Azimuth Thrusters Market to Register CAGR of 1.49% during 2022-2029; Kongsberg Engages in Two Naval Vessel Deals to Spur Revenue

The global azimuth thrusters market size was USD 498.5 million in 2021. The market is expected to grow from USD 526.4 million in 2022 to USD 583.8 million by 2029, exhibiting a CAGR of 1.49% during the forecast period.

This information is provided by Fortune Business Insights, in its report, titled, “Azimuth Thrusters Market Size, Share & Industry 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, 2022-2029.”

Effect of Russia-Ukraine War Tragedy on the Marine Sector

• European economies have uplifted their defense expenditure on account of Russia’s invasion of Ukraine. German government allotted USD 109 billion, which is surplus than the total defense bill for 2021.
• Besides, Poland and Denmark also announced the rise in defense budget for safety intents. Also, in March 2022, the Polish National Defense Minister declared that Warsaw will contain three new Mine Countermeasure Vessels (MCVs) to uplift its naval volumes in the Baltic Sea.
• Consequently, with the intensifying outlay on procurement of radical warships and improved expenditure on modernization of naval vessels, the market will witness bolstered growth during the forecast period.

SCHOTTEL to Offer Azimuth Thrusters for a Chinese Cruise Vessel

The freshly constructed ship, possessed by Changjiang Cruise Overseas Travel and manufactured by China Merchants Heavy Industry (Jiangsu), is likely to be equipped with three SCHOTTEL Twin Propeller systems. The CSC design vessel is envisioned for operation on the Yangtze River, the biggest river based in China. SCHOTTEL Twin Propellers are perfect for functioning a vessel silently and for applications with restricted installation space, draught or propeller permission. By sharing the load among two propellers revolving into similar direction and of the identical diameter, the danger of cavitation is diminished and tip clearance is improved.

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

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

Growing Utilization of Azimuth Thrusters by Ship Holders to Recover Speed Shall Drive Market Growth

Azimuth thrusters are utilized in naval vessels to offer essential thrust in the anticipated direction that provide ships with enhanced maneuverability compared to the rudder systems and fixed propellers. The thrusters are predominantly utilized in the dynamic locating of marine ships. They preserve their positions through countering environmental difficulties such as wind and waves. They augment the rapidity of marine ships. They are primarily utilized in the offshore supply vessels, tugs, workboats, cargo vessels, icebreakers, and naval vessels.

However, huge maintenance charges linked with substituting the conventional thrusters hinder the growth of the market. There is a great cost engaged in modernization and upgrading of the progressive thrusters. Thus, the requirement of upgraded thrusters in naval vessels impedes the azimuth thrusters market growth.

Prime Players Sign Substantial Contracts to Make Noticeable Changes in Market

The players working actively in the market frequently deploy numerous ideas and notions that will assist the market growth and product demand. One such remarkable tactic to extend the business is by engaging in multimillion agreements with government bodies and safeguarding a profitable revenue for their own company.

Notable Industry Development:

April 2022: Kongsberg got involved in two deals for the supply of naval vessels. The one with Integrated Wind Solutions (IWS) to offer two Commissioning Service Operation Vessels (CSOVs) with incorporated equipment solution. The second agreement with Sembcorp Marine to provide the Wind Turbine Installation Vessel (WTIV) with inclusive technology package.

List of Key Players Mentioned in the Report:

• ABB (Switzerland)
• Brunvoll AS (Norway)
• Caterpillar (U.S.)
• Hydromaster (Netherlands)
• IHI Power Systems Co., Ltd. (Japan)
• Jastram (Germany)
• Kawasaki Heavy Industries, Ltd. (Japan)
• KONGSBERG (Norway)
• SCHOTTEL GROUP (Germany)
• Steerprop (Finland)
• Thrustmaster (U.S.)
• Veth Propulsion (Netherlands)
• Voith Turbo (Germany)
• Wartsila Corporation (Finland)
• Wuxi Ruifeng Marine (China)
• ZF Friedrichshafen AG (Germany)

Further Report Findings:

Asia Pacific held the largest azimuth thrusters market share and dominated in 2021 with total value at USD 262.5 million. The dominance is due to the rapid expansion of shipbuilding industry and rising procurement of naval vessels from emerging economies such as China and India.

Based on vessel type, the market is divided into offshore drilling, naval ships, offshore wind farms (CTVs, SOVs), recreational boats, and others. The naval ships segment dominated the market and continue its domination during 2022-2029.

Table of Segmentation: