Azimuth Thrusters Market Forecasts to 2028 – Global Analysis By Type (Less than 1500KW, 1500KW-3500KW), Drive System (Hydraullic Drive System, Electric drive System), Vessel Type (Merchant & Naval Ships, Offshore Drilling) and By Geography

Azimuth Thrusters Market Forecasts to 2028 – Global Analysis By Type (Less than 1500KW, 1500KW-3500KW), Drive System (Hydraullic Drive System, Electric drive System), Vessel Type (Merchant & Naval Ships, Offshore Drilling) and By GeographyAccording to Stratistics MRC, the Global Azimuth Thrusters Market is accounted for $515.89 million in 2022 and is expected to reach $633.80 million by 2028 growing at a CAGR of 3.5% during the forecast period. An azimuth thruster is a alignment of marine propellers placed in pods that can be rotated to any horizontal angle (azimuth), making a rudder unnecessary. These give ships better manoeuvrability than a fixed propeller and rudder system.

According to the United Nations Conference on Trade and Development (UNCTAD) maritime transport report 2021, the international maritime trade is estimated to increase by 4.3%. In 2020, the global commercial shipping fleet increased by 3% and reached 99,800 ships of 100 gross tons and above. By January 2021, the capacity was nearly equivalent to 2.13 billion dead weight tons (dwt).

Market Dynamics:

Driver:

Capability to boost speed of naval ships

As it is widely used in marine vessels as they deliver the required thrust in suitable directions. They further deliver those ships with better maneuverability, unlike the rudder systems and fixed propellers. They are also used for the ships’ dynamic positioning in order to make them pass smoothly through harsh climatic conditions, such as waves and winds. Also, azimuth thrusters are capable of enhancing the speed of naval ships. Hence, they are adopted in icebreakers, workboats, cargo vessels, offshore supply vessels, and tugs.

Restraint:

High cost

Due to high maintenance cost connected with replacing the conventional thrusters hampers the growth of the market. There is huge cost engaged in modernization and upgrading of progressive thrusters. Hence, the requirement of promoted it in naval vessels obstructs the market growth.

Opportunity:

Increase in the investments for international seaborne trade

Development in maritime tourism, increased demand for azimuth thrusters from the new shipbuilding & repair market, etc. are creating ample opportunities for the market. Moreover, increasing maritime trade and maritime tourism will consequently have led to the rise in the demand for ships, which, in turns, motivates the market demand globally.

Threat:

Low product life

As its product is complicated and repairs should be done, carry out checks and some routine maintenance. Additionally, timely maintenance coupled with low product life is other major factors expected to threaten the growth of the global market over the forecast period.

Impact of Covid- 19

The current global outbreak of COVID-19, followed by lockdowns across several economies is impacting almost all industries. This crisis is expected to continue in the upcoming months due to currently suspended trade across various economies. The marine industry has been impacted severely owing to the COVID-19 pandemic. Investments in the shipbuilding sector have declined.

The Original Equipment Manufacturer (OEM) segment is expected to be the largest during the forecast period

The Original Equipment Manufacturer (OEM) segment is expected to be the largest during the forecast period, owing to increasing investments in the naval sector, procurement of new vessels, and rapid growth in the seaborne cargo trade. The rising number of procurement contracts between ship owners and OEMs boosts the segment growth.

The 1500KW-3500KW segment is expected to have the highest CAGR during the forecast period

The 1500KW-3500KW segment is expected to have the highest CAGR during the forecast period, owing to the increasing usage of these thrusters in survey & cargo vessels. Moreover, the increasing maritime trade is surging the number of cargo vessels worldwide.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period. This growth can be accredited to increasing in offshore oil and gas activities across countries such as Norway, the UK, France, Spain, etc., which is driving procurement of azimuth thrusters for tugboats & offshore support vessels in this province. Moreover, the presence of key OEMs such as Brunvoll, ABB Marine, and KONGSBERG. An increase in demand for small size and medium-sized vessels for fishing, passenger transport, and other maritime applications is expected to drive the market in Europe.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the rapid extension of the shipbuilding industry and growing attainment of naval vessels from developing nations such as China and India. Furthermore, rising demand for tugboats and offshore support vessels across countries such as China, India, Malaysia, etc.

Key players in the market

Some of the key players profiled in the Azimuth Thrusters Market include ZF Friedrichshafen AG Wuxi Ruifeng Marine Voith Turbo Veth Propulsion Thrustmaster, Steerprop, SCHOTTEL Group, Rolls-Royce, NGC, Kongsberg Gruppen ASA, Kawasaki, Jastram, IHI Power Systems Co., Ltd. (IPS)., Hydromaster, Caterpillar Inc., Cat Propulsion, Brunvoll AS, ABB Marine.

Key Developments:

In September 2019: Kongsberg signed an agreement with Damen Shipyards to offer the Kongsberg Maritime solution to the SeaDream Yacht Club cruise line. It is fully integrated and valued at USD 21.5 million.

In May 2020: Richardson Devine Marine (RDM) launched its Incat Crowther design vessel to Sealink Tasmania, a leading ferry owner. SCHOTTEL provided its unique propulsion solutions to an all-aluminium ferry named Nairana.

Organization Sizes Covered:
• Large Enterprises
• Small and Medium-Sized Enterprises

Types Covered:
• Less than 1500KW
• 1500KW-3500KW
• More than 3500KW

Drive Systems Covered:
• Hydraullic Drive System
• Electric drive System
• Diesel Drive System

Vessel Types Covered:
• Merchant & Naval Ships
• Offshore Drilling
• Recreational Boats
• Offshore Wind Farms (Closed-Circuit Television (CCTV's), Share of voice SOV's)

Propeller Configurations Covered:
• Thrust Performance
• Shallow Draught Performance
• Sailing Performance

Transmissions Covered:
• Welded
• Retractable Thrusters
• Mechanical (L drive, Z drive)
• Hull Interfaces
• Electrical (Azipush, Azipull)
• Bolted

Applications Covered:
• Tugboat
• Recreational Boats
• Offshore Support Vessel
• Naval Ships
• Ferries and Freighter

End Users Covered:
• Original Equipment Manufacturer (OEM)
• Aftermarket

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances