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Marine Base Steering Gear Market Size, Share, and Analysis, By Type (Ram Type, Rotary Vane Type), By Power Source (Hydraulic, Electro-hydraulic), By Means of Steering (Auto-Pilot, Manual), By Business Type (Original Equipment Manufacturer (OEM) and Aftermarket), By End-user Industry (Passenger Vessels, Defence, and Commercial) and Regional Forecasts, 2022-2032
Global Marine Base Steering Gear Market size was USD 1.7 billion in 2021 and projected to grow from USD 1.9 billion in 2023 to USD 2.9 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period.
The marine base steering gear is an equipment used to guide a vessel in open water which is crucial for marine base steering gear to work in a good condition as it aids in maintaining the boats and ships on the course, by preventing them from hitting obstacles or running aground. Marine base steering gear are either of hydraulic or manual.
Global Marine Base Steering Gear Market is expected to reach USD 2.9 billion, growing at a CAGR of 5.1% during forecast period. The basic requirement of marine base steering gears is guided by rules and standards which has the capability of turning or steering the ship from 35 degrees port to 35 degrees starboard and vice versa. The growth of maritime industry at a rapid pace and increasing marine ships or vessels is providing a growth opportunity for the marine base steering gear market and is expected to continue the same in the forecast period. The prime control systems & power units are duplicated for aiding as a substitute for the failure with the help of emergency generator.
Global Marine Base Steering Gear Market is classified based on the Type into Ram Type, Rotary Vane Type. Ram type marine base steering gears segment dominated the Global Market in 2021 and is expected to continue the same during the forecast period. The process of construction and designing is expensive. The ram type marine base steering gear has an airtight chamber which contains pressurized fluid to assist maintenance of pressure throughout its life. The steering gear has two rams, one at the front and the other at the rear of each wheel.
Global Marine Base Steering Gear Market is classified based on the Power Source into Hydraulic, Electro-hydraulic. Electro-hydraulic segment dominated the Global Market in 2021 and is expected to continue the same during the forecast period. The advantages of this segment are the low energy consumption, high efficiency, improved manoeuvrability and increased control authority. The high demand for maritime transport along with growing construction of new ships is expected to drive the growth of the market.
Strict Military Regulatory Standards are Expected to Boost the Market Growth
The stringent regulations and military standards to design the steering gear for reducing the vibration, noise and shock is estimated to boost the growth of the global marine base steering gear market during the forecast period. The simple and strong design of the actuator type marine base steering gear provide a repetition and reliability which is expected to drive the growth of global marine base steering gear market in the forecast period.
Increasing Demand of Large and Medium Sized Vessels is Expected to Boost the Growth of the Market
The growing acceptance of marine base steering gear for large and medium sized vessels is creating a demand for the market, thereby the availability of multiple vane options is expected to boost the growth of the global marine base steering gear market in the forecast period. The major factors like excellent power-to-weight ratio, compact size, integrated rudder carrier and simple maintenance are expected to propel the growth of global marine base steering gear market over the forecast period.
High Investment in Gears May Hamper the Market Growth
The high cost of advanced Marine Base Steering gears may restrain the market growth. The poor availability of genuine sea transport facilities in low economic range might also hamper the market growth.
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Global Marine Base Steering Gear Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific dominated the global market in terms of revenue share in 2021 and this region is also expected to continue its dominance over the forecast period owing to high foreign investments and favourable government policies. Many developments like establishment of permanent base are expected to boost the demand of the Global Marine Base Steering Gear market forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 has affected several industries and even led to shutdown of many business activities worldwide. Due to the reduction in shipbuilding activities during the Covid-19, it led to a negative impact on the growth of the Global Marine Base Steering Gear Market
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Power Source |
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Means of Steering |
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Business Type |
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End-user Industry |
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By Region |
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Global Marine Base Steering Gear Market size was estimated at USD 1.7 billion in 2021 and is expected to reach USD 2.9 billion in 2032.
The marine base steering gear is an equipment used to guide a vessel in open water which is crucial for marine base steering gear to work in a good condition as it aids in maintaining the boats and ships on the course, by preventing them from hitting obstacles or running aground. Marine base steering gear are either of hydraulic or manual.
Ram Type and Electro-hydraulic segment accounted for the largest Global Marine Base Steering Gear market share.
Key players: Data Hidrolik, Palmarine, Wills Ridley Ltd, Rolls-Royce plc, Brusselle Carral Marine, Jastram Engineering Ltd., Nufoss Services Pte Ltd., REMONTOWA HYDRAULIC SYSTEMS, KATSA OY and Other Prominent Players are the key players in the Global Marine Base Steering Gear Market.
. Strict Military Regulatory Standards and Increasing Demand of Large and Medium Sized Vessels are the factors driving the Global Marine Base Steering Gear market.
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