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Global Azimuth Thrusters Market Size, Share Analysis Report, 2023-2032
Global Azimuth Thrusters Market Size, Share Analysis Report, 2023-2032
Global Azimuth Thrusters Market Size, Share Analysis Report, 2023-2032

Azimuth Thrusters Market Share, Size, Trends, Industry Analysis Report, By Type (Less than 1500 KW, 1500 KW-3500 KW, and More than 3500 KW); By Drive System; By Vessel Type; By End Use; and By Region; Segment Forecast, 2023-2032

  • Published Date:Feb-2023
  • Pages: 116
  • Format: pdf
  • Report ID: PM3027
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Summary

The global azimuth thrusters market was valued at USD 523.35 million in 2022 and is expected to grow at a CAGR of 1.3% during the forecast period. Technological advancement in marine sector propulsion systems is a growing trend in the global market. This aspect is anticipated to contribute to the worldwide market expansion during the study period. The Norwegian marine technology and equipment business Kongsberg Maritime introduced a new line of retractable azimuth thrusters. Due to their small size, the new thrusters could be utilized on contemporary offshore wind, fishing, and naval vessels with little interior room. The key market players are expanding their research and development work to develop the best products; this competition in the workspace provides more significant potential for the industry.

Azimuth Thrusters Market Size

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Growing demand is expanding the broader opportunities to the key market players in the world. Recently, Kongsberg Maritime & Sanmar Shipyards signed a contract to deliver around 20 high-performance US205FP & US255FP thruster units to be installed in the tugboats. This will further create demand in the market.

The main element propelling the market is the increasing demand for tugboats and support vessels across several geographies. The predicted timeline for this market's growth indicates that rising offshore oil & gas activity in nations like Brazil, Angola, Nigeria, etc., will lead to higher tugboat purchases. The market is driven primarily by several factors, including increased investments in international sea trade and a rise in maritime tourism. Additionally, expanding marine business and tourism will have subsequently increased the need for ships, which in turn drives the market demand on a global scale.

Industry Dynamics

Growth Drivers
The main growth factors for azimuth thrusters market are the robust cargo handling operations on waterways, the rising need for tugboat services, the increased demand for offshore oil and gas exploration, and the development of port infrastructure across various regions. The growth of this market may be constrained by multiple considerations, such as growing competition from alternative vessel propulsion technologies.

Azimuth thrusters are propulsion tools that give ships excellent agility to change their course quickly. These thrusters are 360-degree rotating, moving in any direction simply. Furthermore, they make it equally simple for vessels to move in all directions. The main element propelling the market is the increasing demand for tugboats and support containers across several geographies. The predicted timeline for this market's growth indicates that rising offshore oil & gas activity in nations like Brazil, Angola, Nigeria, etc., will lead to higher tugboat purchases.

Report Segmentation

The market is primarily segmented based on type, drive system, vessel type, end use, and region.

By Type

By Drive System

By Vessel Type

By End User

By Region

  • Less than 1500KW
  • 1500KW-3500KW
  • More than 3500KW
  • Electric Drive System
  •  Diesel Drive System
  • Hydraulic Drive System
  • Naval Ships
  • Offshore Drilling
  • Recreational Boats
  • Offshore Wind Farms (CTVs, SOVs)  and Others
  • OEM
  • Aftermarket
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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1500 KW-3500 KW segment is expected to witness the fastest growth

In 2022, the 1500 KW-3500 KW sector had the most market share. The supremacy results from the increased use of thrusters in survey and cargo ships. Thrusters are increasingly in demand due to expanding maritime trade and rising investments in the purchase of cargo ships, fueling market expansion. During the forecast period, the category with less than 1500 KW will experience rapid expansion. The expansion is ascribed to the rise of small ships throughout the forecast period, including ferries, cruise ships, lifeboats, tugboats, and fishing boats.

Azimuth thrusters have high-speed electric motors ranging from 1500–3500 kW. Additionally, they have a minimum turning radius of fewer than 100 ft or 33 meters. These devices provide the best mobility for ships working in shallow waters while transporting cargo and can be employed on boats up to 500 tonnes in displacement.

Electric Drive System segment is accounted for the significant market share

The electric drive system segment is anticipated to be the most significant share over the study period. Due to the substantial need for lightweight vessels, there has been growth. The electric system's main benefit is eliminating the requirement for a gearbox. The Hydraulic drive system segment will experience significant growth due to more naval warships using these technologies to accurately manage the speed and deliver constant force despite fluctuations in rate.

