Marine Thrusters Market: Introduction
Marine Thrusters are devices designed to give a hydrodynamic thrust, either sideways or forward, to enable the movement of the ship, boat or vessel they are attached to. Marine thrusters help in the movement, maneuvering, dynamic positioning and steering of the vessel on water bodies. Marine thrusters not only help in maneuvering of the vessel, but they also increase hydro-dynamic efficiency, reduce vessel rudder, and emits less vibration and noise. Due to this, marine thrusters are widely used in passenger ships and other commercial vessels. Marine thrusters also reduce fuel consumption as they generally require lower installed power to operate. All these factors make marine thrusters an optimal solution for ship propulsion system.
On the basis of their function and type, marine thrusters are usually categorized into lateral thrusters, jet thrusters, azimuthal thrusters, retractable thrusters and a few others, depending on the maneuverability options they provide. Out of the types mentioned, azimuthal thrusters, jet thrusters and retractable thrusters dominate the marine thrusters market
Marine Thrusters Market: Dynamics
The rise in international seaborne trade and constant increase in deployment and sales of ships for general sea based logistics, globally, are expected to be the two major factors driving market growth for marine thrusters. Moreover, boost in demand for resources, such as, coal, crude oil, iron, and steel from the developing regions is also expected to fuel the market growth for marine thrusters during the forecast period. Rise in use of inland waterways and certain technological advancements have been observed.
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Increased demand for marine thrusters from various emerging shipbuilding & repair market is expected to provide immense opportunities for the market growth of marine thrusters. Recovering crude oil prices is expected to contribute towards the growth of oil & gas and other commodities trade, especially through sea, which is expected to contribute towards the growth of marine thrusters market globally.
However, certain stringent guidelines with respect to environmental responsibilities and humongous capital investments required to set up new manufacturing units might hamper marine thruster’s market growth during the forecast period. Certain fluctuations in oil process, low freight rates and shipping overcapacity might also create challenges for the marine thrusters market.
Marine Thrusters: Market Segmentation
The global Marine Thrusters market has been segmented on the basis of operation as:
- Fixed Pitch Propeller
- Controllable Pitch Propeller
The global Marine Thrusters market has been segmented on the basis of application as:
- Oil & gas rigs
- Commercial (passenger, cargo and other vessels)
- Military Vessels
- Private & Recreational Cruises
The global Marine Thrusters market has been segmented on the basis of type as:
- Tunnel Thrusters
- Jet Thrusters
- Azimuthal Thrusters
- Lateral Thruster
- Retractable Thruster
Marine Thrusters Market: Regional Overview
Europe and Asia-pacific is home to some of the major shipbuilding industries in the world. Presence of large number of shipbuilding companies is expected to drive the marine thrusters market growth significantly in these regions. Growth of shipbuilding industry in countries like China, South Korea and other Asia-Pacific countries, coupled with the growing seaborne trade in these regions is expected to propel the marine thrusters market growth in the region.
Also, Asia-pacific is expected to register a high growth rate in the marine thrusters market. North America is also expected to contribute significantly towards the growth of marine thrusters market due to the presence of a highly developed marine industry in the region. Middle-East and Africa is expected to hold moderate share in the marine thrusters market, due to the lack of major shipbuilding companies in the region, but is expected to propel the market growth in the region due to the rise in sea-trade in gulf countries.
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Global Marine Thrusters Market: Key Players
Examples of some of the market participants in the global Marine Thrusters market identified across the value chain include:
- VETUS Twin Disc, Incorporated
- Lewmar Limited
- Poseidon Propulsion Inc.
- M.S. Inc.
- Veth Propulsion
- Sleipner Motor AS
- CRAFTSMAN MARINE
- Caterpillar Propulsion
- Hyundai Heavy Industries
- Rolls-Royce plc