PUBLISHER: The Business Research Company | PRODUCT CODE: 1770025
PUBLISHER: The Business Research Company | PRODUCT CODE: 1770025
A marine steering system is a crucial mechanism that controls a vessel's direction by adjusting the angle of its rudder or propellers. It allows for smooth and precise navigation, helping the captain maintain control in various sea conditions. This system plays a vital role in ensuring the vessel's maneuverability, stability, and overall safety during operations.
The primary types of marine steering systems include electronic power steering, hydraulic steering, and mechanical steering. Electronic power steering (EPS) employs an electric motor rather than hydraulic pressure to assist with steering, enhancing fuel efficiency and enabling advanced functions like lane-keeping assistance. Key components of these systems include steering pumps, helm pumps, hydraulic cylinders, steering wheels, helm stations, rudders, and others, which are used in different applications such as outboard and inboard steering. These systems are distributed through channels like original equipment manufacturers (OEMs) and aftermarket suppliers, serving various end-user sectors including passenger vessels, defense, and commercial industries.
The marine steering systems market research report is one of a series of new reports from The Business Research Company that provides marine steering systems market statistics, including the marine steering systems industry global market size, regional shares, competitors with the marine steering systems market share, detailed marine steering systems market segments, market trends, and opportunities, and any further data you may need to thrive in the marine steering systems industry. These marine steering systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The marine steering system market size has grown strongly in recent years. It will grow from $2.29 billion in 2024 to $2.42 billion in 2025 at a compound annual growth rate (CAGR) of 5.5%. Growth during the historic period was driven by the expansion of maritime trade, increasing popularity of recreational boating, technological advancements in steering systems, growth of the shipping industry, and heightened focus on safety regulations.
The marine steering system market size is expected to see strong growth in the next few years. It will grow to $2.97 billion in 2029 at a compound annual growth rate (CAGR) of 5.3%. Growth in the forecast period is expected to be driven by the increasing adoption of electric propulsion systems, growing demand for automation in marine vessels, heightened interest in smart steering technologies, stricter regulations targeting fuel efficiency, and a rising need for environmentally friendly solutions. Key trends anticipated during this time include technological advancements in electronic steering systems, innovations in the integration of autopilot and steering functions, progress in autonomous vessel development, research focused on energy-efficient steering technologies, and breakthroughs in sustainable, eco-friendly steering solutions.
The growing demand for commercial and naval vessel fleets is driving significant growth in the marine steering system market. Commercial and naval fleets, consisting of ships and vessels dedicated to various maritime operations, are expanding to support increasing global trade and logistical needs. Efficient and reliable marine steering systems are critical for these fleets, providing enhanced control, precise navigation, and improved maneuverability across varying sea conditions. This leads to safer, more efficient maritime operations with reduced risks. For example, in July 2024, the UN Conference on Trade and Development (UNCTAD) reported a 3.4% growth in the global shipping fleet in 2023, up from 3.2% in 2022. This growth reflects the expanding maritime transport demand fueling the marine steering system market.
Leading companies in this sector are focusing on electric steering system innovations to meet the rising need for precision, sustainability, and digital integration in modern marine vessels. Inboard-powered electric steering systems, utilizing electric actuators for engine control, offer advantages such as precise steering, reduced maintenance, and smooth integration with digital controls, making them ideal for environmentally conscious vessels. For instance, in December 2023, Sweden's Dometic Group AB launched the Optimus 3000 Series, a 12V electric steering system designed for inboard vessels up to 40 feet-including yachts, catamarans, and sportfishing boats. The system boasts faster response times, precise control for both single- and twin-rudder configurations, and a simplified installation with just four main components. Its fluid-free, low-power design supports sustainability while enhancing steering performance.
In August 2023, Dometic partnered with Apex Marine, a US-based boat manufacturer, to equip Qwest Pontoon boats with advanced electric power steering systems. This partnership aims to improve handling and control for pontoon boats, offering boaters a premium and smoother on-water experience, showcasing how electric steering technologies are revolutionizing marine vessel operations.
Major players in the marine steering system market are ZF Friedrichshafen AG, Yamaha Motor Co. Ltd., Mercury Marine, Twin Disc Inc., Sperry Marine B.V., Stingray Boats, Lewmar Limited, Victron Energy, Vetus B.V, Jastram Engineering Ltd., Glendinning Products LLC, Uflex USA, HyDrive Engineering Pvt Ltd., Edson International, Lecomble & Schmitt, Pretech Co. Ltd., MacnhomSystems, Hypro Marine, Techno Italia Kft Ltd., Mavi Mare.
North America was the largest region in the marine steering system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in marine steering system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the marine steering system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The marine steering system market consists of sales of pneumatic steering systems, rack and pinion steering, fly-by-wire steering systems, integrated steering systems, and hydrostatic steering systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified.
The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Marine Steering System Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on marine steering system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for marine steering system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The marine steering system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.