Market Size of Marine Steering System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Steering Systems Market Analysis
The Marine Steering System Market is expected to register a CAGR of over 8% during the forecast period.
- The dynamics of the market studied are linked to the performance of the shipbuilding industry, which, in turn, is dependent upon trade and the global economic growth. The shipbuilding industry is being driven by the growth in the global GDP, global seaborne trade, rising urbanization, and increase in global steel production. One of the significant trends impacting the marine steering market is green shipbuilding technology.
- However, the expansion of the shipbuilding industry can be affected by increasing competition, environmental regulations, enhanced globalization, and political and financial instability. For the fifth year in a row, world fleet growth has decelerated, owing to overcapacity.
- The major factors that can hinder the growth of the market are labor-intensive manufacturing processes and government regulations regarding environmental protection. For instance, the Federal Refuse Act announced that the discharge of fuel, oil, oily wastes, and hazardous substance into the waters of the United States or the contiguous zone is completely prohibited.
Marine Steering Systems Industry Segmentation
Marine Steering System Market is segmented by Product Type (Rotary Vane Type and Ram Type), by Means of Steering (Auto-Pilot and Manual) by Type (Hydraulic and Electric), by End-User Industry (Passenger Vessels, Defense, and Commercial), and by Geography
| Product Type | |
| Rotary Vane Type | |
| Ram Type |
| Means of Steering | |
| Auto-Pilot | |
| Manual |
| Type | |
| Hydraulic | |
| Electric |
| End-user Industry | |
| Passenger Vessels | |
| Defense | |
| Commercial |
| Geography | |||||||
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Marine Steering System Market Size Summary
The marine steering system market is poised for significant growth, driven by the shipbuilding industry's performance, which is closely tied to global trade and economic expansion. The market is experiencing a shift towards green shipbuilding technologies, reflecting broader environmental concerns. However, challenges such as intense competition, regulatory pressures, and geopolitical instability could impact market growth. The demand for marine steering systems is particularly buoyed by the rising popularity of cruise ships and passenger vessels, which are becoming increasingly integral to the global leisure industry. This trend is supported by the growing number of international tourist arrivals, which has been steadily increasing over the years, thereby boosting the need for advanced steering systems in marine applications.
Regionally, North America leads the market, driven by high sales of powered boats and active recreational boating activities. Europe follows, with a strong market presence due to the popularity of sailboats. The Oceania region, including Australia and New Zealand, is witnessing improved recreational boating activities, while ASEAN countries are enhancing their tourism sectors, contributing to market growth. In the Middle East and Africa, increased tourism and rising incomes in GCC countries are further propelling market expansion. The demand for cargo vessels, equipped with advanced marine steering systems, is expected to rise, supported by growing trade volumes in various sectors. The market is consolidated, with key players like SeaStar Solutions, ZF, Vetus, Uflex, Sperry Marine, and Lewmar dominating the landscape.
Marine Steering System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Rotary Vane Type
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2.1.2 Ram Type
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2.2 Means of Steering
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2.2.1 Auto-Pilot
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2.2.2 Manual
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2.3 Type
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2.3.1 Hydraulic
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2.3.2 Electric
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2.4 End-user Industry
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2.4.1 Passenger Vessels
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2.4.2 Defense
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2.4.3 Commercial
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Spain
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2.5.2.5 Rest of Europe
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2.5.3 Asia Pacific
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2.5.3.1 India
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2.5.3.2 China
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2.5.3.3 Japan
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2.5.3.4 South Korea
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 South America
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2.5.4.1 Brazil
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2.5.4.2 Argentina
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2.5.4.3 Rest of South America
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2.5.5 Middle-East and Africa
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2.5.5.1 United Arab Emirates
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2.5.5.2 Saudi Arabia
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2.5.5.3 Rest of Middle-East and Africa
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Marine Steering System Market Size FAQs
What is the current Marine Steering System Market size?
The Marine Steering System Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Marine Steering System Market?
SeaStar Solutions, Vetus, Uflex, Sperry Marine and Lewmar are the major companies operating in the Marine Steering System Market.
