Marine Steering Gear Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage:by Type (Rotary Vane Type, Ram Type); Power Source (Hydraulic, Electro-hydraulic) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

The Marine Steering Gear Market is expected to register a CAGR of 7.2% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

Marine Steering Gear Market is segmented into by type, and by power source. Based on type, the market is segmented into rotary vane type, and ram type. Based on power source, market is segmented into hydraulic, and electro-hydraulic.

Purpose of the Report

The report Marine Steering Gear Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Marine Steering Gear Market Segmentation

Type

• Rotary Vane Type
• Ram Type

Power Source

• Hydraulic
• Electro-hydraulic

Marine Steering Gear Market Growth Drivers

• Increasing maritime industry growth: The rise at rapid pace with rising number of marine vessels and ships demand is major driving factor for the marine steering gear market growth during the forecast period. As per the United Nations Conference on Trade and Development (UNCTAD), worldwide commercial fleet demand increased by 63 million dwt in January 2021.
• Regulatory and Safety Standards: The IMO has stringent regulations governing the safety of maritime vessels, including requirements for steering gear systems. For example, regulations mandate that ships must have a secondary, backup steering system in the event of failure. Compliance with these safety standards ensures that ships remain operational and avoid penalties, driving demand for advanced steering systems. The Safety of Life at Sea (SOLAS) regulations require that ships are equipped with reliable steering gear systems. These mandatory standards ensure that marine steering gear systems must meet high safety, durability, and reliability standards, spurring manufacturers to develop and upgrade their products.

Marine Steering Gear Market Future Trends

• Rising Emphasis on Military Standards: Furthermore, rising strict military standards for the design of steering gears to reduce noise and vibrations along with rising rapid expansion of the shipbuilding industry is projected to create ample opportunity for marine steering gear market during the forecast period. Several countries governments worldwide are making initiatives for the development and expansion of the shipbuilding industry across the globe.  For instance, in 2022 Australia's Prime Minister, Scott Morrison announced investment US $ 4.3 billion for the investment in the development of the dry-docking facilities at Australia’s Henderson Shipyard. This investment made to facilitate the sustainable construction of large naval vessels and to support the commercial shipbuilding in the market. This is expected to create ample opportunity for the market growth.
• Extended Lifecycle of Vessels: The long operational life of ships means that older vessels require ongoing investment in maintenance, including upgrades to steering systems. This contributes to the replacement of old systems with newer, more reliable, and efficient technologies.

Marine Steering Gear Market Opportunities

• Growing Advancements: Rising technological advancements in the marine industry to manufacture vessels with advanced gearing systems drives the global marine steering gear market growth. Rapid innovations such as electro-hydraulic and electronic steering systems are increasing demand to control ships. These systems are equiped with advanced sensors and controllers for higher accuracies. It offers several features such as adjustable gear steerings with advanced navigation support tools. This technology is widely used in the ships for easier and safer control, which is likey to create ample opportunity for the market growth.
• Increased Focus on Fuel Efficiency: There is a growing demand for steering systems that can enhance fuel efficiency by improving vessel maneuverability, reducing resistance, and enabling better handling in varying sea conditions. These systems help shipowners reduce operating costs by optimizing fuel consumption, which is a major cost driver in the shipping industry.

Marine Steering Gear Market Regional Insights

The regional trends and factors influencing the Marine Steering Gear Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Marine Steering Gear Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Marine Steering Gear Market Report Scope

Marine Steering Gear Market Players Density: Understanding Its Impact on Business Dynamics

The Marine Steering Gear Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Marine Steering Gear Market are:

1. Brusselle Carral Marine
2. Data Hidrolik
3. KATSA OY
4. Kongsberg Maritime
5. Nufoss Services Pte Ltd.

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Marine Steering Gear Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Marine Steering Gear Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.

The List of Companies

1. Brusselle Carral Marine
2. Data Hidrolik
3. KATSA OY
4. Kongsberg Maritime
5. Nufoss Services Pte Ltd.
6. Palmarine
7. Rolls-Royce plc
8. SKF
9. Wärtsilä Corporation
10. Wills Ridley Limited