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Azimuth Thruster Market to Reach USD 559.7 Million by 2027; Emergence of Telescopic or Retractable Thrusters to Propel Growth

August 28, 2020 | Aerospace & Defense

The global azimuth thruster market size is projected to reach USD 559.7 million by 2027. It is likely to gain impetus from the introduction of retractable or telescopic thrusters. These are capable of operating as standard tunnel thrusters when retracted. Fortune Business Insights™ provided this information in a new report, titled, “Azimuth Thrusters Market Size, Share & COVID-19 Impact Analysis, By Type (Less than 1500KW, 1500KW-3500KW, and More than 3500KW), By Drive System (Electric Drive System, Diesel Drive System, and Hydraulic Drive System), By Vessel Type (Naval Ships, Offshore Drilling, Recreational Boats, Offshore Wind Farms (CTVs, SOVs), and Others) By End User (OEM and Aftermarket), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 651.6 million in 2019 and would exhibit a CAGR of 0.15% during the forecast period between 2020 to 2027.


SCHOTTEL Bags Contract from SLSDC to Provide Medium-sized Azimuth Thrusters


In March 2020, Saint Lawrence Seaway Development Corporation (SLSDC) awarded a contract to SCHOTTEL for providing its medium-sized azimuth thrusters. They will be equipped in a harbor tugboat that was recently developed by Glosten, a naval architecture company based in Seattle. It would be delivered by the end of 2021.


As per one of the company officials, “This newly constructed vessel will be utilized for carrying out a wide range of maintenance and construction activities for the St. Lawrence Seaway situated in the U.S. These tasks would consist of removal of accumulated ice from lock walls, routine maintenance of lock gates, ice management, and maintenance of aids to navigation.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/azimuth-thrusters-market-103517


Increasing Maritime Trade Globally to Spur Growth


The United Nations Conference on Trade and Development (UNCTAD) mentioned in its Maritime Transport Report (2019) that the maritime trade worldwide is surging by 4%, which is considered to be the highest reported growth since the last few years. The report further confirmed that there was a growth of 29.9% in dry bulk commodities, 2.4% in cargo shipments, and 17.1% in containerized trade. It proves that seaborne trade is increasing day by day. This factor would further help in driving the azimuth thruster market growth in the near future. However, the maintenance cost of replacing aging these thrusters is very high. It may obstruct growth.


Key Players Focus on Innovating Their Products to Strengthen Their Positions


Numerous companies present in the market are conducting research and development activities to bring about innovation in their products. A few others are aiming to receive new orders from reputed agencies for their advanced azimuth thrusters.


Fortune Business Insights™ lists out the names of all the manufacturers operating in the global market. They are as follows:



  • ABB Marine (Switzerland)

  • Brunvoll (Norway)

  • Caterpillar Inc. (The U.S.)

  • Hydromaster (Netherland)

  • IHI Corporation (Japan)

  • Jastram (Germany)

  • Kawasaki (Japan)

  • KONGSBERG (Norway)

  • NGC (The U.S.)

  • SCHOTTEL GROUP (Germany)

  • Steerprop (Finland)

  • Thrustmaster (The U.S.)

  • Veth Propulsion (Netherland)

  • Voith Turbo (Germany)

  • Wartsila Corporation (Finland)

  • Wuxi Ruifeng Marine (China)

  • ZF Friedrichshafen AG (Germany)


A Significant Industry Development-



  • March 2020: SCHOTTEL, a propulsion manufacturer headquartered in Germany received a contract from Changjiang Cruise Overseas Travel. This would enable the former to deliver its azimuth thrusters to a Chinese river cruise vessel that has recently been built by China Merchants Heavy Industry. The vessel is set to operate on the largest river in China, Yangtze.


Further Report Findings-



  • North America generated USD 103.4 million in 2019 in terms of azimuth thruster market share. This growth is attributable to the rising number of cruise ships, fishing vessels, and ferries in this region.

  • Europe is anticipated to show the fastest growth backed by the presence of a large number of reputed azimuth thrusters providers, such as KONGSBERG, Brunvoll, and ABB Marine in this region.

  • Based on type, the 1500KW-3500KW segment is expected to lead the market throughout the forthcoming years owing to the increasing demand for cargo vessels due to growing maritime trade.


The global market can be segmented in the following way:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million)



Segmentation



By Type



  • Less than 1500KW

  • 1500KW-3500KW

  • More than 3500KW



By  Drive System



  • Electric Drive System

  • Diesel Drive System

  • Hydraulic Drive System



By  Vessel type



  • Naval Ships

  • Offshore Drilling

  • Recreational Boats

  • Offshore Wind Farms (CTVs, SOVs)

  • Others



By  End-user



  • OEM

  • Aftermarket



By Geography



  • North America (The U.S., Canada, and Mexico)

  • Europe (The U.K., Germany, France, Italy, Russia, and Rest of Europe)

  • Asia-Pacific (China, India, Japan, South Korea, Southeast Asia, Australia and Rest of Asia- Pacific)

  • South America ( Brazil, Argentina, and  Colombia)

  • Middle East & Africa ( The UAE, Saudi Arabia, Egypt, and  South Africa)



 

Global Azimuth Thruster Market
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  • 2019
  • 2016-2018
  • 200

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