Ship Rudder Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Ship Rudder Market
The ship rudder market size was valued at USD 1.03 billion in 2023, and the market is now projected to grow from USD 1.07 billion in 2024 to USD 1.57 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2024-2032.
Numerous passenger and cargo ships were prohibited from entering ports by local authorities as a result of COVID-19. Consequently, the ship caused other merchant sailors to go aground on board, and the ship owners incurred additional expenses due to the ships being trapped in territorial waters for a lengthy period of time. These factors affected the ship rudder market growth.
Global market growth is directly correlated with the size of the ship fleet increasing. In addition, the global merchant fleet has been steadily expanding in recent years. This rise in fleet size, however, differs depending on the primary ship classes bulk carriers, tankers, aircraft carriers, and so on. A growth in the ship rudder market is predicted for the research period due to these innovations and the growing size of the fleet. These factors affected the ship rudder market share. The revenue and share systems numbers are off the charts and demands are touching the skies.
For the aim of energy conservation, it is projected that the market will grow throughout the study period due to the adoption of new technologies and market trends. This particular product market has expanded rigorously after this trend has kicked in and has attributed the market shares.
Comprehensive Analysis of Ship Rudder Market
The market is divided into three categories based on the kind of rudder: balanced, unbalanced, and semi-balanced. The market is divided into OEM and aftermarket segments based on the point of sale. The market is divided into various end-user segments, such as coast guard, commercial, and naval. The market is segmented based on the kind of ship, including bulk carrier, container, passenger, fishing, naval, general cargo, and other ships.
Europe is expected to be the leading region of this particular product market. As a result of growing health concerns and precautions against microbial or viral exposure. This particular product market is expanding due to various reasons. The market's rapid growth is ascribed to the expansion of development initiatives aimed at enhancing marine commerce infrastructure throughout Europe. Moreover, trade agreements between Mexico and Europe will support market expansion in this area.
Moderate market fragmentation exists. In addition to spending money on R&D to manufacture items, these businesses have large production capacities. Damen Marine Components (Netherlands), Becker Marine Systems GmbH (Germany), Nufoss Services Pte Ltd. (Singapore), Torqeedo GmbH (Germany), and Voith Hydro Inc. (Germany), are some of the major competitors of this particular product market.
In November 2022, the introduction of a new direct trunk support system for rudders was announced by Kongsberg Maritime. By transferring steering force from the rudder to the hull structure directly through the steering gear deck and headbox, the innovative method eventually saves fuel and lowers pollutants.
Segmentation Table
Attribute Details
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 5.6% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Rudder Type, Point of Sale, End-user, Ship Type, and Region
By Rudder Type
Balanced Rudder
Unbalanced Rudder
Semi-balanced Rudder
By Point of Sale
OEM
Aftermarket
By End-user
Naval
Commercial
Coast Guard
Others
By Ship Type
Container Ship
Passenger Ship
Bulk Carrier
Tanker Ship
Fishing Vessel
Naval Ship
General Cargo Ship
Others
By Geography
