Pune, India, June 12, 2023 (GLOBE NEWSWIRE) -- The global ship rudder market size was gauged at USD 1.03 billion in 2022 and is anticipated to expand from USD 1.07 billion in 2023 to USD 1.57 billion by 2030, displaying a CAGR of 5.6% during the forecast period. A ship rudder is a device used to steer a ship in a particular direction. It is located behind the stern of the propeller. it redirects the water flow to the foil surface by creating a horizontal force and steering movement around the vessel's center of gravity. This information is provided by Fortune Business Insights, in its report titled, “Ship Rudder Market, 2023-2030.”
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List of Key Players Profiled in the Ship Rudder Market Report:
- Damen Marine Components (Netherlands)
- Becker Marine Systems GmbH (Germany)
- Nufoss Services Pte Ltd. (Singapore)
- Torqeedo GmbH (Germany)
- Voith Hydro Inc. (Germany)
- Sunique Marine Machinery Co. Ltd (Malaysia)
- Deyuan Marine (China)
- Zhongyuan (China)
- Wärtsilä (Finland)
- Japan Hamworthy Co. Ltd. (Japan)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.6% |
| 2030 Value Projection | USD 1.57 Billion |
| Market Size in 2023 | USD 1.07 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 180 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Ship Rudder Market Growth Drivers | Use of Composite Material for Manufacturing Ship Rudders Will Aid Market Proliferation |
| Increasing Fleet Size of Ships across Several Categories to Propel Market Growth |
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Segments
Semi-balanced Rudder Segment to Lead Due to Rising Adoption in Twin-Screw and Container Ships
According to rudder type, the market is divided into balanced rudder, unbalanced rudder and semi-balanced rudder. Among these, the semi-balanced rudder segment dominated the market in 2022 owing to its increasing adoption in container and twin-screw ships. Semi-balanced rudders provide efficient steering action and help in minimizing rudder instability.
Aftermarket Segment to Dominate Owing to the Rising Number of Aging Ships
As per point of sale, the market is split into OEM and aftermarket. Among these, the aftermarket segment captured a significant market share in 2022. The rising number of aging ships in bulk carriers, container ships, oil tankers, and other applications will contribute to the growth of this segment.
Commercial Segment to Capture Largest Share Backed by Large Fleet Size
Based on end-user, the market is arrayed into naval, commercial, coast guard, and others. The commercial segment will dominate the market during the forecast period stoked by increasing fleet size for commercial applications over the analysis timeframe.
Tanker Ship Segment to Dominate the Market Owing to Increase in Procurement Contracts
By ship type, the market is segmented into container ship, passenger ship, bulk carrier, tanker ship, fishing vessel, naval ship, general cargo ships, and others. The tanker ship segment is projected to lead stoked by a rise in procurement plans by emerging countries to withstand the growing demand.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market
- Comprehensive insights into regional developments
- List of major industry players
- Key strategies adopted by the market players
- Recent industry developments including product launches, partnerships, mergers, and acquisitions.
Drivers and Restraints:
Use of Composite Materials for Manufacturing Rudders to Drive Market Expansion
Rudder designs are designed like vertically sloping wings to reduce hydrodynamic drag. In metallic-covered rudders, corrosion is a severe issue, which increases the need for inspection and maintenance. Composite materials are used to manufacture special non-magnetic warships due to their favorable properties. Modern technology is adopted for manufacturing these materials, thus making them the ideal choice for complex design requirements. Polymer composites are corrosion, mold, and vibration resistant and are also used to construct anti-mine warship rudders in some countries.
On the other hand, high maintenance requirements of ship rudders and challenges faced during rudder testing will act as challenges for businesses operating in this domain.
Regional Insights:
North America to Dominate Stoked by Technological Advancements in Ship Design
North America captured majority of the ship rudder market share in 2022 owing to growing number of large vessels in the region. Technological developments in ship design and development will contribute to market expansion in this region.
The Europe market is anticipated to expand significantly in the coming years due to rising development activities to boost marine trade facilities in the region. The growing number of trade agreements between Europe and Mexico will also propel market growth in this region.
The Asia Pacific market growth is slated to expand moderately backed by adoption of sea routes as a mode of transport. The rising fleet size in the region will aid market proliferation in this region as well.
Competitive Landscape:
Partnerships Among Industry Leaders to Contribute to Market Proliferation
Leading players in the market often participate in partnerships and collaborations or join forces for research and development activities to launch advanced products and enhance their product portfolio. For instance, in March 2020, Wärtsilä Technology Group signed a License and Co-operation Agreement with Kuribayashi Steamship Co. for future development, sales, and servicing of the gate rudders with the consent of all joint Japanese patent holders developing gate rudder technology.
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Detailed Table of Content:
-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Key Insights
- Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest Technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Ship Rudder Market
- Global Ship Rudder Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Rudder Type
- Balanced Rudder
- Unbalanced Ship Rudder
- Semi-Balanced Ship Rudder
- Market Analysis, Insights and Forecast - By Point of Sale
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast - By End User
- Naval
- Commerical
- Coast Guard
- Others
- Market Analysis, Insights and Forecast - By Ship Type
- Container Ships
- Passenger Ships
- Bulk Carriers
- Tanker Ships
- Fishing Vessel
- Naval Ships
- General Cargo Ship
- Other
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Ship Rudder Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Rudder Type
- Balanced Rudder
- Unbalanced Ship Rudder
- Semi-Balanced Ship Rudder
- Market Analysis, Insights and Forecast - By Rudder Type
- Introduction
TOC Continued...!
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Key Industry Development:
January 2023: MAN Energy Solutions, a Germany-based engine manufacturer, announced that its MAN PrimeServ division will carry out powertrain optimization for Solvang ASA's gas tankers. The upgrade will be performed during the next dry-dock. The solution will enable it to meet regulations announced by the Energy Efficiency Index for Existing Vessels (EEXI).
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Ship Repair and Maintenance Services Market to Worth $45.70 Bn by 2029 | With a CAGR of 4.10%
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