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Flap Rudder Market Size

Report ID: GMI5015
Published Date: Mar 2021
Report Format: PDF

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Flap Rudder Market Size

Flap Rudder Market size valued at USD 160.8 million in 2020 and will grow at a CAGR of 4.3% between 2021 and 2027. Rising seaborne trade and ship repair activities will foster industry growth.

A flap rudder is a multi-section rudder consisting of a blade with a trailing edge flap activated by a mechanical or hydraulic system. It offers significant lift per rudder angle and 60% - 70% higher maximum lift compared to the conventional rudder of the same shape, size, and area. Moreover, it improves maneuvering at low-speed by blocking the forward thrust of the propeller. Flap rudder is suitable for general cargo carriers, container feeders, car carriers, cruise liners, research vessels, fishing vessels, etc.

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Favorable economic conditions in conjunction with marine infrastructure developments will bolster maritime trade activities over the next few years. Maritime trade is the backbone of international trade and plays a pivotal role in shipping activities. It accounts for nearly 80% of worldwide trade in terms of volume and 70% in terms of revenue. The majority of raw materials and manufactured goods are transported by sea routes. These aforementioned trends will generate the need for additional sea vessels in the future, thereby triggering shipbuilding activities and spurring the flap rudder industry growth.

Flap Rudder Market Report Attributes
Report Attribute	Details
Base Year:	2020
Flap Rudder Market Size in 2020:	160.8 Million (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	4.3%
2027 Value Projection:	214.6 Million (USD)
Historical Data for:	2017 to 2020
No. of Pages:	140
Tables, Charts & Figures:	142
Segments covered:	Flap material, Fit and Ship
Growth Drivers:	Favorable trends associated with seaborne trade Positive outlook of marine tourism Rising shipbuilding & repair activities across the globe
Pitfalls & Challenges:	High maintenance costs associated with flap material Temporary shutdowns of facilities due to COVID-19

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Cruise tourism is witnessing gradual popularity as people seek unique and customized experiences. Rising spending propensity and luxury travel trends will fuel the growth of cruise tourism. Many leading tourism companies offer customized packages in-line with new destinations and added benefits to attract new customers. Such prospects associated with cruise tourism will support flap rudder market expansion through 2027.

The coronavirus pandemic has crippled the global maritime trade in a significant manner. The crisis took a heavy toll on supply chains of various industries, leading to plummeting cargo volumes. Capacity reduction and cost minimization were implemented to maintain profitability within the shipping industry. The unprecedented impacts of the pandemic led to a sharp decline in new ship orders.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Flap rudder market size was valued at USD 160.8 million in 2020 and will record a CAGR of 4.3% through 2027 with increasing seaborne trade and ship repair activities around the world.

The composite material segment will register a CAGR of 4.5% through 2027 with increasing usage of composite materials for manufacturing rudder flaps.

Linefit segment had accounted for more than 80% of the flap rudder market share in 2020 and will expand in the coming years.

Oil & gas carriers will secure a market share of over 25% by 2027 owing to the increasing demand for transportation for crude oil and petroleum flap materials.

Asia Pacific flap rudder market had recorded a valuation of more than USD 120 million in 2020 owing to the increasing seaborne trades across developing countries.