North America (By Rudder Type, Point of Sale, End-user, Ship Type, and Country)
- U.S. (By Ship Type)
- Canada (By Ship Type)
Europe (By Rudder Type, Point of Sale, End-user, Ship Type, and Country)
- U.K. (By Ship Type)
- Germany (By Ship Type)
- France (By Ship Type)
- Russia (By Ship Type)
- Rest of Europe (By Ship Type)
Asia Pacific (By Rudder Type, Point of Sale, End-user, Ship Type, and Country)
- China (By Ship Type)
- India (By Ship Type)
- Japan (By Ship Type)
- South Korea (By Ship Type)
- Rest of Asia Pacific (By Ship Type)
Latin America (By Rudder Type, Point of Sale, End-user, Ship Type, and Country)
- Brazil (By Ship Type)
- Colombia (By Ship Type)
- Rest of Latin America (By Ship Type)
Middle East & Africa (By Rudder Type, Point of Sale, End-user, Ship Type, and Country)
- UAE (By Ship Type)
- Saudi Arabia (By Ship Type)
- Africa (By Ship Type)
- Rest of Middle East & Africa (By Ship Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- 4.2. Latest technological Advancements
- 4.3. Porters Five Forces Analysis
- 4.4. Supply Chain Analysis
- 5. Quantitative Insights-Impact of Russia-Ukraine War on Global Main Battle Tank Market
- 5.1. Impact of Russia-Ukraine War on the Global Main Battle Tank Market
- 6. Global Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Key Findings / Segmental Definitions
- 6.2. Market Analysis, Insights and Forecast – By Component
- 6.2.1. Turret System
- 6.2.2. Internal Combustion Engine
- 6.2.3. Wheel & Tracks
- 6.2.4. Situational Awareness
- 6.2.5. Weaponry Systems
- 6.2.6. Others
- 6.3. Market Analysis, Insights and Forecast –By Weight
- 6.3.1. Light Weight
- 6.3.2. Medium Weight
- 6.3.3. Heavy Weight
- 6.4. Market Analysis, Insights and Forecast – By Solution
- 6.4.1. Line Fit
- 6.4.2. Retro Fit
- 6.5. Market Analysis, Insights and Forecast – By Region
- 6.5.1. North America
- 6.5.2. Europe
- 6.5.3. Asia Pacific
- 6.5.4. Middle East
- 6.5.5. Africa
- 6.5.6. Latin America
- 7. North America Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast – By Component
- 7.1.1. Turret System
- 7.1.2. Internal Combustion Engine
- 7.1.3. Wheel & Tracks
- 7.1.4. Situational Awareness
- 7.1.5. Weaponry Systems
- 7.1.6. Others
- 7.2. Market Analysis, Insights and Forecast –By Weight
- 7.2.1. Light Weight
- 7.2.2. Medium Weight
- 7.2.3. Heavy Weight
- 7.3. Market Analysis, Insights and Forecast – By Solution
- 7.3.1. Line Fit
- 7.3.2. Retro Fit
- 7.4. Market Analysis – By Country
- 7.4.1. U.S.
- 7.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 7.4.1.1.1. Line Fit
- 7.4.1.1.2. Retro Fit
- 7.4.2. Canada
- 7.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 7.4.2.1.1. Line Fit
- 7.4.2.1.2. Retro Fit
- 8. Europe Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast – By Component
- 8.1.1. Turret System
- 8.1.2. Internal Combustion Engine
- 8.1.3. Wheel & Tracks
- 8.1.4. Situational Awareness
- 8.1.5. Weaponry Systems
- 8.1.6. Others
- 8.2. Market Analysis, Insights and Forecast –By Weight
- 8.2.1. Light Weight
- 8.2.2. Medium Weight
- 8.2.3. Heavy Weight
- 8.3. Market Analysis, Insights and Forecast – By Solution
- 8.3.1. Line Fit
- 8.3.2. Retro Fit
- 8.4. Market Analysis – By Country
- 8.4.1. U.K.
- 8.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.1.1.1. Line Fit
- 8.4.1.1.2. Retro Fit
- 8.4.2. Germany
- 8.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.2.1.1. Line Fit
- 8.4.2.1.2. Retro Fit
- 8.4.3. Italy
- 8.4.3.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.3.1.1. Line Fit
- 8.4.3.1.2. Retro Fit
- 8.4.4. Russia
- 8.4.4.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.4.1.1. Line Fit
- 8.4.4.1.2. Retro Fit
- 8.4.5. Poland
- 8.4.5.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.5.1.1. Line Fit
