The global azimuth thrusters market demand was USD 498.5 million in 2021. The market is expected to grow from USD 526.4 million in 2022 to USD 583.8 million by 2029, exhibiting a CAGR of 1.49% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Azimuth Thrusters Market, 2022-2029.”
Drivers and Restraints:
Increasing International Seaborne Trade Activities to Boost Azimuth Thrusters Market Growth
As per the United Nations Conference on Trade and Development (UNCTAD) maritime transport report 2021, the international maritime trade is predicted to rise by 4.3%. Moreover, Japan, China, and South Korea have arisen as the key nations in the shipbuilding industry. The propeller is an effective system of the marine vessels. Therefore, the rising demand for naval vessels and cargo ships for seaborne trades is fueling the market growth.
High maintenance cost related with substituting the conventional thrusters hinders the growth of the market. There is huge cost engaged in modernization and upgrading of progressive thrusters. Therefore, the requirement of promoted azimuth thrusters in naval vessels obstructs the market growth.
Asia Pacific to Lead Backed by Surging Acquisition of Naval Vessels
Asia Pacific held the largest azimuth thrusters market share and dominated in 2021 with total value at USD 262.5 million. The domination is owing to the prompt extension of the shipbuilding industry and growing attainment of naval vessels from developing nations such as China and India.
Europe would grow with a highest CAGR during the forecast period. The growth is backed by the existence of prime OEMs such as Brunvoll, ABB Marine, and KONGSBERG.
North America is anticipated to demonstrate substantial growth during 2022-2029. The growth is stoked by greater spending on naval vessels from the U.S. Navy.
List of Key Players Mentioned in the Report:
- ABB (Switzerland)
- Brunvoll AS (Norway)
- Caterpillar (U.S.)
- Hydromaster (Netherlands)
- IHI Power Systems Co., Ltd. (Japan)
- Jastram (Germany)