The new report by Expert Market Research titled, ‘Global Azimuth Thrusters Market Growth, Share, Size, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global azimuth thrusters market, assessing the market based on its segments such as types, drive systems, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Azimuth Thrusters Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
The global azimuth thrusters industry is expected to be driven by the growing need to maintain robust and efficient shipping fleets. Some major market drivers include an increase in investments for international seaborne trade, expansion in marine tourism, increased demand for azimuth thrusters from the new shipbuilding and repair sector, and so on.
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Furthermore, increased marine trade and maritime tourism would result in increased demand for ships, which will fuel global market demand. Alternatively, a growing trend in the global market is a technological innovation in the maritime industry’s propulsion systems. This aspect is expected to fuel the worldwide market’s expansion to a large amount over the forecast period.
Azimuth Thrusters Industry Definition and Major Segments
Azimuth thrusters are propulsion devices with innovative propulsion mechanisms that outperform all classic and conventional propulsion systems. They are a type of propeller configuration in which the propeller is housed in ship pods that can rotate in any horizontal direction.
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By type, the market is segmented into:
- Less than 1500KW
- More than 3500KW
By drive system, the market is classified into:
- Diesel Drive System
- Electric Drive System
- Hydraulic Drive System
By application, the market is classified into:
- Naval Ships
- Recreational Boats
- Offshore Support Vessel
- Ferries and Freighter
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Azimuth Thrusters Market Trends
Among drive system segments, the electric drive segment is expected to account for the largest share in terms of revenue in the global market, owing to increasing demand for effective and efficient propulsion mechanisms. The naval ships segment, among application segments, is expected to account for a significant market share in the global market in terms of value attributable to the increased investment in the marine industry. Azimuth PM thrusters are environmentally friendly; other benefits include a compact design, high energy efficiency, low maintenance, and less noise and vibration. Such benefits offered by advancements in technology are expected to stimulate market growth.
Key Market Players
The major players in the market are Kongsberg Gruppen ASA, ABB Ltd., SCHOTTEL Group, Brunvoll AS, ZF Friedrichshafen AG, and Caterpillar Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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