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Over the past years there have been changes and new releases in the azimuth thruster’s market globally. Among these is the growing demand for greater manoeuvrability in a range of maritime industry applications. Azimuth thrusters are essential for a variety of vessels, including tugboats, cruise ships, and offshore support vessels due to its great mobility.
When more people become aware by the impact of climate change on the environment, azimuth thrusters have become one of the most widely used types of ecologically friendly and energy-efficient propulsion systems.
Also azimuth thrusters have become more powerful and smaller due to advancements in technology, making them suitable for a variety of vessel types.so the ongoing changes highlight the relevance of azimuth thrusters in contemporary sea-related activities and indicate the market’s potential further development as it meets the ever-changing demands of the market.
Increasing Demand for Maritime Transport
High Initial Costs and Maintenance
Technological Advancements and Innovations
Technological advancement is great for azimuth thruster market. Developments in the form of hybrid propulsion systems, reduced environmental impact, and increased fuel efficiency have promoted the creation of next-generation azimuth thrusters. Dependability on ajumth thrusters increases with development. Companies are likely to have advantage who invest on R&D to produce thrusters that are environment friendly
Integration of Smart Technologies
The report will cover the qualitative and quantitative data on the global Azimuth Thrusters Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-32 |
Base Year | 2023 |
Estimated Forecast Year | 2024-32 |
Growth Rate | CAGR of 2.1% from 2024 to 2032 |
Segmentation | By Type, By Drive System, By Vessel Type, By End-user, By Region |
Unit | USD Million |
By Type |
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By Drive System |
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By Vessel Type |
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By End-user |
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By Region |
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In May 2024, Caterpillar Inc. announced a $90 million investment to prepare its facilities in Schertz and Seguin, Texas, to produce the all-new Cat® C13D industrial engine. The investment will create 25 jobs at Schertz starting in 2026.
In February 2024, ABB announced that it has entered into an agreement to acquire SEAM Group, a major provider of energized asset management and advisory services to clients across industrial and commercial building markets.
The market scope is segmented because of by Type, by Drive System, by Vessel Type, by End-user.
By Type
Based on the Type of the market is segmented into Less than 1500KW, 1500KW-3500KW, More than 3500KW.
The 1500KW–3500KW segments held the biggest market share in 2023 of all the segments that were studied. Increasing use of thrusters in cargo ships and the survey ships is the root cause of supremacy. Maritime industry is growing daily and companies are investing more to acquire cargo ships, so the demand for thruster’s increases consequently affects the growth of this market.
During 2024–2032, the section of less than 1500KW will encourage development. in the forecast period it is expected that as the small boat’s growth, cruise, ferries, lifeboats tugs and fishing vessels are increase in numbers.
By Drive System
Based on the Drive System of the market is segmented into Electric Drive System, Diesel Drive System, Hydraulic Drive System.
The automotive NVH materials market is expected to be dominated by the electric drive system sector out of all the other segments. With the need for variety of lightweight boats for various applications market is expected to increase. The electric system does not require gearbox which is the main advantage while the petrol system does use gearbox. A contract between Italdraghe and Torqeedo states that they will work together to jointly create an outboard, retractable electric propulsion system for use on small, commercial watercraft in inland and urban waters starting in November 2023.
Highly used among the industrial machinery and equipment, the hydraulic drive category is expected to exhibit the highest rise throughout the projection period. This growth is due to use of the identified systems in naval vessels to offer the constant force as well as control the speed aptly.
By Vessel Type
Based on the Vessel Type of the market is segmented into Naval Ships, Offshore Drilling, Recreational Boats, Offshore Wind Farms (CTVs, SOVs), Others.
The naval ships segments, which makes up the whole of the industry, was the largest in 2023 and is expected to continue to hold a strong position in the upcoming years, 2024–2032. It has been noticed that the market for submarines, tugboats, and other similar boats is growing, which is the reason for the rise.
Based on the information, the offshore wind farms segment is expected to show the highest growth during the forecast period due to the need for Service Operation Vessels (SOVs) and Crew Transfer Vessels (CTVs). This March, SOV contract was inked by Vard, a Fincantieri group company with North Star Renewables, a Scottish company for building three vessels.
By End-user
Based on the End-user of the market is segmented into OEM, Aftermarket.
Due to rising investments in the naval sector, procurement of new vessels, and rapid growth in the seaborne cargo trade The OEM segment is expected to be the largest segment. The segment growth is boost because of increasing number of getting contracts between ship owners and OEM.
The aftermarket segment will grow with the highest compound annual growth rate due to rising maritime vessel upgrading programs to improve safety and enhance operational capabilities.
The global azimuth thrusters market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
In 2023 Asia Pacific dominated the market and was valued at USD 272.5 million. The rapid expansion of the shipbuilding industry and rising procurement of naval vessels from emerging economies such as China and India. Furthermore, South Korea’s government set a target for ship manufacturers to take up to 75% of the market share for eco-friendly vessels with less or no carbon emissions by 2032 is reason of dominance.
Europe would grow with the highest CAGR during the forecast period. The growth is due to the presence of key OEMs such as Brunvoll, ABB Marine, and KONGSBERG. An increase in demand for small size and medium-sized vessels for fishing, passenger transport, and other maritime applications is anticipated to drive the market in Europe.
Between 2024 and 2032 North America will experience significant growth. The growth is due to higher expenditure on naval vessels from the U.S. Navy. The U.S. Navy proposed budget requests of USD 27.9 billion in shipbuilding funding for FY2023 for the purchase of eight new ships. It includes the procurement of two Arleigh Burke (DDG-51) class destroyers, two Virginia (SSN-774) class attack submarines, one LPD-17 Flight II class amphibious ship, one Constellation (FFG-62) class frigate, one Navajo (TATS-6) class towing, salvage, and rescue ship, and one John Lewis (TAO-205) class oiler.
Due to increasing offshore wind farm activities across these regions South America and the Middle East & Africa would register significant growth during the forecast period. Also rising expenditure on the naval sector from Saudi Arabia, the UAE, Brazil, Argentina, and others drives the market growth.
North America accounted for the highest Azimuth Thrusters% market share in terms of revenue in the Azimuth Thrusters market and is expected to expand at a CAGR of Azimuth Thrusters% during the forecast period. This growth can be attributed to the growing adoption of Azimuth Thrusters. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Azimuth Thrusters% over upcoming years, because of the presence of key Azimuth Thrusters companies in economies such as Japan and China.
The objective of the report is to present comprehensive analysis of Global Azimuth Thrusters Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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23 Jul 2024
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