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Marine Base Steering Gear Market Is Likely To Expand At A Steady CAGR Of 5% During The Forecast Period Between 2022 And 2032

The global marine base steering gear market size was valued at around US$ 1.6 Bn in 2020 and is likely to expand at a steady CAGR of 5% during the forecast period between 2022 and 2032. Demand for marine base steering gear is driven by the rapid expansion of the maritime industry across the globe.

Marine base steering gears have been an essential component of a ship’s machinery since antiquity. They are specialized tools that support vessel navigation in open water. These marine base steering gears, which are integrated with the rudder systems, are crucial for turning ships while they are sailing (both to the left and the right).

The marine base steering gear market is expanding quickly due to the booming maritime industry and the increase in the number of marine ships or vessels, and this trend is expected to last throughout the forecast period.

Ram type and rotary vane type are the two main types of marine base steering gears that are offered on the market. Ram type segment leads the global market for these.

Over the years, Asia Pacific has emerged as a promising market for marine base steering gear and the trend is likely to continue during the forecast period, owing to the increasing foreign investments, favorable government policies, booming sea transport business, strong presence of leading marine base steering gear manufacturers, and easy availability of products at lower prices.

According to Future Market Insights, Europe’s marine base steering gear market is expected to register substantial growth during the forecast period, owing to the strong investments done in countries like Russia, France, Germany, and other EU countries, the presence of technologically advanced products, and increasing shipbuilding activities.

Key Players:

  • Data Hidrolik
  • Wills Ridley Ltd
  • Rolls-Royce plc
  • Brusselle Carral Marine
  • Jastram Engineering Ltd.
  • Palmarine
  • Nufoss Services Pte Ltd.

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