Global Azimuth Thrusters Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Azimuth Thrusters Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global Azimuth Thrusters market report has been segmented on the basis of product type, voltage range, rated strength, current, application, and region.

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Global Azimuth Thrusters Market: Overview

Azimuth thrusters are the devices, which have advanced propulsion mechanisms that have surpassed all the traditional and conventional forms of propulsion mechanisms. They are an arrangement where the propeller is positioned in ships pods that can be revolved in any horizontal direction. These devices can perform more effectively and efficiently than other devices and can support in conserving money and energy both up to a high extent. This can also eliminate the use of a rudder on the ship or boat. The propeller blades of low RPM and with large diameter coupled with the high efficient nozzles will confirm the propulsion efficiency and will reduce the vibration and noise effectively. There are various advantages of the product such as it does not require rudder, optimal usage of power, negligible power losses throughout transmission, electrically efficient, effective use of ship space, etc.

Global Azimuth Thrusters Market: Dynamics

Some factors such as a rise in the investments for international seaborne trade, growth in maritime tourism, increased demand for azimuth thrusters from the new shipbuilding & repair market, etc. are acting as the major drivers of the market. Additionally, increasing maritime trade and maritime tourism will consequently have led to the rise in the demand for ships, which, in turns, drive the market demand globally. However, the high maintenance cost of the product is acting as one of the major restraining factors for the growth of the global market. Additionally, timely maintenance coupled with low product life is other major factors expected to hamper the growth of the global market over the forecast period. Alternatively, a rising trend in the global market is technological innovation in the propulsion systems used in the marine industry. This factor is projected to feed the growth of the global market during the forecast period to an extensive extent.

Global Azimuth Thrusters Market: Segment Analysis

The Electric Drive segment, among drive system segments, is expected to account for the largest share in terms of revenue in the global market, owing to increasing demand for effective and efficient propulsion mechanism.

The L drive segment, among shafting arrangement type segments, is estimated to account for the comparatively high market share in the global market. However, the Z drive segment is projected to witness a high rate of growth, attributable to its favorable characteristics, as it consists of two right-angled gears.

The Merchant & Naval Ships segment, among application segments, is expected to account for significant market share in the global market in terms of value attributable to the increased investment in the marine industry.

Global Azimuth Thrusters Market: Regional Analysis

Asia Pacific market is dominating the global market in terms of revenue and is expected to remain at the dominant position over the forecast period. As, there are numerous economies in the region, which are increasing the investment in maritime trade and subsequently rise the demand for the product. South Korea, China, and Japan are some of the major potential markets for azimuth thrusters in the Asia Pacific region. Additionally, the Europe market is estimated to witness a significant CAGR over the period of forecast, attributable to the strategic growth of ship manufacturers of the region.

Global Azimuth Thrusters Market Segmentation:

Segmentation by Drive System:

Electric Drive System
Diesel Drive System
Hydraulic Drive System

Segmentation by Shafting Arrangement Type:

Z drive
L drive

Segmentation by Application:

Merchant & Naval Ships
Offshore Drilling
Recreational Boats
Others