Ship Rudders Global Market Report 2024

The ship rudders market has grown strongly in recent years. It will grow from $1.96 billion in 2023 to $2.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%.The expansion observed during the historical period can be ascribed to the advancements in early rudder development, the transition from sail to steamship technology, progress in hydrodynamic research, the transformative impact of the industrial revolution, and the escalation of naval warfare.

The ship rudders market is expected to see strong growth in the next few years. It will grow to $2.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period is linked to the surge in green shipping initiatives, an upswing in international trade, increased adoption of electric propulsion, the expansion of the shipbuilding industry, and the growing presence of Arctic shipping routes. Noteworthy trends expected in this period encompass a heightened emphasis on safety and reliability, integration with propulsion systems, the adoption of digital twin technology, exploration of innovative rudder configurations, and optimization through computational fluid dynamics (CFD).

The anticipated increase in cargo transportation via waterways is poised to drive the expansion of the ship rudder market. Cargo transportation serves as a pivotal means for moving goods across various modes such as ships, airplanes, trains, or trucks, especially in the context of business and professional activities. Ship rudders play a vital role in facilitating cargo transportation by steering ships, enabling port maneuvers, adapting to external factors, preventing collisions, and enhancing overall navigation. A notable illustration of this trend is evident in the data provided by the European Commission in September 2022, revealing a more than 3% increase (4 billion ton-kilometers) in inland waterway freight transport compared to 2020. Additionally, a parallel growth of 4% (19 million tons) in tonnage was observed during the same period. Consequently, the surge in cargo transportation through waterways is a key factor propelling the growth of the ship rudder market.

The escalating number of aging ships is expected to further contribute to the expansion of the ship rudders market. Aging ships refer to vessels that have been operational for an extended period, potentially diminishing their technological relevance and economic value over time. Ship rudders play a critical role in the context of aging ships, serving as essential components for controlling the vessel's direction and ensuring safe navigation. As highlighted in a report by the United Nations Conference on Trade and Development (UNCTAD) in September 2023, the average age of ships reached 22.2 years early in 2023, indicating a rise from the average age of 21.9 years recorded in 2022. This increase underscores the growing prevalence of aging ships, thereby driving the growth of the ship rudders market.

The ship rudders market is witnessing a significant trend towards product innovations, with major companies actively engaging in the development of new and advanced solutions to maintain their market standing. In a notable example, Kongsberg Maritime, a leading marine technology company based in Norway, introduced the Direct Trunk Support (DTS) system for rudders in November 2022. This innovative system enhances maneuverability, propulsion performance, and weight savings, ultimately leading to reduced fuel consumption and emissions over the long term. The DTS system's advantages, particularly during the ship design phase, include the ability to position the steering gear deck lower, providing greater flexibility to ship designers in the aft-ship design and increasing storage capacity. When combined with Kongsberg's PROMAS system, the DTS technology further improves hydrodynamic efficiency by integrating the propeller and rudder into a single system, resulting in significant gains in propulsion efficiency and fuel savings.

Major players in the ship rudders market are also striving to gain a competitive edge by introducing advanced solutions with enhanced features, such as DP-optimized rudder propellers. These are specifically designed for use with dynamically positioned (DP) vessels, including service operation vessels (SOVs) and offshore wind farm service vessels. For instance, Schottel, a prominent Germany-based manufacturer of propulsion and steering systems, launched the SRP-D (‘Dynamic’) in August 2022. The SRP-D represents an advanced version of the ship rudder optimized for DP operations and the efficient functioning of SOVs and offshore wind farm service vessels. Schottel has significantly improved the DP performance of its rudder propellers with the SRP-D, addressing the specific demands of the offshore wind sector and enhancing vessel positioning precision.

In April 2021, Nakashima Propeller Co. Ltd., a prominent Japanese manufacturer specializing in maritime propellers and propulsion equipment, completed the acquisition of Becker Marine Systems GmbH. The financial details of the transaction were undisclosed. This strategic acquisition serves to expand, diversify, and enhance Nakashima's product portfolio. It positions the company to provide advanced technical solutions tailored for medium-sized and large ship types. Additionally, the acquisition enables Nakashima to offer more efficient combination systems for the aft sections of vessels. Becker Marine Systems GmbH, a respected propeller manufacturer based in Germany, operates within the ship rudder market, making this acquisition a pivotal move in Nakashima's efforts to strengthen its presence and capabilities within the maritime industry.

Major companies operating in the ship rudders market report are Damen Marine Components, Teignbridge Propellers International Ltd., Mecklenburger Metallguss GmbH, Torqeedo GmbH, Hamworthy KSE Group Limited, Breeze marine Group Ltd., Kuribayashi Steamship Co. 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, Clear Water Design, Competition Composites Inc., Talleres Blanchadell S.L., Pintle mounted rudders, Hung rudders.

North America was the largest region in the ship rudders market in 2023. 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. The countries covered in the ship rudders market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Diverse types of ship rudders cater to specific needs, including balanced ship rudders, semi-balanced ship rudders, unbalanced ship rudders, flaps ship rudders, and Pleuger ship rudders. A balanced ship rudder is characterized by having its rotational axis positioned behind its leading edge. Various materials, such as stainless steel and aluminum alloy, are employed in crafting rudders tailored for distinct applications, such as cargo, passenger transport, containers, tankers, fishing vessels, and more.

The ship rudders market research report provides ship rudders market statistics, including ship rudders industry global market size, regional shares, competitors with a ship rudders market share, detailed ship rudders market segments, market trends and opportunities, and any further data you may need to thrive in the ship rudders industry. This ship rudders market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ship rudders market consists of sales of the full rudder, spade rudder, skeg rudder, and outboard rudder. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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