Azimuth Thrusters Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Azimuth Thrusters Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Azimuth Thrusters Market

The Azimuth Thrusters market size was valued at USD 498 million in 2023, and the market is now projected to grow from USD 526 million in 2024 to USD 583 million by 2032, exhibiting a CAGR of 1.49% during the forecast period of 2024-2032.

The seaward oil and gas industry, a major consumer for azimuth thrusters, saw a declining request due to the financial downturn. Numerous investigation and generation ventures were suspended, encourage diminishing request for these thrusters in unused builds and retrofitting ventures. Sea ventures, counting shipbuilding and seaward oil and gas ventures, were postponed or canceled. Diminished request for oil and a decrease in tourism, particularly the voyage industry, contrarily affected orders for vessels requiring azimuth thrusters and thus retarded the azimuth thrusters market growth.

Presentation of progressed advances and advancements within the marine drive frameworks are the most recent patterns within the advertise. The customary thrusters settled at the foot of the transport have a major disadvantage of turbulence made due to openings that advance diminish the hydrodynamic execution. A retractable thruster works as an azimuth thruster when amplified descending from the frame, hence working as a standard tunnel thruster when retracted. Subsequently, it gives a multi-functional arrangement that provides expanded execution.

Azimuth thrusters are utilized in maritime vessels to supply essential pushed within the craved heading that gives ships superior maneuverability than rudder frameworks and fixed propellers. The thrusters are primarily utilized within the energetic situating of marine ships. These thrusters keep up their positions through neutralizing natural impediments such as wind and waves. It improves the speed of marine ships. They are majorly utilized in seaward supply vessels, pulls, workboats, cargo vessels, icebreakers, and maritime vessels. Dispatch proprietors are exceedingly embracing these progressed thrusters as they give predominant maneuverability.

Comprehensive Analysis of Azimuth Thrusters Market

The market for azimuth thrusters is partitioned into 1500 KW, 1500 KW-3500 KW and more than 3500 KW. The middle section 1500-3500 KW type is termed to hold a significant share in the type segment. Hydraulic drive system, diesel drive system, and electric drive system are the 3 parameters of the azimuth thrusters’ market on the bifurcation of drive systems. The market on the basis of end-user is fractioned into Aftermarket and Original Equipment Manufacturers (OEMs). The part OEMs was sublimed to be the highest grossing. On the bifurcation of vessel type analysis, the market is segregated into offshore wind farms, offshore drilling and naval ships. The naval ship segment of the vessel type is subjected to the leading part.

Asia Pacific with a valuation of USD 262.5 million is governed to denote an overwhelming azimuth thrusters market share with the ace of development of the shipbuilding industry and rising acquirement of maritime vessels from rising economies such as China and India. Besides, South Korea's government set a target for dispatch producers to require up to 75% of the market share for eco-friendly vessels with less or no carbon outflows by 2030.

The presentation of mechanically progressed thrusters and the advancement of low carbon outflow drive frameworks for maritime vessels are the upcoming patterns within the advertise. A broadened item portfolio of thrusters and rising investing on investigate & improvement from the OEMs boost the market development. The major players functioning in the market are noted as: Thrustmaster (U.S.), ABB (Switzerland), Jastram (Germany), Streetprop (Finland), Caterpillar (U.S.), KONGSBERG (Norway), Wartsila Corporation (Finland), IHI Power Systems Co., Ltd. (Japan), Veth Propulsion (Netherland), SCHOTTEL GROUP (Germany), Voith Turbo (Germany), Wuxi Ruifeng Marine (China), Kawasaki Heavy Industries, Ltd. (Japan), ZF Friedrichshafen AG (Germany) and many more.

Within the month of January 2022, the company Kongsberg marked a contract with Sanmar Shipyards to provide US255SFP and US205SFP thrusters for establishment on modern Azimuth Strict Drive (ASD) tugboats the Turkish shipyard is building for Svitzer.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2018-2029

Base Year

2021

Estimated Year

2022

Forecast Period

2022-2029

Historical Period

2018-2020

Unit

Value (USD million)

Segmentation

By Type

Less than 1500KW

1500KW-3500KW

More than 3500KW

By Drive System

Electric Drive System

Diesel Drive System

Hydraulic Drive System

By Vessel Type

Naval Ships

Offshore Drilling

Recreational Boats

Offshore Wind Farms (CTVs, SOVs)

Others

By End-user

OEM

Aftermarket

By Geography

North America (By Type; Drive System; Vessel Type; End-user, Country)

• U.S. (By Vessel Type)
• Canada (By Vessel Type)
• Mexico (By Vessel Type)

Europe (By Type; Drive System; Vessel Type; End-user, Country)

• U.K. (By Vessel Type)
• Germany (By Vessel Type)
• France (By Vessel Type)
• Russia (By Vessel Type)
• Italy (By Vessel Type)
• Rest of Europe (By Vessel Type)

Asia Pacific (By Type; Drive System; Vessel Type; End-user, Country)

• China (By Vessel Type)
• India (By Vessel Type)
• Japan (By Vessel Type)
• South Korea (By Vessel Type)
• Southeast Asia (By Vessel Type)
• Australia (By Vessel Type)
• Rest of Asia Pacific (By Vessel Type)

South America (By Type; Drive System; Vessel Type; End-user, Country)

• Brazil (By Vessel Type)
• Argentina (By Vessel Type)
• Colombia (By Vessel Type)

Middle East & Africa (By Type; Drive System; Vessel Type; End-user, Country)

• UAE (By Vessels Type)
• Saudi Arabia (By Vessels Type)
• Egypt (By Vessels Type)
• South Africa (By Vessels Type)

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