Marine Joysticks Market REPORT OVERVIEW
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The global marine joysticks market size is estimated to be USD 130.5 million in 2022 and the market is projected to touch USD 200.8 million by 2028, exhibiting a CAGR of 7.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with marine joysticks experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Marine joystick systems allow to operate synchronize engines with a single hand. It helps to replace conventional controls and cables with fly-by-wire electronics. It is a sophisticated and heavy object in mobile machinery. The device helps to operate with a precise and linear electrical output signal.
Growing adoption of the equipment in marine transportation. The primary purpose of the device is to improve functionality and ergonomics. The product helps to provide comfort, safety, and efficiency, and is easy to operate. Growing research and development activities to introduce new products are estimated to expand market growth. Increasing adoption of water transportation for commercial works and public works. The product is used for marine deck equipment such as winches, cranes, and material handling machines. High demand shifts goods from ships or boats to ports and harbors. Henceforth these factors are expected to fuel market growth during the forecast period. However, the cost of the equipment for small operations and high manufacturing costs are predicted to impede market growth.
COVID-19 Impact: Closure of Manufacturing Units Globally Affected Market Growth During Pandemic
Prolonged lockdown in several countries affected production activities. In the first quarter of 2020, the market witnessed a decline in the sale of equipment and machinery. Closure of several manufacturing units minimized market expansion. High need to ensure team member safety and the limited number of workforce hampered market growth. Further, the ban on transportation and social distance protocols along with closure of marine transportation, reduced sales of the equipment. However, the re-opening of water transportation and manufacturing units is expected to recover market progress.
LATEST TRENDS
"Advanced Technology Adoption in Joystick Design to Foster Market Growth"
Growing adoption of joystick systems to control machines used in the handling system. The equipment is used in excavators, cranes, and forklifts to pick, move, and place a heavy objects from one place to another. Further growing adoption of equipment in marine transportation to improve operational efficiency and ease. It has a long life and high adoption to reduce human labor. The product is a better alternative than the control lever and modern hydraulic control systems. These products are susceptible and instinctive to operate. Such factors are estimated to fuel market growth in the upcoming years. Growing demand for advanced technology among consumers is anticipated to accelerate market growth. Rapid demand for high horse-powered boats and spate steering control for each motors are expected to fuel marine joysticks market growth. It offers more precision in any circumstance. Therefore, these factors are likely to aid industry growth.
Marine Joysticks Market SEGMENTATION
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- By Type
Based on type, the market is divided into single-axial joysticks and multi-axial joysticks.
Single-axial joysticks are expected to be the leading part of the segmentation type.
- By Application
Based on the application, the market is divided into civil boats, municipal boats, commercial boats, and others.
Civil boats are expected to be the leading part of application segmentation.
DRIVING FACTORS
"High Demand for Maneuverability in Marine Transportation to Incite Market Progress"
The joystick offers to increase maneuverability levels in boats having a twin outboard. It helps to navigate tight marinas and channels. In case sailing at high speed it helps to provide steady control over it. With the help of maneuver, it helps to avoid spinning and drifting while the boat facing one way. The equipment also plays a crucial role in controlling on multiple outboard motors. This equipment offers ease when steering the boat backward. The equipment helps to improve safety of vessels. Such advantages of the equipment are estimated to fuel market growth in the upcoming years. Also, during harsh weather is anticipated to fuel market growth in the coming years. Growing research and development activities to introduce new products are estimated to expand market growth. Increasing adoption of water transportation for commercial works and public works. These factors are expected to surge market growth. Technological advancement in the equipment is projected to drive marine joysticks market growth.
"Multiple Benefits of the Mechanical Equipment to Fuel Market Growth"
The equipment has several benefits, such as easy-to-use controls, adjustability, and ergonomic design for operator safety and comfort. The product helps to control panel integration and robust tasks. Such advantages of the product are anticipated to accelerate market growth. High demand to minimize stress and improve work efficiency is projected to drive market growth. The equipment controls the position and heading of the vessels during operation activities at sea. It has a great mechanism that helps to redundant electrical output signals and great feel ability in critical applications. The product is used for marine deck equipment such as winches, cranes, and material handling machines. High demand shifts goods from ships or boats to ports and harbors. Henceforth these factors are expected to fuel market growth during the forecast period. Presence of the variety and high demand to control water transportation is estimated to surge market growth. The equipment allows GSP coordinates to keep the boat locked and also acts as a sort of digital anchor. Such advantages of the equipment are predicted to surge marine joysticks market growth.
RESTRAINING FACTORS
"High Cost of the Equipment to Hamper Market Growth"
High cost of the equipment for small operations and high manufacturing costs are predicted to impede market growth in the upcoming years.
Marine Joysticks Market REGIONAL INSIGHTS
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"Presence of Marnie Transportation in Asia Pacific to Drive Market Share "
Asia Pacific is expected to account the largest share of marine joysticks market due to presence of substantial marine transportation. Growing awareness about the benefits of the product is expected to surge market growth. The product helps to provide comfort, safety, efficiency and easy to operate. Therefore, these benefits are anticipated to accelerate market growth. Growing demand for advanced technology among consumers is expected to expedite marine joysticks market growth.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Lilaas (Norway)
- JR Merritt (U.S.)
- Althen (Netherlands)
- Volvo Penta (Sweden)
- Cummins (U.S.)
- ZF (Germany)
- SeaStar Solutions (Dometic) (U.S.)
- Yamaha (Japan)
- XENTA (U.S.)
- Mercury Marine (U.S.)
- Twin Disc (U.S.)
- Yacht Controller (U.S.)
- Evinrude (U.S.)
- Glendinning Products (France)
- Brunvoll (Norway)
- Emerson (U.S.)
- NAVIS (U.S.)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 130.5 Million in 2022 |
Market Size Value By |
US$ 200.8 Million by 2028 |
Growth Rate |
CAGR of 7.5% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the marine joysticks market expected to touch by 2028?
- The global marine joysticks market is expected to reach USD 200.8 million by 2028.
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What CAGR is the marine joysticks market expected to exhibit by 2028?
- The marine joysticks market is expected to exhibit a CAGR of 7.5% by 2028.
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Which are the driving factors of the marine joysticks market?
- Drivers of this marine joysticks market are high demand for maneuverability in marine transportation and multiple benefits of the mechanical equipment.
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Which are the top companies operating in the marine joysticks market?
- Lilaas, JR Merritt, Althen, Volvo Penta, Cummins, ZF, SeaStar Solutions (Dometic), Yamaha, XENTA, Mercury Marine, Twin Disc, Yacht Controller, Evinrude, Glendinning Products, Brunvoll, Emerson, and NAVIS.
