Ship Rudders Market : Global Insights on Competitive Landscape & Growth Forecast (2023-2032)

A ship rudder is a device used for maneuvering and steering a vessel in a particular direction. It is placed at the stern back of the propeller to generate a horizontal force and steering moment around the ship's center of gravity by diverting the water flow to the direction of the foil plane. Moreover, to increase the ship's steering efficiency, the maximum turning angle is set lower than 35 degrees since, operation beyond 35 degrees is expected to reduce the efficiency and work-life of the ship rudder due to the formation of eddies on the back of the rudder. Ship rudders' performance efficiency can be enhanced by increasing rudder area, rudder positioning in the propeller stream, better quality rudder, and steering gear. Ship rudders help to improve the ship's slow-speed maneuverability. Rudder balance is an important trait of ship rudder to access the performance efficiency. The rudder balance depends upon the central pressure of the rudder and rudder stock position. Ship rudders' performance and operational efficiency depend upon helmsman skills in operating a ship.

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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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