Azimuth Thrusters Market Is Expected To Reach around USD 583.8 Million by 2030, Grow at a CAGR Of 1.49% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.

Farmington, Feb. 10, 2023 (GLOBE NEWSWIRE) -- The Global Azimuth Thrusters Market Size Was USD 498.5 Million In 2021. The Market Is Expected To Grow From USD 526.4 Million In 2022 To USD 583.8 Million By 2030, Exhibiting A CAGR Of 1.49% During The Forecast Period. COVID-19 has had effects on the world that have never been seen before and are shocking. For example, the demand for azimuth thrusters is lower than expected in all regions compared to before the pandemic. Our research shows that the world market was 14.99% smaller in 2020 than in 2019.

The azimuth thruster is found in a pod on a boat. The rudder is no longer needed because these thrusters can move in any direction in the horizontal plane. It gives a measurement of the angle in the spherical coordinate system. On its vertical axis, this propeller can turn in a full circle. It gives the most thrust and has more options than fixed pitch thrusters. Most thrusters have either a Z-drive or an L-drive arrangement. These are used for a lot of different things, like escorting ships, giving dynamic positioning services, and helping ships dock.

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Recent Developments:

• January 2022 - Kongsberg awarded a contract with Sanmar Shipyards to install US255SFP and US205SFP thrusters on the new Azimuth Stern Drive (ASD) tugboat the Turkish shipyard is building for Svitzer.
• April 2022 – Kongsberg has been awarded two contracts to supply ships to the Navy. We are supplying two Commissioning Service Operation Vessel (CSOV), one with Integrated Wind Solutions (IWS) as an Integrated Equipment Solution. The second contract was awarded to Sembcorp Marine to supply a comprehensive technology package for the Wind Turbine Installed Vessel (WTIV).

Segment Overview

Type Insights

In 2021, the range of 1500KW to 3500KW had the largest market share. The reason for this is that cargo ships and survey ships are using thrusters more and more. The market for propulsion is growing because maritime trade is growing and people are spending more money on buying cargo ships.

The segment under 1500 KW will grow a lot from 2022 to 2029. This is because it is expected that the number of small ships like cruise ships, ferries, lifeboats, tugboats, and fishing boats will rise during the forecast period.

Drive System Insights

During the time frame of the forecast, the electric drive system segment is expected to be the largest. This is because ships that are easy to move are in high demand. The fact that there is no need for a gearbox is one of the best things about the electric system. In November 2021, Torqeedo and Italdraghe made a deal to work together to make an outboard retractable electric propulsion system for commercial boats that can be used in cities and on inland waterways.

The segment of hydraulic drive systems will grow the most quickly over the next few years. This growth is because these systems are being used more and more on naval ships to keep the force steady and control the speed very precisely as the speed changes.

Vessel Type Insights

In 2021, naval ships made up the biggest part of the market, and this is likely to stay true from 2022 to 2029. There are more people who want submarines, surveillance boats, and tugboats, which is one reason for the growth.

Over the next few years, the offshore wind farm segment will grow the most, according to CTV. This is because there will be more demand for service operation vessels (SOVs) and crew transfer vessels. In April 2021, Scottish company North Star Renewables and Fincantieri's subsidiary Vard signed a contract for Vard to deliver three Service Operation Vessels (SOVs).

End-user Insights

The OEM segment is expected to be the biggest because more money is being put into the naval sector, more ships are being bought, and ocean freight trade is growing quickly. The growth of this sector is helped by the fact that ship owners and OEMs are making more deals to buy goods.

As more marine vessels get upgrades to make them safer and better at what they do, the aftermarket segment will grow the fastest.

Regional Outlook:

In 2021, the most important part of the USD 262.5 million market was Asia Pacific. This is because the shipbuilding business is growing quickly and many naval ships are being bought from countries like China and India that are still developing. Ship builders have also been given goals by the Korean government. By 2030, it should make up as much as 75% of the market for green ships that emit little or no carbon.

