Bow and stern thrusters are steering and maneuvering equipment for leisure boats, small and large commercial boats and ships. Bow and stern thrusters are propeller-shaped parts fitted either on the stern and the bow of a boat or ship.
They help in the better steering of a vessel and are generally used while entering or leaving a port or near coastal waters. Bow and stern thrusters are generally of two types, i.e. electric thrusters or hydraulic thrusters, and both offer propulsion mechanism for forward or backward sailing. These thrusters are integrated with joystick control systems and are invaluable when leaving or mooring the port.
Globally, the shipping fleet has been growing in recent years, owing to decline in shipping cost through cargo ships. This, in turn, has increased the demand for commercial ships, thereby augmenting the growth of the bow and stern thrusters market. Further, growing overseas travel and tourism as a result of the increased disposable income will strengthen the demand for ships, yachts and boats.
This growth will accordingly reinforce the market of bow and stern thrusters over the projected period. Furthermore, the availability of bow and stern thrusters via e-commerce is expected to create significant opportunities over the forecast period. Emerging economies and the shift of logistics activities towards these economies will generate more demand for cargo ships in the market, thereby impacting the growth of the bow and stern thrusters market.
The customer base of bow and stern thrusters is an extensive mix of organizations – from naval to commercial shipping and oil & gas industries. This huge mix of end-use industries will fuel the demand for cargo ships and subsequently, will boost the market of bow and stern thrusters over the forecast period.
On the other hand, there are a couple of factors that could restrain the growth of the bow and stern thrusters market. For instance, the high initial cost of a ship leads to the low substitution of bow and stern thrusters as extra parts add extra cost, making them an expensive add on. Moreover, huge expenditure incurred in the development of bow and stern thrusters could put a restraint on the bow and stern thrusters market growth. However, these constraints of the bow and stern thrusters market are stipulated to create aftermarket opportunities for local players.
Geographically, the bow and stern thrusters market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, India, Middle East and Africa, and South East Asia and Pacific. During the forecast period, China and South East Asia Pacific are expected to hold a greater share of the market, owing to the presence of better marine network and freight transport in these regions.
Also, Asia Pacific, being a manufacturing hub of most of the goods, is a major exporter of bow and stern thrusters. North America is anticipated to register significant growth after Asia Pacific as a result of the region’s increasing export and import business and passenger traffic, which in turn will drive the regional market share of the bow and stern thrusters.
Examples of some of the key players operating in the global bow and stern thrusters market include,
This research report presents a comprehensive assessment of the market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments by geography, application and industry.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
On the basis of product type, the global bow and stern thrusters market can be segmented as,
On the basis of power source, the global bow and stern thrusters market can be segmented as,
On the basis of application, the global bow and stern thrusters market can be segmented as,
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Bow and Stern Thrusters Market
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