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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.

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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

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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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Marine Steering System Market

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