Marine Steering System Market Size - By Product, By Mechanism, By Vessel, By Component, By Means of Steering, By Sales Channel & Forecast, 2024 – 2032

Marine Steering System Market Size

The global marine steering system market size was valued at USD 1.2 billion in 2023 and is estimated to grow at a CAGR of over 8% from 2024 to 2032, owing to expansion of commercial shipping and naval defense activities which require advanced steering systems. Modern commercial vessels and naval ships require strong and accurate steering systems to handle large and complex operations. Furthermore, increased investments in naval defense and shipping fleets drive demand for high-performance and durable steering systems.
 

For instance, in August 2023, the Indian Government approved a USD 2.4 billion project to build five support ships for the maritime force, which will help in refueling, resupplying food, and providing ammunition to its warships. The vessels will be built by defence ministry’s Hindustan Shipyard Limited with support of multiple Indian private sector small and medium enterprises.
 

The growing leisure and recreational boating activities are significantly impacting the marine steering system market. As individuals and families purchase recreational boats and yachts, the demand for advanced steering systems rises, driven by increased disposable incomes and interest in outdoor activities. The high-end recreational boating sector is particularly pushing the demand for sophisticated technologies such as electronic and auto-pilot systems.
 

Additionally, there is a notable trend towards retrofitting older boats with modern steering solutions to enhance performance and safety. Manufacturers are responding by developing more efficient, user-friendly, and environmentally sustainable steering solutions to meet evolving consumer preferences and regulatory requirements.
 

Advanced steering systems, such as electronic and auto-pilot technologies, are often expensive. This includes both the initial purchase and ongoing maintenance costs. These high prices can discourage some buyers, especially in the recreational boating market where budgets are tighter. The expense of ownership may increase over time, as these complex systems often need specialized maintenance and repairs. Additionally, the rapid advancement of technology in the industry makes the systems outdated quickly, potentially requiring costly upgrades to maintain optimal performance and compatibility with other onboard systems.
 

Marine Steering System Market Trends

Technological advancements are shaping the marine steering system industry. Innovations such as electronic and electro-hydraulic steering systems are making ships easier to control. These systems use sensors and controls for better accuracy and responsiveness and need less maintenance than traditional mechanical steering systems. They also offer useful features like adjustable steering sensitivity and can work with other navigation tools. This technology is making ships safer and easier to control, which is important for the shipping industry.
 

Steering system manufacturers are launching innovative electric steering systems for a wide variety of vessels. For instance, in December 2023, Dometic expanded its inboard electric steering solution with its new Dometic Optimus 3000 Electric Steering System, designed to meet the load capacity and handling needs of wide variety of inboard boats up to 40-feet in length.
 

The new 12V steering solution can be used with inboard yachts, cabin cruisers, catamarans and sportfishing yachts offering an electric alternative for a broader range of boats. The new solution is also suitable for a new range of electric propulsion vessels, due to addressing sustainability in its design and manufacture. These innovations are helping boat makers offer more efficient and environmentally friendly options to customers.
 

Marine Steering System Market Analysis

Based on product, the market is segmented into rotary vane type and ram type. The rotary vane type segment held over 60% of the market share in 2023 and is expected to cross USD 1 billion by 2032. These systems are easy to install with fewer components and easier integration compared to more advanced steering technologies. This simplicity reduces the overall setup time and cost for both new vessel builds and retrofits, encouraging adoption among those seeking efficient installation processes.
 

Additionally, these systems can be adapted to a range of vessel sizes and types, from small recreational boats to larger commercial vessels. Their versatility makes them suitable for a wide range of marine applications, enhancing their appeal across different segments of the boating industry.
 

Based on mechanism, the marine steering system market is segmented into manual steering, hydraulic steering, electronic steering and electro-hydraulic steering. The hydraulic segment held around 44% of the market in 2023. These systems use fluid pressure to control steering, making them ideal for larger vessels that need powerful and reliable solutions.
 

