Marine Steering Systems Market : Growth Opportunities, Key Driven Factors, Industry Highlights Forecast 2018 to 2023

Global Marine Steering Systems Market Research Report provides information on Products, Services, Trends, Top Companies, Verticals, Countries, Material, Application, and Geography globally | Adroit Market Research.

The global marine steering systems market size is expected to be worth USD 1,153.2 million by 2023 due to increasing demand for premium cruise ships and boats especially for tourism and recreational purposes. Also, rising investments in adding new defense systems in naval ships are propelling the growth of global marine steering systems market. On account of increasing border security awareness, governments are rigorously funding the navies to add new and technologically advanced ships to the fleet. In 2017, the government of Canada invested USD 800 million to renew the Royal Canadian Navy’s fleet. Thales Group, a defense service provider received this contract for the service & support of Canada’s naval ships.

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In 2017, hydraulic steering systems accounted for 57.3% share of the global marine steering systems market. Hydraulic steering wheel adds controlled drive to the steering mechanism to offer easy maneuvering, thereby reducing physical efforts even at lower speed. Increasing adoption of hydraulic steering systems due to nominal costs, easy installation and less requirement of technical expertise are some major factors driving the growth of this segment. Increase in international trade drives the demand for marine shipping and large container carriers. This has further increased the scope for advanced hydraulic steering systems especially designed for cargo and trade ships. Electronic steering systems are expected to witness the fastest growth due to increased preference towards advanced human machine interface especially in submarines and cruise ships.

Outboard steering application of marine steering systems are projected to witness the fastest growth as an outboard motor is somewhat simpler in design than inboard motors. An outboard motor typically does not require a distinct rudder since the motor itself is turned to change directions. Also, since recreational boats, fishermen boats and small commercial inshore boats are the most widely used watercrafts, demand for marine steering systems in outboard applications is expected to remain dominant throughout the forecast period. Players are focusing on investing in research & development to come up with technologically advanced features for outboard applications. For instance, in 2016, Sperry Marine developed its new range of electronic outboard marine steering systems with autopilot feature.

North America leads the global marine steering systems market due to a rapid increase in the sales of recreational boats. Inclination of consumers/tourists towards recreational boating has increased considerably over the last decade. Europe is expected to be the second fastest growing market on account of increasing preference towards leisure activities and increasing investments for changing traditional steering systems with hydraulic and electronic systems. Asia-Pacific is expected to foresee the fastest growth of 8.1% between 2018 and 2023 due to rising trade activities and increasing cruise tourism especially in East Asian countries.

The global marine steering systems market is highly fragmented owing to the presence of large number of local as well as international players. Generally, most of the players are located either in the U.S. or Eu-5 countries, although they have little presence across other regions as well. Some of the key players include SeaStar Solutions Incorporated, Mercury Marine, Inc., Vetus, N.V. Sperry Marine, Inc. and Pretech Co. Inc.

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Type Overview, 2013-2023 (USD Million)

  • Hydraulic Steering Systems
  • Electronic Power Steering
  • Mechanical Steering

Application Overview, 2013 – 2023 (USD Million)

  • Outboard Steering
  • Inboard Steering

Regional Overview, 2013 – 2023 (USD Million)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Italy
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Korea
    • India
    • Southeast Asia
    • Rest of Asia-Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Nigeria
    • South Africa
    • Rest of Middle East & Africa
  • Central & South America
    • Brazil
    • Argentina
    • Colombia
    • Rest of South America

The report has analyzed several players in the market, some of which include

  • SeaStar Solutions Incorporated
  • Mercury Marine, Inc.
  • Vetus, N.V.
  • Sperry Marine, Inc.
  • Pretech Co. Inc.
  • Others

Find the graphical representations of Global Marine Steering Systems Market Trends & Forecasts Research Report

Table of Content

  1. Executive Summary
  2. Research Methodology
  3. Market Outlook

 

  1. Marine Steering Systems Market Overview, By Type

Global marine steering systems market share, by type, 2017 & 2023 Hydraulic Marine Steering Systems

Market size and projections, 2013-2023 (USD Million)

Electronic Power Steering

Market size and projections, 2013-2023 (USD Million)

Mechanical Steering Systems

Market size and projections, 2013-2023 (USD Million)

 

  1. Marine Steering Systems Market Overview, By Application

Global marine steering systems market share, by distribution channel, 2017 & 2023 Outboard Steering

Market size and projections, 2013-2023 (USD Million)

Inboard Steering

Market size and projections, 2013-2023 (USD Million)

 

  1. Marine Steering Systems Market Overview, By Region
  2. Industry Structure
  3. Company Profiles SeaStar Solutions Incorporated

 

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