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:
- S.A.P. Supplies
- Mercury Marine
- Bosch Rexroth
- Sperry Marine
- 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
Global Marine Steering System Market, by End-use
- Cargo Ships
- Ocean Liners
Global Marine Steering System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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