Hydraulic systems are valued for their ability to handle heavy loads and provide smooth, precise steering, which is crucial for both commercial and recreational vessels. Their robustness and dependability in challenging marine environments ensure their ongoing popularity. The maritime industry appreciates hydraulic systems for their strength, accuracy, and consistent performance across various vessel types and sizes.
 

North America marine steering system market holds around 36% of the market share in 2023. The growth of the market in the region can be attributed to the presence of robust commercial marine industry, including shipping and fishing fleets, that demands reliable and efficient steering systems. The expansion of these industries, combined with major focus on operational efficiency, drives the adoption of modern marine steering technologies.
 

Additionally, the U.S. has a significant focus on upgrading its naval defense capabilities, which includes high investment in advanced marine steering systems for military and defense vessels. The emphasis on naval defense modernization fuels demand for cutting-edge steering technologies, thereby driving growth in the U.S. marine steering system market.
 

Europe is witnessing growing popularity in recreational boating, with more consumer investing in pleasure crafts. This trend is leading to higher demand for reliable steering systems in various types of recreational boats. This trend is shaping the marine steering system market across European countries.
 

The Asia-Pacific region is experiencing significant growth in marine tourism, including cruise and leisure boating activities. This expansion creates a higher demand for advanced steering systems in commercial and recreational vessels. The rise in marine tourism drives the adoption of modern marine steering solutions to enhance the safety and performance of tour and leisure boats.
 

The MEA region is investing heavily in developing marine infrastructure, including ports and harbors. This development often includes upgrading or purchasing new vessels equipped with modern steering systems. The growth in marine infrastructure projects drives demand for advanced steering solutions to support new and existing vessels in the region.
 

Marine Steering System Industry Market Share

ZF Friedrichshafen AG and Kongsberg Maritime hold market share of around 10% in the marine steering system industry in 2023. ZF focuses on developing modern technologies and innovative solutions for marine steering systems. The company invests in research and development to improve its product offerings, including advanced hydraulic, electronic, and electro-hydraulic steering systems. By continuously innovating, the company to stay competitive, address customer needs, and expand its market share.
 

Kongsberg Maritime focuses on integrating digital technologies into marine steering systems, such as autonomous navigation and remote monitoring. This commitment to digital innovation helps the company provide advanced solutions that meet the marine industry's evolving needs and attract customers seeking modern steering technologies.
 

Marine Steering System Industry Market Companies

Major companies operating in the marine steering system industry are:

• ABB Limited
• Emerson Electric Co.
• Jastram Engineering Ltd.
• Kongsberg Maritime
• Lewmar Limited
• Northrop Grumman
• Twin Disc, Inc.
• Vetus B.V.
• Wartsila Corporation
• ZF Friedrichshafen AG
   

Marine Steering System Industry News

• In April 2024, Kawasaki Heavy Industries, Ltd. launched the Unified-Edition E-series steering gear. The new package-type product combines steering gear, a control box and other components that used to be installed separately on ships. Kawasaki’s system uses the company’s experience and knowledge in the field to make installation easier for shipbuilders and ship owners.
   
• In February 2023, Mercury Marine introduced a new Electric Steering system. This system uses a small electric steering actuator, which saves space in boats and improves rigging at the back of the boat. The system works with Mercury V10 and V8 Verado and SeaPro outboards that have the Advanced MidSection (AMS), and with Mercury Racing 450R and 300R outboards that have Racing AMS.
   

The marine steering system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and shipment (Units) from 2021 to 2032, for the following segments:

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Market, By Product

• Rotary vane type
• Ram type

Market, By Component

• Steering pumps
• Helm pumps
• Hydraulic cylinders
• Steering wheels
• Helm stations
• Rudders
• Others

Market, By Mechanism

• Manual steering
• Hydraulic steering
• Electronic steering
• Electro-hydraulic steering

Market, By Vessel

• Small recreational boats
• Yachts & luxury boats
• Commercial vessels
• Military & defense vessels
• Passenger vessels
• Others

Market, By Means of Steering

• Autopilot
• Manual

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia