The global marine base steering gear market size was valued at around USD 1.6 Billion in 2020 and is likely to expand at a steady CAGR of 5% during the forecast period between 2022 and 2032. Demand for marine base steering gear is driven by rapid expansion of maritime industry across the globe.
| Report Attributes | Details |
|---|---|
| Marine Base Steering Gear Market Size (2020) | USD 1.6 Billion |
| Marine Base Steering Gear Market Estimated Growth Rate (2022 to 2032) | 5% |
Since ancient times, marine base steering gears have been an indispensable part of a ship’s machinery. They are unique equipment that help guide a vessel in open water. These marine base steering gears are integrated with rudder systems and play a key role in turning ships (both towards left or right) while in motion during sailing.
The rapid growth of the maritime industry and surge in the number of marine ships or vessels is providing a major impetus to the growth of marine base steering gear market and the trend is likely to continue during the forecast period.
There are generally two types of marine base steering gears available in the market i.e., ram type and rotary vane type. Among these, ram type segment dominates the global marine bases steering gear market.
Ram type marine base steering gear is the most commonly used steering gear construction. This type of marine base steering gear produces a considerable high value of torque for a given applied power due to its unique arrangement.
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The swift growth of marine base steering gear market is attributable to the increasing demand for marine vessels for commercial and defense purposes, rising government investments in expanding shipbuilding industry, growing awareness about the benefits of using marine base steering gears, and technological advancements in marine base steering gears.
Marine base steering gears are equipment used to change the direction of the ships during sailing or maneuvering. They have become essential components of marine steering systems and provide movement of the rudder in response to a signal from the bridge to steer the ship.
Rapid growth in sea freight export along with increasing number of commercial and military vessels, the demand for marine base steering gears.
According to the United Nations Conference on Trade and Development (UNCTAD), world commercial fleet grew by 63 million dwt between January 2020 and January 2021. This will continue to provide tailwinds for the growth of marine base steering gear market.
Similarly growing popularity of rotary vane base steering gear among end users due to its various benefits including low vibration, less noise, cost-effectiveness, and flexible nature will further accelerate the growth of marine base steering gear market during the forecast period.
Furthermore, stringent military standards for designing steering gear to reduce vibration and noise along with rapid expansion of shipbuilding industry is expected to create lucrative opportunities for marine base steering gear manufacturers.
Governments across the world are taking various initiatives to develop and expand shipbuilding industry across their respective regions. For instance, in 2022 Prime Minister of Australia, Scott Morrison announced a USD 4.3 billion investment in the development of a new dry-docking facility at Western Australia’s Henderson Shipyard to facilitate the construction and sustainment of large naval vessels as well as to support commercial shipbuilding and sustainment market. This will generate lucrative growth prospects within the marine base steering gear industry.
Despite its optimistic stance, there are some obstacles that are limiting the growth of marine base steering gear market. Some of these obstacles include high cost of advanced marine base steering gear and poor availability of proper sea transport facilities in lower economies.
Over the years, Asia Pacific has emerged as a promising market for marine base steering gear and the trend is likely to continue during the forecast period, owing to the increasing foreign investments, favorable government policies, booming sea transport business, strong presence of leading marine base steering gear manufacturers, and easy availability of products at lower prices.
Countries such as China, South Korea, and Japan are experiencing enormous demand for marine base steering gears due to thriving shipbuilding industry, rapid growth in export business, increasing investments in various initiates taken by governments to strengthen their naval defense.
As per United Nations Conference on Trade and Development (UNCTAD) 94% of the global shipbuilding occurred in China, Japan, and South Korea in 2020. Furthermore, half of the world fleet is owned by Asian companies. As marine base steering gear forms an integral part of vessels, rising in shipbuilding will eventually expand Asia Pacific marine base steering gear market during the assessment period.
According to Future Market Insights, Europe marine base steering gear market is expected to register substantial growth during the forecast period, owing to the strong investments done in countries like Russia, France, Germany and other EU countries, presence of technologically advanced products, and increasing shipbuilding activities.
Similarly, booming seaborne trade across Europe and rise in the number of vessels will positively impact the marine base steering gear market during the assessment period. According to Eurostat, total gross weight of goods handled in European Union ports (inward and outward) reached around 4.0 billion tonnes in 2017.
Leading shipping companies in the region are constantly expanding their fleets to increase their revenue share. Rise in sales of cargo ships and vessels will further accelerate the growth of marine base steering gear market in Europe
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Some of the key manufacturers of marine base steering gear include Data Hidrolik, Wills Ridley Ltd, Rolls-Royce plc, Brusselle Carral Marine, Jastram Engineering Ltd., REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o., KATSA OY, Palmarine, and Nufoss Services Pte Ltd.
These leading players are continuously focusing on introducing new marine base steering gear to meet the end user demands. Further, they have adopted growth strategies such as mergers, collaborations, acquisitions, and partnerships to expand their global presence,
Marine base steering gear products of companies like Royal Royce plc and Wills Ridley Ltd are gaining immense traction due to better quality and highly efficient nature.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Gear Type, Power Source, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Data Hidrolik; Wills Ridley Ltd; Rolls to Royce plc; Brusselle Carral Marine; Jastram Engineering Ltd.; REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o.; KATSA OY; Palmarine; Nufoss Services Pte Ltd. |
| Customization | Available Upon Request |
FMI projects the global marine base steering gear market to expand at around 5% CAGR over the assessment period.
Europe is expected to offer lucrative opportunities for marine base steering gear manufacturers during the forecast period.
Data Hidrolik, Wills Ridley Ltd, Rolls-Royce plc, Brusselle Carral Marine, Jastram Engineering Ltd., REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o., KATSA OY, Palmarine, and Nufoss Services Pte Ltd. are some prominent players in marine base steering market.
| Market CAGR (2023 to 2033) | 5.3% |
|---|---|
| Market Size (2023) | USD 4,828.4 million |
| Market Size (2033) | USD 7,685.3 million |
| Market Share (2023) | USD 5,250.9 million |
|---|---|
| Market Share (2033) | USD 8,154.4 million |
| Market CAGR (2023 to 2033) | 4.5% |
| Market Estimated Size 2022 | USD 5.63 Billion |
|---|---|
| Market Projected Size 2030 | USD 8.38 Billion |
| Market Value-based CAGR (2022 to 2030) | 5.1% |
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