[250 Pages Report] The global marine base steering gear market size was valued at around US$ 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) | US$ 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 $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.
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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 US$ 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 |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| 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.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Marine Base Steering Gear Market Analysis 2017-2021 and Forecast, 2022-2032 4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021 4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Gear Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Gear Type, 2017-2021 5.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Gear Type, 2022-2032 5.3.1. Ram Type 5.3.2. Rotary Vane Type 5.4. Y-o-Y Growth Trend Analysis By Gear Type, 2017-2021 5.5. Absolute $ Opportunity Analysis By Gear Type, 2022-2032 6. Global Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Power Source 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Power Source, 2017-2021 6.3. Current and Future Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Power Source, 2022-2032 6.3.1. Hydraulic 6.3.2. Electro-hydraulic 6.4. Y-o-Y Growth Trend Analysis By Power Source, 2017-2021 6.5. Absolute $ Opportunity Analysis By Power Source, 2022-2032 7. Global Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Region, 2017-2021 7.3. Current Market Size Value (US$ Mn) & Volume (Units) Analysis and Forecast By Region, 2022-2032 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Country 8.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021 8.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032 8.2.1. By Country 8.2.1.1. U.S. 8.2.1.2. Canada 8.2.2. By Gear Type 8.2.3. By Power Source 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Gear Type 8.3.3. By Power Source 8.4. Key Takeaways 9. Latin America Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Country 9.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021 9.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Gear Type 9.2.3. By Power Source 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Gear Type 9.3.3. By Power Source 9.4. Key Takeaways 10. Europe Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Country 10.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021 10.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. U.K. 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Gear Type 10.2.3. By Power Source 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Gear Type 10.3.3. By Power Source 10.4. Key Takeaways 11. Asia Pacific Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Country 11.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021 11.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Malaysia 11.2.1.5. Singapore 11.2.1.6. Australia 11.2.1.7. New Zealand 11.2.1.8. Rest of APAC 11.2.2. By Gear Type 11.2.3. By Power Source 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Gear Type 11.3.3. By Power Source 11.4. Key Takeaways 12. MEA Marine Base Steering Gear Market Analysis 2017-2021 and Forecast 2022-2032, By Country 12.1. Historical Market Size Value (US$ Mn) & Volume (Units) Trend Analysis By Market Taxonomy, 2017-2021 12.2. Market Size Value (US$ Mn) & Volume (Units) Forecast By Market Taxonomy, 2022-2032 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Gear Type 12.2.3. By Power Source 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Gear Type 12.3.3. By Power Source 12.4. Key Takeaways 13. Key Countries Marine Base Steering Gear Market Analysis 13.1. U.S. 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2021 13.1.2.1. By Gear Type 13.1.2.2. By Power Source 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2021 13.2.2.1. By Gear Type 13.2.2.2. By Power Source 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2021 13.3.2.1. By Gear Type 13.3.2.2. By Power Source 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2021 13.4.2.1. By Gear Type 13.4.2.2. By Power Source 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2021 13.5.2.1. By Gear Type 13.5.2.2. By Power Source 13.6. U.K. 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2021 13.6.2.1. By Gear Type 13.6.2.2. By Power Source 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2021 13.7.2.1. By Gear Type 13.7.2.2. By Power Source 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2021 13.8.2.1. By Gear Type 13.8.2.2. By Power Source 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2021 13.9.2.1. By Gear Type 13.9.2.2. By Power Source 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2021 13.10.2.1. By Gear Type 13.10.2.2. By Power Source 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2021 13.11.2.1. By Gear Type 13.11.2.2. By Power Source 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2021 13.12.2.1. By Gear Type 13.12.2.2. By Power Source 13.13. Malaysia 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2021 13.13.2.1. By Gear Type 13.13.2.2. By Power Source 13.14. Singapore 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2021 13.14.2.1. By Gear Type 13.14.2.2. By Power Source 13.15. Australia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2021 13.15.2.1. By Gear Type 13.15.2.2. By Power Source 13.16. New Zealand 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2021 13.16.2.1. By Gear Type 13.16.2.2. By Power Source 13.17. GCC Countries 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2021 13.17.2.1. By Gear Type 13.17.2.2. By Power Source 13.18. South Africa 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2021 13.18.2.1. By Gear Type 13.18.2.2. By Power Source 13.19. Israel 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2021 13.19.2.1. By Gear Type 13.19.2.2. By Power Source 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Gear Type 14.3.3. By Power Source 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. Data Hidrolik 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Brusselle Carral Marine 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. Jastram Engineering Ltd. 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Wills Ridley Ltd 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. REMONTOWA HYDRAULIC SYSTEMS Sp. z o.o. 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. Rolls-Royce plc 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. KATSA OY 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Nufoss Services Pte Ltd. 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Palmarine 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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Marine Base Steering Gear Market
