BOW AND STERN THRUSTERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The bow and stern thrusters’ market is estimated to be valued at USD 477.33 Mn in 2024 and is expected to reach USD 654.34 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
The bow and stern thrusters’ market has been witnessing significant growth in recent years due to the rising seaborne trade activities worldwide. Bow and stern thrusters help provide additional maneuverability to ships and vessels during navigation as well as docking. They aid in maneuvering ships in confined waters and assist in berthing operations in ports. Factors, such as increasing maritime trade volumes, expansion of global fleets of commercial vessels, and stringent maritime regulations regarding ship maneuverability and safety, are fueling the demand for bow and stern thrusters. Furthermore, the growing focus on reducing environmental pollution from ships has also boosted the installation of these propulsion units aboard vessels. With trade and freight transportation via sea routes expected to rise substantially in the coming years, the bow and stern thrusters market is projected to grow steadily.
Market Dynamics:
Growth in international seaborne trade on the back of rising globalization of business activities has been a key driver for the bow and stern thrusters market. The expansion of world fleets of tankers, bulk carriers, and container ships to support the increasing maritime trade volumes has also fueled demand. However, the market has witnessed challenges in terms of high costs associated with installation, maintenance, and repair of these systems. Lack of adequate infrastructure at some ports for construction and repair of large ships also poses difficulties. On the positive side, the rising adoption of advanced automation, electric, and hybrid technologies in bow and stern thrusters is creating new opportunities. Strict emission norms by IMO regarding the minimization of pollution from oceangoing vessels have created a conducive environment for the market.
Key Features of the Study:
- This report provides in-depth analysis of the global bow and stern thrusters market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global bow and stern thrusters market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include ZF Friedrichshafen AG, Holland Marine Parts B.V., YMV Kreyn ve Makina Sistemleri A.S., CRAFTED WITH CRAFTSMAN MARINE, SJMATEK(Suzhou) Marine Machine Co. Ltd., Lewmar Limited, Florida Bow Thrusters, AnchorLift, Kawasaki Heavy Industries Ltd., YMV Crane, Western Marine Electronics Inc., Dutch Thruster Group BV, Sleipner Motor AS, CMC Marine srl, VETUS, Bosch Rexroth AG, Wärtsilä, Osmotech, Lalizas Italia s.r.l., and ThrustEMS. are the major players operating in the market.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global bow and stern thrusters market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global bow and stern thruster’s market.
Market Segmentation:
Table Of Content
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