Pune, Aug. 31, 2020 (GLOBE NEWSWIRE) -- The global azimuth thrusters market is anticipated to gain traction from the ongoing technological advancement and innovations in the propulsion systems. This information is given by Fortune Business Insights™ in a new report, titled, “Azimuth Thrusters Market Size, Share & COVID-19 Impact Analysis, By Type (Less than 1500KW, 1500KW-3500KW, and More than 3500KW), By Drive System (Electric Drive System, Diesel Drive System, and Hydraulic Drive System), By Vessel Type (Naval Ships, Offshore Drilling, Recreational Boats, Offshore Wind Farms (CTVs, SOVs), and Others) By End User (OEM and Aftermarket), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 651.6 million in 2019 and is projected to reach USD 559.7 million by 2027, exhibiting a CAGR of 0.15% during the forecast period.
The emergence of the COVID-19 pandemic has taken a toll on a wide range of industries by disrupting supply chains and stopping production processes. They are striving to generate income by maintaining social distancing and sanitization measures. Our reports will provide in-depth analysis of the effects of this pandemic on every market.
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This Report Answers the Following Questions:
- What are the market growth drivers, dynamics, and hindrances?
- Which companies would generate the highest revenue in the market?
- How will the companies surge sales of these thrusters amid COVID-19?
- What are the challenges and opportunities of the global market?
Drivers & Restraints
Ability to Enhance Speed of Naval Ships will Skyrocket Demand
Azimuth thrusters are extensively used in marine vessels as they deliver the required thrust in suitable directions. They further provide those ships with better maneuverability, unlike the rudder systems and fixed propellers. They are also used for the ships’ dynamic positioning in order to make them pass smoothly through harsh climatic conditions, such as waves and winds.
Besides, azimuth thrusters are capable of enhancing the speed of naval ships. Hence, they are adopted in icebreakers, workboats, cargo vessels, offshore supply vessels, and tugs. Nowadays, ship owners are using them rapidly to gain high operational reliability. They are also easy to maintain. However, the marine industry has been impacted severely owing to the COVID-19 pandemic. Investments in the shipbuilding sector have declined. This factor may hamper the azimuth thrusters market growth in the near future.
Segment
1500KW-3500KW Segment to Lead Owing to Rising Survey & Cargo Vessels Globally
Based on type, the market is segregated into more than 3500KW, 1500kw-3500KW, and 1500KW. Out of these, the 1500KW-3500KW segment is expected to lead throughout the forthcoming years on account of the increasing usage of these thrusters in survey & cargo vessels. Also, the increasing maritime trade is surging the number of cargo vessels worldwide. This factor would also drive growth of this segment.
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Regional Analysis
Rising Number of Ferries & Fishing Vessels to Favor Growth in North America
In 2019, North America procured USD 103.4 million in terms of azimuth thrusters market share. This growth is attributable to the rising number of cruise ships, fishing vessels, and ferries in this region. Apart from that, the increasing emphasis on fuel consumption would contribute to the market growth. Europe, on the other hand, is set to showcase the fastest growth because of the high demand for medium and small-sized vessels for fishing, transport, and other similar applications in this region. Asia Pacific would exhibit the largest market share owing to the constantly expanding shipbuilding industry in India and China.
Competitive Landscape
Key Players Aim to Bag New Orders for Gaining Competitive Edge
The market for azimuth thrusters possesses a large number of reputed companies that are striving to gain a competitive edge by joining hands with other local enterprises. Some of the others are also trying to bag orders for their in-house azimuth thrusters from renowned companies to strengthen their positions.
Below are two of the latest industry developments:
- May 2020: Richardson Devine Marine (RDM) delivered its Incat Crowther design vessel to Sealink Tasmania, a leading ferry owner. SCHOTTEL provided its unique propulsion solutions to an all-aluminium ferry named Nairana.
- September 2019: Kongsberg signed an agreement with Damen Shipyards to offer the Kongsberg Maritime solution to the SeaDream Yacht Club cruise line. It is fully integrated and valued at USD 21.5 million.
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Fortune Business Insights™ lists out the names of all the prominent azimuth thrusters present in the global market. They are as follows:
- ABB Marine (Switzerland)
- Brunvoll (Norway)
- Caterpillar Inc. (The U.S.)
- Hydromaster (Netherland)
- IHI Corporation (Japan)
- Jastram (Germany)
- Kawasaki (Japan)
- KONGSBERG (Norway)
- NGC (The U.S.)
- SCHOTTEL GROUP (Germany)
- Steerprop (Finland)
- Thrustmaster (The U.S.)
- Veth Propulsion (Netherland)
- Voith Turbo (Germany)
- Wartsila Corporation (Finland)
- Wuxi Ruifeng Marine (China)
- ZF Friedrichshafen AG (Germany)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Azimuth Thrusters Market
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- Impact of COVID-19 Pandemic on Global Azimuth Thrusters Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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- Global Azimuth Thrusters Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Less than 1500KW
- 1500KW-3500KW
- More than 3500KW
- Market Analysis, Insights and Forecast – By Drive System
- Electric Drive System
- Diesel Drive System
- Hydraulic Drive System
- Market Analysis, Insights and Forecast – By Vessel type
- Naval Ships
- Offshore Drilling
- Recreational Boats
- Offshore Wind Farms (CTVs, SOVs)
- Others
- Market Analysis, Insights and Forecast – By End-user
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- South America
- Middle East & Africa
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