth 2024-2028

        USD 179.7 million

        Market structure

        Fragmented

        YoY growth 2023-2024(%)

        6.5

        Key countries

        US, China, UK, Germany, and France

        Competitive landscape

        Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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        What are the Key Data Covered in this Marine Steering Systems Market Research and Growth Report?

        • CAGR of the Marine Steering Systems industry during the forecast period
        • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
        • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
        • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
        • Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
        • Thorough analysis of the market’s competitive landscape and detailed information about companies
        • Comprehensive analysis of factors that will challenge the marine steering systems market growth of industry companies

        We can help! Our analysts can customize this marine steering systems market research report to meet your requirements.

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        Table of Contents not available.

        Research Methodology

        Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

        INFORMATION SOURCES

        Primary sources

        • Manufacturers and suppliers
        • Channel partners
        • Industry experts
        • Strategic decision makers

        Secondary sources

        • Industry journals and periodicals
        • Government data
        • Financial reports of key industry players
        • Historical data
        • Press releases

        DATA ANALYSIS

        Data Synthesis

        • Collation of data
        • Estimation of key figures
        • Analysis of derived insights

        Data Validation

        • Triangulation with data models
        • Reference against proprietary databases
        • Corroboration with industry experts

        REPORT WRITING

        Qualitative

        • Market drivers
        • Market challenges
        • Market trends
        • Five forces analysis

        Quantitative

        • Market size and forecast
        • Market segmentation
        • Geographical insights
        • Competitive landscape

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        Frequently Asked Questions

        Marine Steering Systems market growth will increase by $ 179.7 mn during 2024-2028.

        The Marine Steering Systems market is expected to grow at a CAGR of 7.08% during 2024-2028.

        Marine Steering Systems market is segmented by End-user( Cargo ships, Navy, Cruise ships, Others)

        AB Volvo, ARTZAINAK Group, Brunswick Corp., Dometic Group AB, HyDrive Engineering Pty Ltd., Hypro Developments Ltd., Kobelt Manufacturing Co. Ltd., Lewmar Ltd., Mavi Mare and Mancini SRL, Northrop Grumman Corp., Pretech Co Inc., Robert Bosch GmbH, Techno Italia Kft, Twin Disc Inc., VETUS BV, West Marine, Wills Ridley Ltd., ZF Friedrichshafen AG are a few of the key vendors in the Marine Steering Systems market.

        North America will register the highest growth rate of 44% among the other regions. Therefore, the Marine Steering Systems market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

        US, China, UK, Germany, France

        • Growth of commercial shippingGlobalization has directly affected the growth of global commercial shipping. As economies across the world are interlinked is the driving factor this market.
        • the health of the global economy affects the global trade volume. With the expansion of the economy is the driving factor this market.
        • international trade increases is the driving factor this market.
        • wherein seaborne trade plays a central role. Therefore is the driving factor this market.
        • economic development and growth provide enormous opportunities for the marine industry is the driving factor this market.
        • mainly due to the global demand and supply of commodities and manufactured goods.  Sea transportation is a necessary means for delivering goods from distant suppliers. The transportation of goods through the sea primarily takes place in containers is the driving factor this market.
        • with products categorized as either less-than-container load (LCL) or full container load (FCL). Tankers are used to transport goods such as oil is the driving factor this market.
        • grain is the driving factor this market.
        • and coal in bulk. Thus is the driving factor this market.
        • tankers are ideal for transporting heavy and bulky goods and products with long lead times. The shipping of commercial goods offers many advantages is the driving factor this market.
        • which include:  Ships mainly use less fuel than trucks and trains and is the driving factor this market.
        • therefore is the driving factor this market.
        • produce less carbon dioxide (CO2) is the driving factor this market.
        • contributing considerably to climate change. Also is the driving factor this market.
        • ships are associated with lower emissions of air pollutants is the driving factor this market.
        • including carbon monoxide (CO) is the driving factor this market.
        • sulfur oxides (SOx) is the driving factor this market.
        • and nitrogen oxides (NOx) is the driving factor this market.
        • than trucks and trains.  Ships also produce less noise pollution. The low rumble of a ship's engine is less noisy than the roar of trucks and trains.  Ships encounter fewer accidents when compared with trucks and trains is the driving factor this market.
        • rendering them safer. While there are incidents of vessels running aground is the driving factor this market.
        • severe accidents and cargo spills are rare.  China is expected to become an emerging maritime superpower by 2030. Along with other emerging economies such as India is the driving factor this market.
        • Vietnam is the driving factor this market.
        • Brazil is the driving factor this market.
        • and the Philippines is the driving factor this market.
        • China will dominate the global shipbuilding landscape by 2030. China's domination of the global shipping scenario will also extend to seaborne trade is the driving factor this market.
        • shipbuilding is the driving factor this market.
        • and vertically integrated ownership and ship management.  India will be the second biggest driver of world sea trade is the driving factor this market.
        • similar to China. Developing countries is the driving factor this market.
        • including Vietnam is the driving factor this market.
        • India is the driving factor this market.
        • Brazil is the driving factor this market.
        • and the Philippines is the driving factor this market.
        • are potential leaders in shipbuilding is the driving factor this market.
        • which will contribute significantly to ship deliveries during the forecast period. While India and Brazil will witness an increase in terms of revenue is the driving factor this market.
        • Vietnam will grow in terms of volume.  The rise of shipping and its importance to seaborne trade is the driving factor this market.
        • along with the emergence of developing countries in shipbuilding and related activities is the driving factor this market.
        • will increase the demand for marine steering systems during the forecast period.   is the driving factor this market.

        The Marine Steering Systems market vendors should focus on grabbing business opportunities from the Cargo ships segment as it accounted for the largest market share in the base year.