Bow and Stern Thruster Market Size, Share, Growth, and Industry Growth, By Type (Bow Thruster and Stern Thruster), By Application (Light Ships and Heavy Ships), Regional Forecast From 2024 To 2031

Updated On: 29 April 2024

Bow and Stern Thruster Market Report Overview

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The global bow and stern thruster market size increased in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with bow and stern thruster experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Bow and stern thruster are maneuvering and steering equipment for small and large commercial ships or boats and leisure boats. These help better steer the vessel and are generally used while leaving or entering a near coastal waters or port. These are generally two types that are hydraulic and electric thruster, both of them offer propulsion mechanisms for backward sailing. 

Ships, small and big business vessels, and recreational boats use the equipment to guide and control their equipment. The sterns and bows of the bow serve as anchors for them. While entering or departing a harbor or near coastal waters, they are utilized more frequently to assist with better ship steering. 

Electric thruster and hydraulic thruster offer a forward or backward propulsion system, which are the two most common forms of bow and stern thruster. When leaving or holding a harbor, these thruster, integrated with the toy rod control systems, are of the utmost importance.

COVID-19 Impact: Lockdown Hampered Market Supply Chain

The World Health Organization (WHO) declared the coronavirus disease 2019 (COVID-19) as a pandemic after the virus breakout in December 2019. Since then, the epidemic has expanded to almost every country. Every industry was affected by the pandemic except healthcare. conductor, banking, financial services, insurance, and information and communications technology. The machinery and equipment sector experienced a severe downfall due to the disrupted supply chain and retail stores.

LATEST TRENDS

"Growing Decline in Shipping Cost Through Cargo Ships to Drive Market Trends"

Because the cost of delivering goods through cargo ships has decreased recently, the shipping fleet has been expanding. As a result, there is now a greater need for commercial ships, which is fueling the market. Also, rising international travel and tourism brought on by a rise in disposable income would boost demand for yachts, ships, and boats. These factors are anticipated to augment the bow and stern thruster market growth. 

Bow and Stern Thruster Market Segmentation

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• By Type Analysis

By type, the market is segmented into bow thruster and stern thruster.

• By Application Analysis

Based on application, the market is classified into light and heavy ships.

DRIVING FACTORS

"Steady Adoption of E-commerce Sites to Bolster Product Consumption"

Over the forecast period, there are anticipated to be a lot of opportunities due to the availability of the equipment through online shopping. Emerging countries and the relocation of logistics operations there will increase demand for cargo ships on the market, which will affect the expansion of the bow and stern thruster market growth. E-commerce website adoption is increasing due to the rapid adoption of smartphones and the internet. The feasibility of e-commerce applications and websites is expected to boost the consumption of bow and stern thruster.

"Increasing Disposable Income to Surge Market Growth"

The market for bow and stern thruster is expanding as a result of rising international travel and tourism due to the increased disposable income. The market for bow and stern thruster is also being driven by emerging countries and the relocation of logistics operations to these economies, which will increase demand for cargo ships. Another chance for the market for bow and rear thruster to expand is the availability of these devices through online shopping.

RESTRAINING FACTORS

"High Initial Costs of the Product May Impede Market Growth"

The high initial cost of a ship leads to the low substitution of bow and stern thruster as extra parts add extra cost, making them an expensive add-on. Moreover, huge expenditure incurred in the development of the bow and stern thruster could restrain market growth of the bow and stern thruster. 

Bow and Stern Thruster Market Regional Insights

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"Asia Pacific to Dominate the Market as the Region Is Goods Hub"

Asia Pacific is forecasted to hold a top part of the bow and stern thruster market share owing to the region being a hub of most goods. The region is a leading bow and stern thruster’ exporter, contributing to market expansion. 

North America is predicted to grow significantly due to the region's rising import and export business and passenger traffic.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Fincantieri (Italy)
• Wartsila (Finland)
• Side-Power (U.S.)
• Craftsman Marine (Netherlands)
• WESMAR (U.S.)
• Harbormaster Marine (U.S.)
• ZF (Germany)
• Dutch Thruster Group (Netherlands)
• YMV Crane and Winch Systems (Turkiye)
• Siemens Energy (Germany)
• Nakashima (Japan)
• Jastram (Canada)
• CAT (U.S.)
• Kawasaki (Japan)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.