Marine Steering System Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

PUBLISHED: September 16, 2024

PAGES: 200 Pages

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Description

The Global Marine Steering System Market was valued at USD 1.2 billion in 2023 and is projected to grow at a CAGR of 8% between 2024 and 2032. This growth is primarily driven by the expansion of commercial shipping and naval defense activities, which demand advanced steering systems capable of handling large-scale and complex operations. Modern vessels, both commercial and naval, require robust and precise steering mechanisms to ensure smooth and efficient navigation. Additionally, rising investments in naval defense and shipping fleets are boosting the demand for durable, high-performance steering solutions. The increasing popularity of leisure and recreational boating also plays a key role in the market's growth.

As more individuals and families invest in recreational boats and yachts, the demand for advanced steering technologies rises. This surge is driven by higher disposable incomes and a growing interest in outdoor water-based activities. The luxury boating sector, in particular, pushes the demand for cutting-edge technologies, such as electronic and autopilot steering systems. Another notable trend is the retrofitting of older boats with contemporary steering solutions to enhance both performance and safety.

In response, manufacturers focus on creating more efficient, user-friendly, and environmentally sustainable steering technologies to meet evolving customer needs. The market is segmented by product type, with the rotary vane steering system holding over 60% of the market share in 2023. These systems are expected to surpass USD 1 billion by 2032 due to their simplicity and ease of installation, making them a preferred choice for new builds and retrofits. Their adaptability across various vessel sizes and types, from recreational boats to larger commercial ships, contributes to their widespread appeal. In terms of steering mechanisms, the market is divided into manual, hydraulic, electronic, and electro-hydraulic systems.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$1.2 Billion
Forecast Value	$2.5 Billion
CAGR	8%

Hydraulic steering held approximately 44% of the market in 2023. These systems are favored for larger vessels due to their ability to handle heavy loads while providing smooth, precise control. Their durability and reliable performance make them a popular choice across different marine applications. North America, which held around 36% of the market share in 2023, is anticipated to see significant growth through 2032. The region's robust commercial marine industry and focus on upgrading naval defense capabilities are key factors driving the demand for advanced steering systems.

Product Code: 11451

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Market 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Raw material and component suppliers
- 3.2.2 Manufacturers
- 3.2.3 Technology providers
- 3.2.4 Distribution channel
- 3.2.5 End user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Pricing analysis
3.7 Key news and initiatives
- 3.7.1 Partnership/Collaboration
- 3.7.2 Merger/Acquisition
- 3.7.3 Investment
- 3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Increasing interest in leisure boating and water sports
  - 3.9.1.2 Expanding global maritime trade
  - 3.9.1.3 Rising innovations in electronic and electro-hydraulic steering systems
  - 3.9.1.4 Growing emphasis on maritime safety and the integration of automated systems
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 High cost of advanced technologies
  - 3.9.2.2 Complexities involved with installation and integration
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Product, 2021-2032 ($Bn, Units)

5.1 Key trends
5.2 Rotary vane type
5.3 Ram type

Chapter 6 Market Estimates & Forecast, By Component, 2021-2032 ($Bn, Units)

6.1 Key trends
6.2 Steering pumps
6.3 Helm pumps
6.4 Hydraulic cylinders
6.5 Steering wheels
6.6 Helm stations
6.7 Rudders
6.8 Others

Chapter 7 Market Estimates & Forecast, By Mechanism, 2021-2032 ($Bn, Units)

7.1 Key trends
7.2 Manual steering
7.3 Hydraulic steering
7.4 Electronic steering
7.5 Electro-hydraulic steering

Chapter 8 Market Estimates & Forecast, By Vessel, 2021-2032 ($Bn, Units)

8.1 Key trends
8.2 Small recreational boats
8.3 Yachts & luxury boats
8.4 Commercial vessels
8.5 Military & defense vessels
8.6 Passenger vessels
8.7 Others

Chapter 9 Market Estimates & Forecast, By Means of Steering, 2021-2032 ($Bn, Units)

9.1 Key trends
9.2 Autopilot
9.3 Manual

Chapter 10 Market Estimates & Forecast, By Sales Channel, 2021-2032 ($Bn, Units)

10.1 Key trends
10.2 OEM
10.3 Aftermarket

Chapter 11 Market Estimates & Forecast, By Region, 2021-2032 ($Bn, Units)

11.1 Key trends
11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
11.3 Europe
- 11.3.1 UK
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
- 11.3.6 Russia
- 11.3.7 Nordics
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 ANZ
- 11.4.6 Southeast Asia
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
- 11.5.3 Argentina
11.6 MEA
- 11.6.1 South Africa
- 11.6.2 UAE
- 11.6.3 Saudi Arabia