Marine Steering System Market: Size, Share & Trend | Industry Analysis Report  2021-2031

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Marine Steering System: Introduction

  • Rising registration of ships, including cruise ships, is expected to boost the global marine steering system market. The steering system used in marine applications, include a gear assembly, telemotor, control unit, and power unit to steer the ship from port to starboard. Telemotor is a hydraulic type or electric type motor depending on the power source.

Key Drivers of Marine Steering System Market

  • Developments across the global economy and changes in trade growth and patterns are fueling the demand for commodities and determining the distances over which cargo travels. Rise in consumer affordability and improved economic conditions boost tourism and sales of cruise liners and other passenger ferries, which is expected to drive the marine steering system market across the globe. Demand for refined petroleum products for industrial production, driving, and power generation across the globe is likely to increase the usage of sea transportation for export and import of petroleum products. This, in turn, is anticipated to fuel the marine steering system market across the globe.
  • Rise in technological advancements and integration of electronics and electrical systems with IoT technology is expected to propel the development of electric and semi-electric steering systems. Rise in investments in defense across the globe is likely to fuel the marine steering system market. Rise in seaborne trade practices across the globe is likely to propel the shipbuilding industry, which in turn is likely to boost the demand for marine steering system in ships.
  • The rapid spread of COVID-19 virus has caused a majority of businesses across the globe to crumble owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate, which is likely to hamper the marine steering system market across the globe.

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Europe & Asia Pacific to Hold Significant Share of Global Marine Steering System Market

  • Europe is projected to account for a significant share of the global marine steering system market due to rapid expansion of shipbuilding industries across the region. Rise in recreational boating activities across the Europe is likely to drive the marine steering system market in Europe.
  • Followed by Europe, Asia Pacific is projected to hold a significant share of the global marine steering system market due to an increase in sale of cargo ships across the region. Rapid expansion of freight logistics industries across the region is likely to fuel the marine steering system market.

Key Players Operating in Marine Steering System Market

The global marine steering system market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the marine steering system market are:

  • Uflex
  • S.A.P. Supplies
  • Mercury Marine
  • Bosch Rexroth
  • Sperry Marine
  • Vetus
  • Lewmar
  • Sea Star Solutions
  • ZF Friedrichshafen AG
  • Overton
  • Mercury Marine
  • West Marine

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