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 ReportThe 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
- Hydraulic
- Electro-hydraulic
Strategic Insights
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.
- 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.
- 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.
Market Report Scope
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.
REGIONAL FRAMEWORK
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- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
Brusselle Carral Marine,Data Hidrolik, KATSA OY, Kongsberg Maritime, Nufoss Services Pte Ltd., Palmarine, Rolls-Royce plc, SKF, Wärtsilä Corporation, Wills Ridley Limited
The Marine Steering Gear Market is estimated to witness a CAGR of 7.2% from 2023 to 2031
The high manufacturing cost for the steering gears hinders the market growth.
The major factors driving the marine steering gear market are: Rising government spending on the marine vessels development to promote the import and export activities across the globe drives the market growth
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Marine Steering Gear Market - By Type
1.3.2 Marine Steering Gear Market - By Power Source
1.3.3 Marine Steering Gear Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. MARINE STEERING GEAR MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. MARINE STEERING GEAR MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. MARINE STEERING GEAR MARKET - GLOBAL MARKET ANALYSIS
6.1. MARINE STEERING GEAR - GLOBAL MARKET OVERVIEW
6.2. MARINE STEERING GEAR - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. MARINE STEERING GEAR MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. ROTARY VANE TYPE
7.3.1. Overview
7.3.2. Rotary Vane Type Market Forecast and Analysis
7.4. RAM TYPE
7.4.1. Overview
7.4.2. Ram Type Market Forecast and Analysis
8. MARINE STEERING GEAR MARKET - REVENUE AND FORECASTS TO 2028 - POWER SOURCE
8.1. OVERVIEW
8.2. POWER SOURCE MARKET FORECASTS AND ANALYSIS
8.3. HYDRAULIC
8.3.1. Overview
8.3.2. Hydraulic Market Forecast and Analysis
8.4. ELECTRO-HYDRAULIC
8.4.1. Overview
8.4.2. Electro-hydraulic Market Forecast and Analysis
9. MARINE STEERING GEAR MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Marine Steering Gear Market Overview
9.1.2 North America Marine Steering Gear Market Forecasts and Analysis
9.1.3 North America Marine Steering Gear Market Forecasts and Analysis - By Type
9.1.4 North America Marine Steering Gear Market Forecasts and Analysis - By Power Source
9.1.5 North America Marine Steering Gear Market Forecasts and Analysis - By Countries
9.1.5.1 United States Marine Steering Gear Market
9.1.5.1.1 United States Marine Steering Gear Market by Type
9.1.5.1.2 United States Marine Steering Gear Market by Power Source
9.1.5.2 Canada Marine Steering Gear Market
9.1.5.2.1 Canada Marine Steering Gear Market by Type
9.1.5.2.2 Canada Marine Steering Gear Market by Power Source
9.1.5.3 Mexico Marine Steering Gear Market
9.1.5.3.1 Mexico Marine Steering Gear Market by Type
9.1.5.3.2 Mexico Marine Steering Gear Market by Power Source
9.2. EUROPE
9.2.1 Europe Marine Steering Gear Market Overview
9.2.2 Europe Marine Steering Gear Market Forecasts and Analysis
9.2.3 Europe Marine Steering Gear Market Forecasts and Analysis - By Type
9.2.4 Europe Marine Steering Gear Market Forecasts and Analysis - By Power Source
9.2.5 Europe Marine Steering Gear Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Marine Steering Gear Market
9.2.5.1.1 Germany Marine Steering Gear Market by Type
9.2.5.1.2 Germany Marine Steering Gear Market by Power Source
9.2.5.2 France Marine Steering Gear Market
9.2.5.2.1 France Marine Steering Gear Market by Type
9.2.5.2.2 France Marine Steering Gear Market by Power Source
9.2.5.3 Italy Marine Steering Gear Market
9.2.5.3.1 Italy Marine Steering Gear Market by Type
9.2.5.3.2 Italy Marine Steering Gear Market by Power Source
9.2.5.4 United Kingdom Marine Steering Gear Market
9.2.5.4.1 United Kingdom Marine Steering Gear Market by Type
9.2.5.4.2 United Kingdom Marine Steering Gear Market by Power Source
9.2.5.5 Russia Marine Steering Gear Market
9.2.5.5.1 Russia Marine Steering Gear Market by Type
9.2.5.5.2 Russia Marine Steering Gear Market by Power Source
9.2.5.6 Rest of Europe Marine Steering Gear Market
9.2.5.6.1 Rest of Europe Marine Steering Gear Market by Type
9.2.5.6.2 Rest of Europe Marine Steering Gear Market by Power Source
