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. Global Azimuth Thrusters Market Reports give a Key study on the industry status of the Azimuth Thrusters Industry Manufacturer with the specific statistics, meaning, definition, SWOT Analysis, expert opinion, and recent development across the globe. The research report also covers the Market Size, Price, Sales, Revenue, Market share, Gross Margin, growth rate, and cost structure. The report aims to give an additional sample of the latest scenario, economic slowdown, and Covid-19 impact on overall Industry.
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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.
Competitive Landscape and Global Market Share Analysis:
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), Others
Market Segmentation:
By Type:
- Less than 1500KW
- 1500KW-3500KW
- More than 3500KW
- Others
By Drive System:
- Electric Drive System
- Diesel Drive System
- Hydraulic Drive System
- Others
By Vessel Type:
- Naval Ships
- Offshore Drilling
- Recreational Boats
- Offshore Wind Farms (CTVs, SOVs)
- Others
By End-user:
- OEM
- Aftermarket
- Others
The report on the Azimuth Thrusters market covers the following region (country) analysis:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Regional Insights:
In 2021, Asia Pacific was the most important part of the market, which was worth USD 262.5 million. This is because the shipbuilding industry is growing quickly and emerging economies like China and India are buying more and more naval ships. The government of South Korea also set a goal for ship builders: by 2030, they should have up to 75% of the market for ships that are good for the environment and have low or no carbon emissions.
Europe would grow the fastest during the time frame of the forecast. The market is getting bigger because of companies like Brunvoll, ABB Marine, and KONGSBERG. A rise in demand for small and medium-sized boats for fishing, transporting people, and other uses at sea is likely to drive the market in Europe.
Between 2022 and 2029, North America will grow a lot. The growth is because the U.S. Navy is spending more money on ships. The U.S. Navy wants to spend USD 27.9 billion on shipbuilding in FY2023. This would be enough money to buy eight new ships. It includes buying two destroyers from the Arleigh Burke (DDG-51) class, two attack submarines from the Virginia (SSN-774) class, one amphibious ship from the LPD-17 Flight II class, one frigate from the Constellation (FFG-62) class, one towing, salvage, and rescue ship from the Navajo (TATS-6) class, and one oiler from the John Lewis (TAO-205) class.
South America, the Middle East, and Africa would all grow a lot during the time period predicted. This growth is happening because there are more wind farms in the ocean near these places. The market is also growing because countries like Saudi Arabia, the United Arab Emirates, Brazil, Argentina, and others are spending more on the naval sector.
Following are the major TOC of the Azimuth Thrusters Market:
Chapter 1: Azimuth Thrusters Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Azimuth Thrusters Market Competition by Manufacturers
Chapter 4: Global Production, Profits (Value) by Region
Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions
Chapter 6: Global Price Trend by Type, Revenue (Value), Production
Chapter 7: Manufacturing Cost Analysis
Chapter 8: Global Market Analysis by Application
Chapter 9: Industrial Chain and Downstream Buyers, Sourcing Strategy
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Global Azimuth Thrusters Market Forecast
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Key Reasons to Purchase Azimuth Thrusters Market report:
The report provides a thorough examination of the manufacturing methods, as well as ideas to reduce development risk, major market growth challenges and strategic inputs to overcome the market threats.
In-depth market analysis and an overview of the global Azimuth Thrusters Market trend and commercial landscape are included in the report. In addition, the report discusses the effect of COVID-19 on the market.
Reader can acquire a better interpretation of the Azimuth Thrusters Market forecast’s future view and opportunities from the report.
The report contains an analysis of recent developments as well as profiles of important market leaders and key players.
To gain an understanding of the market strategies by the leading market players in the Azimuth Thrusters
The report analyses the most important driving and restraining factors in the industry, as well as their impact on global market growth.
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