Global Ship Rudders Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Ship Rudders Global Market Report 2023, the ship rudders market is expected to show significant growth in the forecast period.
Key insights from the ship rudders market forecast include:
- Market Size
The global ship rudders market is expected to grow from $1.85 billion in 2022 to $1.96 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global ship rudders market size is expected to reach $2.42 billion in 2027 at a CAGR of 5.4%.
- Major Driver
An increase in cargo transit via waterways is predicted to move the ship rudder industry forward. According to the European Commission, a Belgian intergovernmental organisation, inland waterway freight transport grew by more than 3% (4 billion tone-kilometers) in September 2022 compared to 2020. A similar pattern may be seen in tonnes for the same time period, with an increase of 4% (19 million tonnes). As a result, an increase in cargo transit via waterways is propelling the ship rudder industry forward.
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- Key Trend
Product innovation is a significant trend that is gaining traction in the ship rudders market. Major players in the ship rudders market are focusing on developing new products to maintain their market position. Kongsberg Maritime, a Norwegian marine technology business, for example, unveiled a new Direct Trunk Support (DTS) system for rudders in November 2022. The new technology improves manoeuvrability, propulsion performance, and weight savings, ultimately cutting fuel consumption and emissions. During the ship’s design phase, the new DTS system provided some of its most significant benefits. Because of the enhanced load distribution, a lower-positioned steering gear deck is conceivable, giving ship designers more latitude in the aft-ship design.
- Largest Region
North America was the largest region in the ship rudders market in 2022.
- Major Players
Major players in the food diagnostics market are Damen Marine Components, Teignbridge Propellers International Ltd., Mecklenburger Metallguss GmbH, Torqeedo GmbH, Hamworthy KSE Group Limited, Breezemarine Group Ltd., Kuribayashi Steamship Co. Ltd., Nakashima Propeller Co. Ltd., Japan Hamworthy Co. Ltd., YMV Kreyn ve Makina Sistemleri AS, Wärtsilä Corporation, PYI Inc., Sunique Machinery Co. Ltd., Wuxi Ruifeng Marine Propulsion Co. Ltd., and CJR Propulsion.
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Key Ship Rudders Market Segments
1) By Product Type: Balanced Ship Rudder, Semi-balanced Ship Rudder, Unbalanced Ship Rudder, Flaps Ship Rudder, Pleuger Ship Rudder
2) By Rudder Material: Stainless Steel, Aluminum Alloy, Other Materials
3) By Application: Cargo, Passengers, Container, Tankers, Fishing Vessel, Other Applications
The Ship Rudders Global Market Report 2023 provides an in-depth analysis on the ship rudders market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the ship rudders market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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