Market Size of Marine Steering System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Marine Steering Systems Market Analysis
The Marine Steering System Market is expected to register a CAGR of over 8% during the forecast period.
- The dynamics of the market studied are linked to the performance of the shipbuilding industry, which, in turn, is dependent upon trade and the global economic growth. The shipbuilding industry is being driven by the growth in the global GDP, global seaborne trade, rising urbanization, and increase in global steel production. One of the significant trends impacting the marine steering market is green shipbuilding technology.
- However, the expansion of the shipbuilding industry can be affected by increasing competition, environmental regulations, enhanced globalization, and political and financial instability. For the fifth year in a row, world fleet growth has decelerated, owing to overcapacity.
- The major factors that can hinder the growth of the market are labor-intensive manufacturing processes and government regulations regarding environmental protection. For instance, the Federal Refuse Act announced that the discharge of fuel, oil, oily wastes, and hazardous substance into the waters of the United States or the contiguous zone is completely prohibited.
