Bow and Stern Thrusters Market: Introduction
Bow and stern thrusters are steering and maneuvering equipment for leisure boats, small and large commercial boats and ships. Bow and stern thrusters are propeller-shaped parts fitted either on the stern and the bow of a boat or ship. They help in the better steering of a vessel and are generally used while entering or leaving a port or near coastal waters. Bow and stern thrusters are generally of two types, i.e. electric thrusters or hydraulic thrusters, and both offer propulsion mechanism for forward or backward sailing. These thrusters are integrated with joystick control systems and are invaluable when leaving or mooring the port.
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Bow and Stern Thrusters Market: Drivers and Challenges
Globally, the shipping fleet has been growing in recent years, owing to decline in shipping cost through cargo ships. This, in turn, has increased the demand for commercial ships, thereby augmenting the growth of the bow and stern thrusters market. Further, growing overseas travel and tourism as a result of the increased disposable income will strengthen the demand for ships, yachts and boats. This growth will accordingly reinforce the market of bow and stern thrusters over the projected period. Furthermore, the availability of bow and stern thrusters via e-commerce is expected to create significant opportunities over the forecast period. Emerging economies and the shift of logistics activities towards these economies will generate more demand for cargo ships in the market, thereby impacting the growth of the bow and stern thrusters market.
The customer base of bow and stern thrusters is an extensive mix of organizations – from naval to commercial shipping and oil & gas industries. This huge mix of end-use industries will fuel the demand for cargo ships and subsequently, will boost the market of bow and stern thrusters over the forecast period.
On the other hand, there are a couple of factors that could restrain the growth of the bow and stern thrusters market. For instance, the high initial cost of a ship leads to the low substitution of bow and stern thrusters as extra parts add extra cost, making them an expensive add on. Moreover, huge expenditure incurred in the development of bow and stern thrusters could put a restraint on the bow and stern thrusters market growth. However, these constraints of the bow and stern thrusters market are stipulated to create aftermarket opportunities for local players.
Global Bow and Stern Thrusters Market: Segmentation
On the basis of product type, the global bow and stern thrusters market can be segmented as,
- Tunnel Bow and Stern Thrusters
- Externally Mounted Bow and Stern Thrusters
- Retractable Bow and Stern Thrusters
- Water Jet Bow and Stern Thrusters
On the basis of power source, the global bow and stern thrusters market can be segmented as,
On the basis of application, the global bow and stern thrusters market can be segmented as,
- AUVs (Autonomous Under Water Vehicles)
Bow and Stern Thrusters Market: Regional Overview
Geographically, the bow and stern thrusters market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, India, Middle East and Africa, and South East Asia and Pacific. During the forecast period, China and South East Asia Pacific are expected to hold a greater share of the market, owing to the presence of better marine network and freight transport in these regions. Also, Asia Pacific, being a manufacturing hub of most of the goods, is a major exporter of bow and stern thrusters. North America is anticipated to register significant growth after Asia Pacific as a result of the region’s increasing export and import business and passenger traffic, which in turn will drive the regional market share of the bow and stern thrusters.
Global Bow and Stern Thrusters Market: Market Participants
Examples of some of the key players operating in the global bow and stern thrusters market include,
- Sleipner Motor AS
- Max Power
- Holland Marine Products
- Arcturus Marine
- Western Marine Electronics, Inc.
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