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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 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.
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.
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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.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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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.
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.
Growth of commercial shipping is the key driver of the market.
Increased participation in water-related recreational activities is the upcoming market trend.
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.
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.
Customer Landscape
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:
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.
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.
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Market Scope |
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Report Coverage |
Details |
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Page number |
142 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.08% |
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Market growth 2024-2028 |
USD 179.7 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.5 |
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Key countries |
US, China, UK, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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