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Marine Steering Gear Market Overview
9.3.2 Asia-Pacific Marine Steering Gear Market Forecasts and Analysis
9.3.3 Asia-Pacific Marine Steering Gear Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Marine Steering Gear Market Forecasts and Analysis - By Power Source
9.3.5 Asia-Pacific Marine Steering Gear Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Marine Steering Gear Market
9.3.5.1.1 Australia Marine Steering Gear Market by Type
9.3.5.1.2 Australia Marine Steering Gear Market by Power Source
9.3.5.2 China Marine Steering Gear Market
9.3.5.2.1 China Marine Steering Gear Market by Type
9.3.5.2.2 China Marine Steering Gear Market by Power Source
9.3.5.3 India Marine Steering Gear Market
9.3.5.3.1 India Marine Steering Gear Market by Type
9.3.5.3.2 India Marine Steering Gear Market by Power Source
9.3.5.4 Japan Marine Steering Gear Market
9.3.5.4.1 Japan Marine Steering Gear Market by Type
9.3.5.4.2 Japan Marine Steering Gear Market by Power Source
9.3.5.5 South Korea Marine Steering Gear Market
9.3.5.5.1 South Korea Marine Steering Gear Market by Type
9.3.5.5.2 South Korea Marine Steering Gear Market by Power Source
9.3.5.6 Rest of Asia-Pacific Marine Steering Gear Market
9.3.5.6.1 Rest of Asia-Pacific Marine Steering Gear Market by Type
9.3.5.6.2 Rest of Asia-Pacific Marine Steering Gear Market by Power Source
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Marine Steering Gear Market Overview
9.4.2 Middle East and Africa Marine Steering Gear Market Forecasts and Analysis
9.4.3 Middle East and Africa Marine Steering Gear Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Marine Steering Gear Market Forecasts and Analysis - By Power Source
9.4.5 Middle East and Africa Marine Steering Gear Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Marine Steering Gear Market
9.4.5.1.1 South Africa Marine Steering Gear Market by Type
9.4.5.1.2 South Africa Marine Steering Gear Market by Power Source
9.4.5.2 Saudi Arabia Marine Steering Gear Market
9.4.5.2.1 Saudi Arabia Marine Steering Gear Market by Type
9.4.5.2.2 Saudi Arabia Marine Steering Gear Market by Power Source
9.4.5.3 U.A.E Marine Steering Gear Market
9.4.5.3.1 U.A.E Marine Steering Gear Market by Type
9.4.5.3.2 U.A.E Marine Steering Gear Market by Power Source
9.4.5.4 Rest of Middle East and Africa Marine Steering Gear Market
9.4.5.4.1 Rest of Middle East and Africa Marine Steering Gear Market by Type
9.4.5.4.2 Rest of Middle East and Africa Marine Steering Gear Market by Power Source
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Marine Steering Gear Market Overview
9.5.2 South and Central America Marine Steering Gear Market Forecasts and Analysis
9.5.3 South and Central America Marine Steering Gear Market Forecasts and Analysis - By Type
9.5.4 South and Central America Marine Steering Gear Market Forecasts and Analysis - By Power Source
9.5.5 South and Central America Marine Steering Gear Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Marine Steering Gear Market
9.5.5.1.1 Brazil Marine Steering Gear Market by Type
9.5.5.1.2 Brazil Marine Steering Gear Market by Power Source
9.5.5.2 Argentina Marine Steering Gear Market
9.5.5.2.1 Argentina Marine Steering Gear Market by Type
9.5.5.2.2 Argentina Marine Steering Gear Market by Power Source
9.5.5.3 Rest of South and Central America Marine Steering Gear Market
9.5.5.3.1 Rest of South and Central America Marine Steering Gear Market by Type
9.5.5.3.2 Rest of South and Central America Marine Steering Gear Market by Power Source
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. MARINE STEERING GEAR MARKET, KEY COMPANY PROFILES
11.1. BRUSSELLE CARRAL MARINE
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DATA HIDROLIK
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. KATSA OY
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. KONGSBERG MARITIME
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NUFOSS SERVICES PTE LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. PALMARINE
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. ROLLS-ROYCE PLC
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SKF
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. WäRTSILä CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WILLS RIDLEY LIMITED
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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