During the time frame of the forecast, Europe will grow the fastest. Companies like Brunvoll, ABB Marine, and KONGSBERG are adding to the growth of the market. Growing demand for small and medium-sized boats for fishing, transporting people, and other maritime uses is likely to drive the European market.

Between 2022 and 2029, there will be a lot of growth in North America. The US Navy is spending more money on ships, which is why the economy is growing. The US Navy plans to spend $27.9 billion on building ships in the fiscal year 2023. This includes buying two destroyers from the Arleigh Burke (DDG-51) class, two attack submarines from the Virginia (SSN-774) class, one LPD-17 Flight II-class amphibious assault ship, one Constellation frigate (FFG-62) class, one towing, salvage, and rescue vessel from the Navajo (TATS-6) class, and one tanker from the John Lewis (TAO-205) class.

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Scope of Report:

Latest Trends:

In marine propulsion systems, the latest trend on the market is to use more advanced technologies and new ideas. The ability to extend and retract the thruster is one of the more advanced features of the azimuth thruster. Brunvoll made a deal with the Spanish government-owned shipbuilding company Navantia in March 2021 to give the Spanish Navy five F-110 frigates with retractable thrusters that can handle shocks.

The main problem with traditional thrusters that are attached to the bottom of a boat is that the openings create turbulence, which makes the boat perform worse in the water. When the retractable thrusters are out from the hull, they work as azimuth thrusters. When it is pulled back, it works like a normal tunnel thruster. So, it gives a solution that can be used for more than one thing and can make things better.

Driving Factors:

The market will grow as more ships use Azimuth Thrusters to improve their speed.

At each stop line, it gives the right amount of push in the right direction. It is easier to turn than this fixed propeller that goes in one direction. Most ships change where they are by moving ships. These storms go into maintenance mode and have recently started to do the same thing as the environment's winds. Boost your ship's speed where it counts. Most of the time, they are used on tugboats, work boats, cargo ships, ships that break through ice, and warships. Ship owners are using more and more air in these designs because it makes it easier to turn. Activation has made it easier to keep the market stable, which has helped the market grow.

The Azimuth Thrusters Market is growing because there is more international trade going through the seas.

The United Nations Conference on Trade and Development (UNCTAD) thinks that the money it will give out in 2021 will increase international trade by 4.3%. In 2020, there were 99,800 ships that were each over 100 tonnes. That's a rise of 3%.

Restraining Factors:

The growth of the market has been slowed by how much it costs to keep azimuth thrusters in good shape.

Traditional thrusters are slowing the growth of the market because they are hard to repair and replace and cost a lot to do so. Modern thrusters have a Z-drive that is directly powered by a diesel engine and an L-drive that is powered from above by electricity. Bringing advanced thrusters up to date and making them better is a very expensive process. So, the fact that naval ships need to update their azimuth thrusters slows down the growth of the market.

Key Segments Covered:

Top Market Players:
ABB (Switzerland), Brunvoll AS (Norway), Caterpillar (U.S.), Hydromaster (Netherlands), IHI Power Systems Co., Ltd. (Japan), Jastram (Germany), Kawasaki Heavy Industries, Ltd. (Japan), KONGSBERG (Norway), SCHOTTEL GROUP (Germany), Steerprop (Finland), Thrustmaster (U.S.), Veth Propulsion (Netherlands), Voith Turbo (Germany), Wartsila Corporation (Finland), Wuxi Ruifeng Marine (China), ZF Friedrichshafen AG (Germany), and others.

By Type

• Less than 1500KW
• 1500KW-3500KW
• More than 3500KW
• Others

By Drive System

• Electric Drive System
• Diesel Drive System
• Hydraulic Drive System
• Other

By Vessel Type

• Naval Ships
• Offshore Drilling
• Recreational Boats
• Offshore Wind Farms (CTVs, SOVs)
• Other

By End-User

• OEM
• Aftermarket
• Other

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

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