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Marine Steering System Market Trends

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

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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.

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.