Overview and Scope
Ship rudders refer to an underwater blade that is controlled by the helm of a boat or ship and causes the vessel’s head to turn in the same direction when turned. They are used for steering control, port maneuvering, emergency response, and collaborating with autopilot systems.
Sizing and Forecast
The ship rudders market size has grown strongly in recent years. It will grow from $1.96 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growing early rudder development, sail to steamship transition, hydrodynamic research, industrial revolution impact, rise of naval warfare.
The ship rudders market size is expected to see strong growth in the next few years. It will grow to $2.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to green shipping initiatives, rise in international trade, adoption of electric propulsion, shipbuilding industry growth, arctic shipping expansion. Major trends in the forecast period include focus on safety and reliability, integration with propulsion systems, digital twin technology, innovative rudder configurations, optimization through computational fluid dynamics (cfd).
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The ship rudders market covered in this report is segmented –
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
North America was the largest region in the ship rudders market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global ship rudders market report during the forecast period. The regions covered in the ship rudders market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in cargo transportation through waterways is expected to propel the growth of the ship rudder market. Cargo transportation is used for transporting goods from one site to another by ship, airplane, train, or truck, mainly when employed for business or professional purposes. Ship rudders are essential in cargo transportation because they steer a ship, maneuver it in port, adapt to external influences, avoid collisions, and improve navigation. For instance, in September 2022, according to the European Commission, a Belgium-based intergovernmental organization, inland waterway freight transport increased by more than 3% (4 billion ton-kilometers) compared with 2020. For the same period, a similar trend can be seen in tons, with an increase of 4% (19 million tons). Therefore, an increase in cargo transportation through waterways is driving the growth of the ship rudder market.
Key Industry Players
Major companies operating in the ship rudders market report are Damen Marine Components, Teignbridge Propellers International Ltd., Mecklenburger Metallguss GmbH, Torqeedo GmbH, Hamworthy KSE Group Limited, Breeze marine 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., CJR Propulsion, Chatfield Engineering, Clements Engineering Ltd., Eliche Radice S.p.A., ERIS PROPELLERS, Fountom Marine, Italian Propellers S.r.l., Becker Marine Systems, Humphree, Van der Leeden Marine Systems, Dag Marine Group, Clear Water Design, Competition Composites Inc, Talleres Blanchadell S.L., Pintle mounted rudders, Hung rudders
The ship rudders market report table of contents includes:
1. Executive Summary
2. Ship Rudders Characteristics
3. Ship Rudders Trends And Strategies
4. Ship Rudders – Macro Economic Scenario
5. Global Ship Rudders Size and Growth
…..
32. Global Ship Rudders Competitive Benchmarking
33. Global Ship Rudders Competitive Dashboard
34. Key Mergers And Acquisitions In The Ship Rudders
35. Ship Rudders Future Outlook and Potential Analysis
36. Appendix
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