With increasing options for venturing into ocean or sea cruises, large ships are becoming more and more popular. Increasing trade activities between countries or regions has boosted the demand for bulk carriers and other ocean transportation vessels across the globe. However, a common problem which persists in ocean vessels or ships is the various types and combinations of motions they encounter during their voyage due to the wind and water waves. These motions can cause rolling of the ship which is dangerous for crew and cargo of the ship. However, technological advancements in ship designing has enabled naval architects to analyze and study the wave motions around the bottom or hull of the ship and helped them come up with innovative designs and methods for minimizing such effects, thereby ensuring a safe and comfortable voyage for the passengers and crew of the ship.
Reduction in the rolling motion of the ship offers better speed for the ship and fuel efficiency and performance in rough seas and provides safety to the crew. The rolling motion can be stabilized and is achieved by changing the hull forms of vessels and ships; however, the motion can also be subdued with the help of fin stabilizer systems. A fin is generally a hydrofoil-shaped structure located near the port side and starboard of the ship. A fin stabilizer system is installed at the hull of a vessel and is used to provide resistance to the rolling motion of the ship in either direction. During the voyage, a highly sensitive gyro system is used to sense the rolling motion of the vessel which then sends a signal to the actuator system of the stabilizer unit that causes the hydraulic movement of the fins to generate a force opposing the roll of the ship. The fin stabilizers utilize the ship’s forward motion so as to develop lift; they also make use of a flap at the trailing edge of the fin so as to enhance the lift generated. The capacity of the fin is generally expressed as the steady angle of heel which the fin can cause when the ship is sailing in still water at a given speed.
Based on type, the fin stabilizers systems market can be segmented into folding fin stabilizer system, retractable fin stabilizer system, and non-retractable fin stabilizer system. Folding fin stabilizer system rotates the fins in a stowed fore and aft position along with the fins folded ahead into the hull. Retractable fin stabilizer system has the ability to retract the fins into a space also known as fin box inside the hull of the ship, which stows and extends athwartship. Non-retractable fin stabilizer system is generally used in vessels where the area within the hull of the ship is limited.
In terms of application, the fin stabilizers systems market can be divided into naval vessels, commercial vessels, and others. The commercial vessel segment is expected to lead the fin stabilizers systems market during the forecast period due to the rise in demand for commercial vessels for import and export purposes.
Based on region, the fin stabilizers systems market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is predicted to hold a significant share of the global fin stabilizers systems market during the forecast period. Europe is projected to follow North America, in terms of market share, during the forecast period. The fin stabilizers systems market in Asia Pacific is anticipated to rise at a substantial growth rate in the near future due to rise in trading activities in the region, especially in developing countries such as India and China.
Some of the key players operating in the fin stabilizers systems market include Rolls-Royce plc, VELJAN, FINCANTIERI S.p.A., SKF Group, Mitsubishi Heavy Industries Marine Machinery & Equipment Co. , Ltd., and Northrop Grumman Sperry Marine B.V.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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