Press release
Ship Rudders Market : Global Insights on Competitive Landscape & Growth Forecast (2023-2032)
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COVID-19 Impact Analysis
Due to COVID-19, a lot of cargo and passenger ships were not allowed to dock at ports by local authorities. Hence several merchant sailors were stranded on the ship itself. Shipowners also had to pay additional costs since their ships were stranded on territorial water for an extended period. In addition, owing to the outbreak, the movement of ships was restricted thus there were a lot of seafarers who reached the end of their employment contract and needed them to be renewed. Moreover, to prevent the risk of spreading COVID-19 the import and export of products and goods were declined. Furthermore, all the shipbuilding, and ship repair & maintenance work has halted due to the pandemic. This directly affected the ship rudders market. In addition, there was a shortage of raw materials, supply chain disruptions, and termination of contracts to control expenses. Thus, all these factors affected the growth of the ship rudders market due to the COVID-19 pandemic.
Top Impacting Factors
Rise in the marine industry, adoption of technological advancement, and high demand of marine vessels from the defense sector are expected to drive growth of the market
However, fluctuation in prices of raw materials and high maintenance & service cost can hamper the growth of the market.
Moreover, rise in international trade, increase in fishing & other leisure activity, and surge in cargo transportation & bulk carriers can boost the market expansion.
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Market Trends
Cargo transportation & bulk carriers
Rise in demand for transportation of cargo through waterways since, it is economical, efficient, heavy & bulky cargo, safety, and environment friendly.
Moreover, cargo ships are less expensive in shipping goods compared to road and air transits since by ships more cargo can be carried from one place to another within a short period.
According to United Nations Conference on Trade and Development (UNCTAD), approximately 1.68 billion tons of cargo is transported every year around the world in 177.6 million containers covering 998 billion tons-miles.
For instance, Norwegian-built Yara Birkeland is planning to introduce its first autonomous cargo in 2020 which can act as an opportunity for the growth of the ship rudders market.
Key Benefits of the Report
This study presents the analytical depiction of the ship rudders market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the ship rudders market.
The current market is quantitatively analyzed to highlight the ship rudders market growth scenario.
The report provides detailed ship rudders market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions Answered in the Report
Which are the leading market players active in the ship rudders market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the ship rudders market?
What are the projections for the future that would help in taking further strategic steps?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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