Naval ships segment is accounted for the highest market share in 2022

The naval ships segment had the most significant share in 2022 and is predicted to maintain dominance in the coming years. The increase is the result of, among other things, rising demand for tugboats, surveillance ships, and submarines. Offshore wind farms will experience the most significant growth during the forecast period owing to the rising demand for Crew Transfer and Service Organization Vessels. For instance, Vard, a Fincantieri subsidiary, and North Star Renewables, a Scottish business, agreed to supply the operation vessels under the contract terms in April 2021.

OEM segment accounted for the significant growth throughout the forecast period

Increasing investments in the naval industry, the purchase of new vessels, and the rapid expansion of seaborne freight traffic are expected to make the OEM segment the largest segment. The OEM segment is predicted to maintain higher growth owing to the increase in investments in novel industries, the purchase of new vessels, and the rapid expansion of seaborne freight traffic. An increase in agreements of ship owner procurements also fuels the growth of the market. The aftermarket segment will experience the fastest compound annual growth rate due to the rising number of maritime vessel improvement programs designed to increase safety and enhance operational capabilities.

The demand in North America is expected to witness significant growth

North America would account for the most significant revenue market share due to increased demand for tugboats and offshore support vessels across several regions, including Eastern Canada and the Western US. Brazil, Argentina, and other nations are making significant investments to increase their offshore oil production activities, which will increase demand for tugboats throughout the region of Latin America during the anticipated timeline. In terms of growth, Europe is expected to be one of the markets with the highest profitability. The increase in offshore oil and gas activities in nations like Norway, the UK, France, Spain, and others drives the purchase of azimuth thrusters for tugboats and offshore support vessels in this region.

In 2022, Asia Pacific dominated the market due to the rising shipbuilding and the increased demand for navy ships from developing nations like China and India. Furthermore, by 2030, the South Korean government set a goal for shipbuilders to hold up to 75% of the market for environmentally friendly boats with low or no carbon emissions.

Competitive Insight

Some of the major players operating in the global market include ABB, Brunvoll, Caterpillar, Hydromaster, IHI Power Systems, Jastram, Kawasaki Heavy Industries, KONGSBERG, SCHOTTEL GROUP, Steerprop, Thrustmaster, Veth Propulsion, Voith Turbo, Wartsila Corporation, Wuxi Ruifeng Marine and  ZF Friedrichshafen.

Recent Developments

  • In December 2022, ABB announced its partnership with Boliden to reduce the carbon footprints of its industrial products. The goal is to accelerate the transition to a more circular economy while reducing greenhouse gas emissions to create a strategic alliance for utilizing reduced carbon footprint copper in its high-efficiency electric motors and electromagnetic stirring equipment.
  • In December 2022, Caterpillar Declared a Partnership with Luck Stone to Expand Autonomous Solutions for the Aggregates Sector. Caterpillar will use a fleet of 777G trucks equipped with its current Cat MineStar Command for Hauling system in the Bull Run quarry to speed up autonomous solutions outside mining.

Azimuth Thrusters Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 529.11 million

Revenue forecast in 2032

USD 592.86 million

CAGR

1.3% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2032

Segments covered

By Type, By Drive System, By Vessel Type, By End User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

ABB, Brunvoll AS, Caterpillar, Hydromaster, IHI Power Systems, Jastram, Kawasaki Heavy Industries, KONGSBERG, SCHOTTEL GROUP, Steerprop, Thrustmaster, Veth Propulsion, Voith Turbo, Wartsila Corporation, Wuxi Ruifeng Marine and  ZF Friedrichshafen AG.

FAQ's

The Global Azimuth Thrusters Market size is expected to reach USD 592.86 million by 2032.

top market players in azimuth thrusters market are ABB, Brunvoll, Caterpillar, Hydromaster, IHI Power Systems, Jastram, Kawasaki Heavy Industries, KONGSBERG, SCHOTTEL GROUP, Steerprop, Thrustmaster, Veth Propulsion, Voith Turbo, Wartsila Corporation.

North America contribute notably towards the global azimuth thrusters market.

The global azimuth thrusters market expected to grow at a CAGR of 1.3% during the forecast period.

The azimuth thrusters market report covering key segments are type, drive system, vessel type, end use, and region.