By 2023, the global marine steering systems market is expected to reach USD 1,153.2 million resulting from the rising demand for premium cruise boats for tourism and recreational purposes.
Dallas, TX -- (SBWIRE) -- 02/06/2019 -- The report on global marine steering systems gives a detailed study of the market overview, segments and factors influencing the growth in terms of revenue as well as size. The marine steering systems market is likely to grow to USD 1,153.2 million during the forecast period of 2018-2023.
The marine steering systems market trend indicates growth is growth due to various factors, one of them being the increased growth of boating industry as a recreational activity across the globe. The growing funding by government setups for the growth and improvement of naval fleet, along with the increased popularity of electronic power steering being used in submarines is helping the market grow. Maritime industry is mainly comprised of merchant navies, coast guards and naval forces.
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Growth in the marine steering systems market is also due to the fact of increased Maritime trading. Trading and transportation through water is a popular cos-effective system and is widely used for non-perishable goods. This has led to an increased demand for cargo ships for transportation of goods. Another factor influencing the market growth is the marine tourism that is cruise ships and tours. There is high demand owing to the increased spending power by the people and need for new recreational activities. Due to enhanced trailing and mooring infrastructure demand there is more demand of the systems.
The marine steering systems market can be segmented on the basis of type, Application and region. Segmentation on the basis of type is done as Hydraulic Steering Systems, Electronic Power Steering and Mechanical Steering. The invention of hydraulic steering systems has led to better performance of the ships. Most of the mechanical steering systems have been replaced by hydraulic ones. The electronic power steering systems are more effective, ergonomic and have numerous other features. However, they are expansive and hence currently are not favored a lot. Market study of electronic systems indicates considerable growth in the segment over the next ten years and is likely to replace the hydraulic ones in the coming years.
On the basis of application segmentation is done as Outboard Steering and inboard steering. Segmentation on the basis of geography is done as North America, Europe, Asia-Pacific, Middle East and Africa, Central and South America. Among these regions North America contributes to the maximum market share that is almost 57% value of the market. However, the slow and sluggish market growth in regions of Asia-Pacific is hampering the market development. The report on marine steering systems market gives a detailed study of all the factors impacting the market position with respect to all the segments and regions.
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The key players of the market are Sperry Marine, ZF Friedrichshafen AG and Lewmar Limited and UFlex USA among others. The various strategies like providing better customer service and support, easy replacement options and online assistance during the sales process. The growing demand has led to companies being more sensitive towards customer demands. Also, in terms of naval and marine ships there is a set of regulations and safety standards to be met which are mandatory. The report on marine steering systems market share a detailed report on similar factors.
Key segments of the global marine steering systems market
Type Overview, 2013-2023 (USD Million)
Hydraulic Steering Systems
Electronic Power Steering
Application Overview, 2013 – 2023 (USD Million)
Regional Overview, 2013 – 2023 (USD Million)
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Rest of Middle East & Africa
Central & South America
Rest of South America
Some Points from Table of Content:
Marine Steering Systems Market Overview, By Type
Marine Steering Systems Market Overview, By Application
Marine Steering Systems Market Overview, By Region
Company ProfilesSeaStar Solutions Incorporated
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