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

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

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.

Looking for Regional Analysis or Competitive Landscape in Marine Steering System Market, ask for a customized report

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

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold 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.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Marine Steering System Market

Pre Book