Ship Rudders Market Report 2025

The ship rudders market size has grown strongly in recent years. It will grow from $2.05 billion in 2024 to $2.16 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growing early rudder development, sail to steamship transition, hydrodynamic research, industrial revolution impact, rise of naval warfare.

The ship rudders market size is expected to see strong growth in the next few years. It will grow to $2.71 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to green shipping initiatives, rise in international trade, adoption of electric propulsion, shipbuilding industry growth, arctic shipping expansion. Major trends in the forecast period include focus on safety and reliability, integration with propulsion systems, digital twin technology, innovative rudder configurations, optimization through computational fluid dynamics (cfd).

An increase in cargo transportation via waterways is expected to drive the growth of the ship rudder market. Cargo transportation refers to the movement of goods from one location to another using ships, airplanes, trains, or trucks, primarily for business or professional purposes. Ship rudders play a crucial role in cargo transportation by steering the vessel, maneuvering it in port, responding to external factors, avoiding collisions, and enhancing navigation. For instance, in September 2024, the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization, reported that global maritime trade rose by 2.4% in 2023, reaching 12.3 billion tons, an increase from 11 billion tons in 2021. The sector is projected to grow by 2% in 2024, with an average annual growth rate of 2.4% anticipated through 2029. Therefore, the rise in cargo transportation through waterways is driving 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 September 2024, Norvestor, a Norway-based private equity firm, acquired KONGSBERG for an undisclosed amount. This acquisition of KONGSBERG's steering gear and rudder business is likely aimed at enhancing its capabilities, market position, and growth potential. KONGSBERG, also based in Norway, specializes in advanced technology solutions across various sectors, including defense, maritime, aerospace, and oil and gas.

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.

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. 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.

Ship rudders, integral to maritime navigation, are submerged blades manipulated by the helm of a vessel to induce a corresponding change in its heading. They serve essential functions in steering, port operations, emergency situations, and integration with autopilot systems.

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 is one of a series of new reports that 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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