Press release
Key Factor Supporting Ship Rudders Market Development in 2025: Rising Inland Waterway Freight Transport Boosts Ship Rudder Market Growth
Ship Rudders
How Large Will the Ship Rudders Market Size By 2025?
There has been a significant growth in the ship rudders market in the past few years. Its size is forecasted to increase from $2.05 billion in 2024 to $2.16 billion in 2025, yielding a compound annual growth rate (CAGR) of 5.1%. Factors such as early rudder development, the transition from sail to steamship, hydrodynamic research, the influence of the industrial revolution and the emergence of naval warfare have contributed to the growth observed in the historic period.
How Big Is the Ship Rudders Market Size Expected to Grow by 2029?
Expectations are strong for significant growth in the ship rudders market size over the coming years. It is set to expand to "$2.71 billion in 2029, with a compound annual growth rate (CAGR) of 5.9%. The anticipated growth within this forecast period can be credited to a variety of factors, including green shipping initiatives, an increase in global trade, the adoption of electric propulsion, the growth of the shipbuilding industry, and the expansion of arctic shipping. Looking ahead to the forecast period, key trends are expected to include an emphasis on safety and reliability, integration with propulsion systems, the use of digital twin technology, innovation in rudder configurations, and optimization utilizing computational fluid dynamics (cfd).
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Which Key Market Drivers Powering Ship Rudders Market Expansion and Growth?
The surge in goods transportation via water routes is set to stimulate expansion of the ship rudder industry. Using different modes of transportation like ships, airplanes, trains or trucks, cargo transportation plays a vital role in moving commodities from one location to another, predominantly for business or professional engagements. The indispensable role of ship rudders in cargo transportation is evident in their ability to steer and maneuver ships, adapt to outside forces, prevent accidents, and enhance navigation. Case in point, the Switzerland-based intergovernmental body, United Nations Conference on Trade and Development (UNCTAD), disclosed in September 2024 that there was an increase of 2.4% in global maritime trade in 2023, hitting 12.3 billion tons from 11 billion tons in 2021. This sector is projected to rise by 2% in 2024, with an estimated compound annual growth rate of 2.4% up to 2029. As a result, the augmentation in cargo transportation via water routes is facilitating the development of the ship rudder industry.
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Which Fast-Growing Trends Are Poised to Disrupt the Ship Rudders Market?
The drive for product innovations is a primary trend on the rise in the ship rudders industry. The principal companies operating in this field are focusing on developing new products to maintain competitiveness. For instance, Kongsberg Maritime, a marine technology firm based in Norway, launched a new Direct Trunk Support (DTS) system for rudders in November 2022. This novel system improves maneuverability, propulsion performance, and weight reduction, leading to reduced fuel use and emissions over time. The segments where the DTS system offers the most significant benefits are during the design phase of the ship. The system enables a lower-positioned steering gear deck due to its enhanced load distribution, giving architects more leeway in designing the aft-ship. This results in increased storage capacity on any ship. The DTS technology, when amalgamated with Kongsberg's PROMAS system, provides even more opportunities. The system merges the propeller and rudder into one, aiming to enhance hydrodynamic efficiency. This extra design flexibility for rudders and propellers allows for notable improvements in propulsion efficiency and fuel economy.
What Are the Emerging Segments in the Ship Rudders Market?
The ship rudders market covered in this report is segmented -
1) By Product Type: Balanced Ship Rudder, Semi-balanced Ship Rudder, Unbalanced Ship Rudder, Flaps Ship Rudder, Pleuger Ship Rudder
2) By Rudder Material: Stainless Steel, Aluminum Alloy, Other Materials
3) By Application: Cargo, Passengers, Container, Tankers, Fishing Vessel, Other Applications
Subsegments:
1) By Balanced Ship Rudder: Conventional Balanced Rudder, Twin Balanced Rudder
2) By Semi-Balanced Ship Rudder: Standard Semi-Balanced Rudder, Special Design Semi-Balanced Rudder
3) By Unbalanced Ship Rudder: Traditional Unbalanced Rudder, Specialized Unbalanced Rudder
4) By Flaps Ship Rudder: Fixed Flap Rudder, Movable Flap Rudder
5) By Pleuger Ship Rudder: Standard Pleuger Rudder, Customized Pleuger Rudder
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Who Are the Global Leaders in the Ship Rudders Market?
Major companies operating in the ship rudders market include Damen Marine Components, Teignbridge Propellers International Ltd., Mecklenburger Metallguss GmbH, Hamworthy KSE Group Limited, Breeze marine Group Ltd., Nakashima Propeller Co. Ltd., Japan Hamworthy Co. Ltd., YMV Kreyn ve Makina Sistemleri AS, Wärtsilä Corporation, PYI Inc., Sunique Machinery Co. Ltd., Wuxi Ruifeng Marine Propulsion Co. Ltd., CJR Propulsion, Chatfield Engineering, Clements Engineering Ltd., Eliche Radice S.p.A., ERIS PROPELLERS, Fountom Marine, Italian Propellers S.r.l., Becker Marine Systems, Humphree, Van der Leeden Marine Systems, Dag Marine Group, Competition Composites Inc, Talleres Blanchadell S.L., Pintle mounted rudders, Hung rudders
Which are the Top Profitable Regional Markets for the Ship Rudders Industry?
North America was the largest region in the ship rudders market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global ship rudders market report during the forecast period. The regions covered in the ship rudders market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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