Marine Steering Systems: Introduction

  • World vessel fleet recorded growth in 2017 after five years of stagnancy with growth in freight rates and shipping demand. Rise in ship registration, including cruise ships is expected to boost the global marine steering system market.
  • Steering system used in marine applications, include a gear assembly, telemotor, control unit, and power unit to turn the ship from port to starboard. Telemotor is a hydraulic type or electric type depending on the power source.

Key Drivers and Restraints of Global Marine Steering System Market

  • The world shipping trade is expanding at a CAGR of around 3%-4%. Reviving economies, increased manufacturing, and stability in commodity prices has favored maritime trade, thereby utilizing vessel fleet and boosting new sales.
  • Establishment of new trade routes, and expansion of ports and projects, such as ‘China One Belt One Road Initiative’ are estimated to fuel the growth of global maritime trade. This, in turn, is anticipated to drive the sales of vessels and marine steering systems.
  • Consumer affordability and improved economic conditions have boosted tourism and usage/ sales of cruise liners and other passenger ferries, which is expected to drive the global marine steering system market
  • As the average age of a vessel is increasing, maintenance schedule and replacement necessity of steering systems of such vessels is boosting the global marine steering system market
  • Technological advancements and integration of electronics and electrical with the IoT technology are expected to propel the development of electric and semi-electric steering systems
  • Rise in investments in defense and navy worldwide is fueling the growth of the marine steering system market
  • Government regulations, environmental policies, and expensive manufacturing processes are major restraints for the global marine steering system market

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Cargo Ships Segment to Lead Global Marine Steering System Market

  • Cargo ships, such as dry carrier, oil tankers, and container ships contribute significantly to marine vessel fleet, in terms of sales and operation. Thus, the cargo ships segment is dominating the global marine steering system market.

Semi-electric Mechanism Type Segment to Witness High Demand

  • In terms of mechanism type, the hydraulic segment is leading the global marine steering system market. However, semi-electric steering is expected to witness high demand during the forecast period, as it allows precision steering and easy maneuvering of the ship. Semi-electric and electric steering system provides enhanced control of the vessel and improves vessel control.

Asia Pacific to Lead Global Marine Steering System Market

  • In terms of region, the global marine steering system market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific leads the global marine steering system market with China, contributing large vessel fleets. Other ASEAN and Rest of Asia Pacific countries, including South Korea, Singapore, Hong Kong, Indonesia, Malaysia, and Thailand also contribute to the large vessel volume and are witnessing rise in sales of cargo ships with expansion of the freight logistic industry in the ASEAN sub-region.
  • Continuing upgrades of the Suez Canal, establishment of new ports in the Mediterranean, and improved EU-China trade are driving the demand for ships in Europe. This is estimated to boost the marine steering system market in the region.

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Key Manufacturers Operating in Global Market

The global marine steering system market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Uflex
  • S.A.P. Supplies
  • Mercury Marine
  • Bosch Rexroth
  • Sperry Marine
  • Vetus
  • Lewmar
  • Sea Star Solutions
  • ZF Friedrichshafen AG

Global Marine Steering System Market, by Application

  • Ram Type
  • Rotary Vane Type

Global Marine Steering System Market, by Mechanism Type

  • Hydraulic
  • Electric
  • Mechanical
  • Semi-electric

Global Marine Steering System Market, by End-use

  • Cargo Ships
  • Navy
  • Ocean Liners
  • Others

Global Marine Steering System Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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
  • Europe
  • 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.

2. Insights and Tools

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.

3. Actionable Results

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?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Steering System Market

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