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Marine Steering System Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

Publisher Global Market Insights
Published Sep 16, 2024
Length 200 Pages
SKU # GMI19309975

Description

Marine Steering System Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032


The Global Marine Steering System Market was valued at USD 1.2 billion in 2023 and is projected to grow at a CAGR of over 8% between 2024 and 2032. This growth is primarily driven by the expansion of commercial shipping and naval defense activities, which demand advanced steering systems capable of handling large-scale and complex operations. Modern vessels, both commercial and naval, require robust and precise steering mechanisms to ensure smooth and efficient navigation. Additionally, rising investments in naval defense and shipping fleets are boosting the demand for durable, high-performance steering solutions.

The increasing popularity of leisure and recreational boating also plays a key role in the market's growth. As more individuals and families invest in recreational boats and yachts, the demand for advanced steering technologies rises. This surge is driven by higher disposable incomes and a growing interest in outdoor water-based activities. The luxury boating sector, in particular, pushes the demand for cutting-edge technologies, such as electronic and autopilot steering systems. Another notable trend is the retrofitting of older boats with contemporary steering solutions to enhance both performance and safety. In response, manufacturers focus on creating more efficient, user-friendly, and environmentally sustainable steering technologies to meet evolving customer needs.

The market is segmented by product type, with the rotary vane steering system holding over 60% of the market share in 2023. These systems are expected to surpass USD 1 billion by 2032 due to their simplicity and ease of installation, making them a preferred choice for new builds and retrofits. Their adaptability across various vessel sizes and types, from recreational boats to larger commercial ships, contributes to their widespread appeal.

In terms of steering mechanisms, the market is divided into manual, hydraulic, electronic, and electro-hydraulic systems. Hydraulic steering held approximately 44% of the market in 2023. These systems are favored for larger vessels due to their ability to handle heavy loads while providing smooth, precise control. Their durability and reliable performance make them a popular choice across different marine applications.

North America, which held around 36% of the market share in 2023, is anticipated to see significant growth through 2032. The region's robust commercial marine industry and focus on upgrading naval defense capabilities are key factors driving the demand for advanced steering systems.

Table of Contents

200 Pages
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Market 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material and component suppliers
3.2.2 Manufacturers
3.2.3 Technology providers
3.2.4 Distribution channel
3.2.5 End user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Pricing analysis
3.7 Key news and initiatives
3.7.1 Partnership/Collaboration
3.7.2 Merger/Acquisition
3.7.3 Investment
3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Increasing interest in leisure boating and water sports
3.9.1.2 Expanding global maritime trade
3.9.1.3 Rising innovations in electronic and electro-hydraulic steering systems
3.9.1.4 Growing emphasis on maritime safety and the integration of automated systems
3.9.2 Industry pitfalls & challenges
3.9.2.1 High cost of advanced technologies
3.9.2.2 Complexities involved with installation and integration
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Product, 2021-2032 ($Bn, Units)
5.1 Key trends
5.2 Rotary vane type
5.3 Ram type
Chapter 6 Market Estimates & Forecast, By Component, 2021-2032 ($Bn, Units)
6.1 Key trends
6.2 Steering pumps
6.3 Helm pumps
6.4 Hydraulic cylinders
6.5 Steering wheels
6.6 Helm stations
6.7 Rudders
6.8 Others
Chapter 7 Market Estimates & Forecast, By Mechanism, 2021-2032 ($Bn, Units)
7.1 Key trends
7.2 Manual steering
7.3 Hydraulic steering
7.4 Electronic steering
7.5 Electro-hydraulic steering
Chapter 8 Market Estimates & Forecast, By Vessel, 2021-2032 ($Bn, Units)
8.1 Key trends
8.2 Small recreational boats
8.3 Yachts & luxury boats
8.4 Commercial vessels
8.5 Military & defense vessels
8.6 Passenger vessels
8.7 Others
Chapter 9 Market Estimates & Forecast, By Means of Steering, 2021-2032 ($Bn, Units)
9.1 Key trends
9.2 Autopilot
9.3 Manual
Chapter 10 Market Estimates & Forecast, By Sales Channel, 2021-2032 ($Bn, Units)
10.1 Key trends
10.2 OEM
10.3 Aftermarket
Chapter 11 Market Estimates & Forecast, By Region, 2021-2032 ($Bn, Units)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Russia
11.3.7 Nordics
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 ANZ
11.4.6 Southeast Asia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.5.3 Argentina
11.6 MEA
11.6.1 South Africa
11.6.2 UAE
11.6.3 Saudi Arabia
Chapter 12 Company Profiles
12.1 ABB Limited
12.2 Emerson Electric Co.
12.3 Hydraulic Steering Specialist
12.4 HyDrive Engineering Pty Ltd
12.5 Hypro Marine
12.6 Jastram Engineering Ltd.
12.7 Jefa Steering
12.8 Kongsberg Maritime
12.9 Lewmar Limited
12.10 Mavi Mare
12.11 Northrop Grumman
12.12 Rolls-Royce plc
12.13 Seastar Solutions
12.14 Twin Disc, Inc.
12.15 Uflex USA
12.16 Ultraflex Group
12.17 Vetus B.V.
12.18 Wartsila Corporation
12.19 Yamaha Motor Co., Ltd.
12.20 ZF Friedrichshafen AG

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