- 8.4.5.1.2. Retro Fit
- 8.4.6. Northern Europe
- 8.4.6.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.6.1.1. Line Fit
- 8.4.6.1.2. Retro Fit
- 8.4.7. Rest of Europe
- 8.4.7.1. Market Analysis, Insights and Forecast – By Solution
- 8.4.7.1.1. Line Fit
- 8.4.7.1.2. Retro Fit
- 9. Asia pacific Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast – By Component
- 9.1.1. Turret System
- 9.1.2. Internal Combustion Engine
- 9.1.3. Wheel & Tracks
- 9.1.4. Situational Awareness
- 9.1.5. Weaponry Systems
- 9.1.6. Others
- 9.2. Market Analysis, Insights and Forecast –By Weight
- 9.2.1. Light Weight
- 9.2.2. Medium Weight
- 9.2.3. Heavy Weight
- 9.3. Market Analysis, Insights and Forecast – By Solution
- 9.3.1. Line Fit
- 9.3.2. Retro Fit
- 9.4. Market Analysis – By Country
- 9.4.1. China
- 9.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.1.1.1. Line Fit
- 9.4.1.1.2. Retro Fit
- 9.4.2. India
- 9.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.2.1.1. Line Fit
- 9.4.2.1.2. Retro Fit
- 9.4.3. Japan
- 9.4.3.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.3.1.1. Line Fit
- 9.4.3.1.2. Retro Fit
- 9.4.4. South Korea
- 9.4.4.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.4.1.1. Line Fit
- 9.4.4.1.2. Retro Fit
- 9.4.5. North Korea
- 9.4.5.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.5.1.1. Line Fit
- 9.4.5.1.2. Retro Fit
- 9.4.6. Southeast Asia
- 9.4.6.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.6.1.1. Line Fit
- 9.4.6.1.2. Retro Fit
- 9.4.7. Rest of Asia Pacific
- 9.4.7.1. Market Analysis, Insights and Forecast – By Solution
- 9.4.7.1.1. Line Fit
- 9.4.7.1.2. Retro Fit
- 10. Middle East Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 10.1. Market Analysis, Insights and Forecast – By Component
- 10.1.1. Turret System
- 10.1.2. Internal Combustion Engine
- 10.1.3. Wheel & Tracks
- 10.1.4. Situational Awareness
- 10.1.5. Weaponry Systems
- 10.1.6. Others
- 10.2. Market Analysis, Insights and Forecast –By Weight
- 10.2.1. Light Weight
- 10.2.2. Medium Weight
- 10.2.3. Heavy Weight
- 10.3. Market Analysis, Insights and Forecast – By Solution
- 10.3.1. Line Fit
- 10.3.2. Retro Fit
- 10.4. Market Analysis – By Country
- 10.4.1. Turkey
- 10.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 10.4.1.1.1. Line Fit
- 10.4.1.1.2. Retro Fit
- 10.4.2. Israel
- 10.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 10.4.2.1.1. Line Fit
- 10.4.2.1.2. Retro Fit
- 10.4.3. Iran
- 10.4.3.1. Market Analysis, Insights and Forecast – By Solution
- 10.4.3.1.1. Line Fit
- 10.4.3.1.2. Retro Fit
- 10.4.4. Saudi Arabia
- 10.4.4.1. Market Analysis, Insights and Forecast – By Solution
- 10.4.4.1.1. Line Fit
- 10.4.4.1.2. Retro Fit
- 10.4.5. Rest of Middle East
- 10.4.5.1. Market Analysis, Insights and Forecast – By Solution
- 10.4.5.1.1. Line Fit
- 10.4.5.1.2. Retro Fit
- 11. Africa Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 11.1. Market Analysis, Insights and Forecast – By Component
- 11.1.1. Turret System
- 11.1.2. Internal Combustion Engine
- 11.1.3. Wheel & Tracks
- 11.1.4. Situational Awareness
- 11.1.5. Weaponry Systems
- 11.1.6. Others
- 11.2. Market Analysis, Insights and Forecast –By Weight
- 11.2.1. Light Weight
- 11.2.2. Medium Weight
- 11.2.3. Heavy Weight
- 11.3. Market Analysis, Insights and Forecast – By Solution
- 11.3.1. Line Fit
- 11.3.2. Retro Fit
- 11.4. Market Analysis – By Country
- 11.4.1. Ethiopia
- 11.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.1.1.1. Line Fit
- 11.4.1.1.2. Retro Fit
- 11.4.2. Egypt
- 11.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.2.1.1. Line Fit
- 11.4.2.1.2. Retro Fit
- 11.4.3. Algeria
- 11.4.3.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.3.1.1. Line Fit
