Azimuth and Tunnel Thrusters Market Size, Share, Growth, And Industry Analysis, By Type (Azimuth Thrusters and Tunnel Thrusters), By Application (Oil & Gas Rig, Military Vessels, Cruise Ship, Offshore Vessel, Oil Tanker, Chemical Tanker and Other), Regional Forecast To 2031

Updated On: 29 April 2024

Azimuth and Tunnel Thrusters Market Report Overview

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The global azimuth and tunnel thrusters market is expected to grow from USD 914.1 Million in 2022 to USD 1358.33 Million by 2031, at a CAGR of 4.5% from 2022 to 2031.

Azimuth thrusters are used to control a vessel's azimuth. Azimuth thrusters generate horizontal thrust in either direction by rotating propeller shafts, nozzles, or impellers on bearings to produce an equal but opposing reaction at right angles to the engine's reaction.

Growing demand from numerous applications throughout the world, as well as technical advancements that can increase the effectiveness of these systems, are driving drivers for the Global Azimuth and Tunnel Thrusters Market. These propulsion units perform a variety of purposes such as speed control to enable safe navigation, stability during high sea states, precise placement to facilitate accurate docking, and so on. The market has been examined by taking into account the impact of various aspects such as drivers, restraints, and significant opportunities.

 Growing need for energy resources, as well as increased deepwater oil production activities in ultra-deepwater locations, are driving the global azimuth and tunnel thrusters’ market. The expansion of drilling operations in the offshore oil and gas business. Increased demand for energy resources, including increased consumption of oil, gas, and coal; growth will result in increased spending on transportation infrastructure projects.

COVID-19 Impact: Rising Prevalence of Carpal Tunnel Syndrome to Fuel Market Growth

The rising prevalence of carpal tunnel syndrome (CTS) is fueling azimuth and tunnel thrusters market growth, while obstacles such as rigorous regulations may stymie it. Our research researchers analyzed historical data to determine the key market drivers and the impact of the COVID-19 pandemic on the carpal tunnel releasing systems industry. A comprehensive examination of the drivers will aid in determining end goals and improving marketing strategies to acquire a competitive advantage.

Latest Trends

"Oil & Gas Rig Azimuth and Tunnel Thrusters to Provide Impetus to The Market"

Oil & Gas Rig azimuth and tunnel thrusters are used to control the movement of an oil rig. By providing thrust force perpendicular or at right angles to the water flow direction, these thrusters aid in the movement, control, and stabilization of big structures such as oil rigs. Ships' directional control is provided by the Azimuth and Tunnel Thrusters. It is mostly utilized in oil and gas rigs that move through the ocean in order to drill oil or gas from the seafloor.

Azimuth and Tunnel Thrusters Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into azimuth thrusters and tunnel thrusters.

In terms of product, tunnel thrusters is the largest segment.

• By Application Analysis

Based on application, the market can be divided into oil & gas rig, military vessels, ferry (passenger ship and roro-passenger ship), cruise ship, offshore vessel, oil tanker, chemical tanker, lng carrier, lpg carrier and other.

In terms of application, offshore vessel is the largest segment.

Driving Factors

"Bow Thrusters on LNG Carriers to Provide Opportunity for The Market"

Azimuth thrusters are mostly utilized for bow thrusters on LNG carriers. A bow thruster is a propulsion system that provides forward or backward thrust to navigating vessels, particularly ships with Propellers and other layouts where the suction effect of the propeller on the hull below the waterline may cause a loss of main engine performance. In chemical tank vessels, azimuth thrusters are employed to precisely maintain the vessel's location. Tunnel thrusters offer vertical force to move forward/backward or right/left, whilst bow thrusters travel ahead and backward at low speed without impacting.

"Flexibility In Deployment to Accelerate Market Growth"

Offshore vessels use tunnel thrusters as their major source of propulsion. Tunnel thrusters deliver push parallel to the ship's keel line, whereas azimuth thrusters’ direct thrust by spinning 360 degrees around a vertical axis. Azimuth and sea-going tunnel Thruster serve a similar purpose in ship control via water motions. Offshore vessel thrusters are used to control the vessel's heading (direction) while in motion. For this reason, they can be deployed both forward and aft of a moving vessel.

Restraining Factors

"Stringent restrictions to Impede Market Expansion"

Stringent restrictions are one of the major hurdles to the worldwide tunnel thrusters release systems industry's growth. In the United States, for example, under the Federal Food, Drug, and Cosmetic Act (FFDCA) of 1938, medical devices are classified into three classes based on the degree of risk associated with their usage. Carpal tunnel release systems are rated as low-to-moderate risk Class II devices.

Azimuth and Tunnel Thrusters Market Regional Insights

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"North America to Dominate the Market Due to Presence of Various Construction Operations"

North America is expected to account for the majority of the global azimuth and tunnel thrusters market share. It has great growth potential due to the presence of various construction operations that require propulsion systems such as azimuth thrusters or tunnel thrusters, as well as China being a major contributor. The market is further divided into two divisions based on type. In terms of revenue, it is expected to lead the global market. The region is made up of countries that are predicted to grow their economies over the forecast period. These economies' status quo stays good since their export industry has been rising at an exponential rate, which is a major engine of economic growth and industrialization.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Wärtsilä Corporation (Finland)
• SCHOTTEL Group (Taiwan)
• Kawasaki (U.S.)
• Kongsberg (Norway)
• Berg Propulsion (Sweden)
• Brunvoll (Norway)
• IHI (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.