Dublin, April 14, 2023 (GLOBE NEWSWIRE) -- The "Azimuth Thrusters Market Share, Size, Trends, Industry Analysis Report, By Type; By Drive System; By Vessel Type; By End Use; and By Region; Segment Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The Global azimuth thrusters market size is expected to reach USD 592.86 million by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Companies Mentioned
- ABB
- Brunvoll AS
- Caterpillar
- Hydromaster
- IHI Power Systems
- Jastram
- Kawasaki Heavy Industries
- KONGSBERG
- SCHOTTEL GROUP
- Steerprop
- Thrustmaster
- Veth Propulsion
- Voith Turbo
- Wartsila Corporation
- Wuxi Ruifeng Marine
- ZF Friedrichshafen AG
Market expansion is expected to fuel by ship owners using azimuth thrusters more frequently to increase speed. Azimuth thrusters deliver the necessary thrust in the intended direction in navy ships, improving maneuverability over rudder systems and fixed propellers. Thrusters are utilized mainly by marine vessels for dynamic positioning. These thrusters keep their locations by combating external impediments like wind and waves.
The speed of maritime ships has increased. They are primarily employed in tugs, workboats, cargo vessels, icebreakers, naval vessels, and offshore supply vessels. Ship owners are widely using these cutting-edge thrusters because they offer improved mobility. It promotes market expansion by providing both high operational dependability and simple maintenance.
New trends in the market include the introduction of thrusters with cutting-edge technology and the creation of propulsion systems for naval vessels with minimal carbon emissions. Over the forecast period, the market is expected to expand significantly due to increased expenditure on acquiring new warships and increased capitalization on the modernization of naval vessels.
Azimuth Thrusters Market Report Highlights
- The market for the 1500 KW-3500 KW is expected to grow at a significant CAGR over the study period, primarily due to the use of the thrusters in the survey and cargo ships.
- The electric drive system segment is anticipated to be the largest due to the increasing demand for lightweight vessels.
- During the forecast period, the naval ships category is expected to maintain its market dominance due to an increase in the demand for submarines, surveillance ships, and tugboats.
- The OEM segment is expected to grow due to the booming investments in the naval sector, the acquisition of unique vessels, and the rapid expansion of the seaborne freight trade.
- Asia Pacific dominated the market in 2021 and held the greatest market share owing to the rapid expansion of the shipbuilding sector and the rising production of naval vessels by developing countries like China & India.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 119 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $529.11 million |
| Forecasted Market Value (USD) by 2032 | $592.86 million |
| Compound Annual Growth Rate | 1.3% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Research Methodology
4. Global Azimuth Thrusters Market Insights
4.1. Azimuth Thrusters - Industry Snapshot
4.2. Azimuth Thrusters Market Dynamics
4.2.1. Drivers and Opportunities
4.2.1.1. Increased demand for offshore oil and gas exploration
4.2.1.2. Rising demand for tugboats and support containers across several geographies
4.2.2. Restraints and Challenges
4.2.2.1. High cost of maintaining azimuth thrusters
4.3. Porter's Five Forces Analysis
4.4. PESTLE Analysis
4.5. Azimuth Thrusters Industry Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis
5. Global Azimuth Thrusters Market, by Drive System
5.1. Key Findings
5.2. Introduction
5.3. Electric Drive System
5.4. Diesel Drive System
5.5. Hydraulic Drive System
6. Global Azimuth Thrusters Market, by Vessel Type
6.1. Key Findings
6.2. Introduction
6.3. Naval Ships
6.4. Offshore Drilling
6.5. Recreational Boats
6.6. Offshore Wind Farms (CTVs, SOVs) and Others
7. Global Azimuth Thrusters Market, by End User
7.1. Key Findings
7.2. Introduction
7.3. OEM
7.4. Aftermarket
8. Global Azimuth Thrusters Market, by Type
8.1. Key Findings
8.2. Introduction
8.3. Less than 1500KW
8.4. 1500KW-3500KW
8.5. More than 3500KW
9. Global Azimuth Thrusters Market, by Geography
10. Competitive Landscape
10.1. Expansion and Acquisition Analysis
10.1.1. Expansion
10.1.2. Acquisitions
10.2. Partnerships/Collaborations/Agreements/Exhibitions
11. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/3x21d6
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