- 11.4.3.1.2. Retro Fit
- 11.4.4. Nigeria
- 11.4.4.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.4.1.1. Line Fit
- 11.4.4.1.2. Retro Fit
- 11.4.5. Morocco
- 11.4.5.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.5.1.1. Line Fit
- 11.4.5.1.2. Retro Fit
- 11.4.6. Rest of Africa
- 11.4.6.1. Market Analysis, Insights and Forecast – By Solution
- 11.4.6.1.1. Line Fit
- 11.4.6.1.2. Retro Fit
- 12. Latin America Main Battle Tank Market Analysis, Insights and Forecast, 2019-2030
- 12.1. Market Analysis, Insights and Forecast – By Component
- 12.1.1. Turret System
- 12.1.2. Internal Combustion Engine
- 12.1.3. Wheel & Tracks
- 12.1.4. Situational Awareness
- 12.1.5. Weaponry Systems
- 12.1.6. Others
- 12.2. Market Analysis, Insights and Forecast –By Weight
- 12.2.1. Light Weight
- 12.2.2. Medium Weight
- 12.2.3. Heavy Weight
- 12.3. Market Analysis, Insights and Forecast – By Solution
- 12.3.1. Line Fit
- 12.3.2. Retro Fit
- 12.4. Market Analysis – By Country
- 12.4.1. Brazil
- 12.4.1.1. Market Analysis, Insights and Forecast – By Solution
- 12.4.1.1.1. Line Fit
- 12.4.1.1.2. Retro Fit
- 12.4.2. Argentina
- 12.4.2.1. Market Analysis, Insights and Forecast – By Solution
- 12.4.2.1.1. Line Fit
- 12.4.2.1.2. Retro Fit
- 12.4.3. Rest of Latin America
- 12.4.3.1. Market Analysis, Insights and Forecast – By Solution
- 12.4.3.1.1. Line Fit
- 12.4.3.1.2. Retro Fit
- 13. Competitive Analysis
- 13.1. Global Market Share Analysis (2022)
- 13.2. Competition Dashboard
- 14. Company Profiles (Overview, Products & services, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability))
- 14.1. General Dynamics Corporation
- 14.1.1. Overview,
- 14.1.2. Products & services,
- 14.1.3. SWOT Analysis,
- 14.1.4. Recent Developments,
- 14.1.5. Strategies,
- 14.1.6. Financials (Based on Availability)
- 14.2. HYUNDAI MOTOR GROUP
- 14.2.1. Overview,
- 14.2.2. Products & services,
- 14.2.3. SWOT Analysis,
- 14.2.4. Recent Developments,
- 14.2.5. Strategies,
- 14.2.6. Financials (Based on Availability)
- 14.3. BAE Systems plc.
- 14.3.1. Overview,
- 14.3.2. Products & services,
- 14.3.3. SWOT Analysis,
- 14.3.4. Recent Developments,
- 14.3.5. Strategies,
- 15. 14.1.6. Financials (Based on Availability)
- 15.1. Nexter Systems
- 15.1.1. Overview,
- 15.1.2. Products & services,
- 15.1.3. SWOT Analysis,
- 15.1.4. Recent Developments,
- 15.1.5. Strategies,
- 15.1.6. Financials (Based on Availability)
- 15.2. BMC
- 15.2.1. Overview,
- 15.2.2. Products & services,
- 15.2.3. SWOT Analysis,
- 15.2.4. Recent Developments,
- 15.2.5. Strategies,
- 15.2.6. Financials (Based on Availability)
- 15.3. Israel Military Industries Ltd
- 15.3.1. Overview,
- 15.3.2. Products & services,
- 15.3.3. SWOT Analysis,
- 15.3.4. Recent Developments,
- 15.3.5. Strategies,
- 15.3.6. Financials (Based on Availability)
- 15.4. Rheinmetall AG
- 15.4.1. Overview,
- 15.4.2. Products & services,
- 15.4.3. SWOT Analysis,
- 15.4.4. Recent Developments,
- 15.4.5. Strategies,
- 15.4.6. Financials (Based on Availability)
- 15.5. Krauss-Maffei Wegmann GmbH and Co. KG
- 15.5.1. Overview,
- 15.5.2. Products & services,
- 15.5.3. SWOT Analysis,
- 15.5.4. Recent Developments,
- 15.5.5. Strategies,
- 15.5.6. Financials (Based on Availability)
- 15.6. Mitsubishi Heavy Industries, Ltd
- 15.6.1. Overview,
- 15.6.2. Products & services,
- 15.6.3. SWOT Analysis,
- 15.6.4. Recent Developments,
- 15.6.5. Strategies,
- 15.6.6. Financials (Based on Availability)
- 15.7. Heavy Vehicles Factory
- 15.7.1. Overview,
- 15.7.2. Products & services,
- 15.7.3. SWOT Analysis,
- 15.7.4. Recent Developments,
- 15.7.5. Strategies,
- 15.7.6. Financials (Based on Availability)
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