Home > Automotive > Marine > Marine Steering System Market

Marine Steering System Market Share

Report ID: GMI11451
Published Date: Sep 2024
Report Format: PDF

Download Free Sample

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

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of marine steering system reached USD 1.2 billion in 2023 and is set to register over 8% CAGR from 2024-2032, due to the expansion of commercial shipping and naval defense activities which require advanced steering systems worldwide.

The rotary vane type segment is expected to reach over USD 1 billion by 2032, attributed to being easy to install with fewer components and easier integration compared to more advanced steering technologies.

North America market held 36% share in 2023, owing to the presence of robust commercial marine industry, including shipping and fishing fleets in the region.

ABB Limited, Emerson Electric Co., Jastram Engineering Ltd., Kongsberg Maritime, Lewmar Limited, Northrop Grumman, Twin Disc, Inc., Vetus B.V., Wartsila Corporation, and ZF Friedrichshafen AG, are some of the major marine steering system companies worldwide.