Azimuth Thrusters Market: Current Analysis and Forecast (2024-2032)

Report Description

Azimuth Thruster Market Size & Forecast

The azimuth thruster market was valued at USD 532 Million in 2023 and is expected to grow at a robust CAGR of around 1.63 % during the forecast period (2024-2032).

Azimuth Thruster Market Analysis

The azimuth thrusters market is experiencing significant growth driven by the increasing demand for advanced marine propulsion systems in various sectors, such as commercial shipping, offshore oil and gas, and naval defense. Azimuth thrusters, which provide 360-degree maneuverability and superior propulsion efficiency, are becoming the preferred choice for modern vessels requiring enhanced navigational control and fuel efficiency. The market is benefiting from technological advancements that improve the performance and reliability of these systems, as well as rising investments in maritime infrastructure and vessel modernization.

Azimuth Thruster Market Trends

The offshore segment in the azimuth thrusters market is experiencing significant growth, driven by the increasing demand for advanced propulsion systems in offshore oil and gas exploration, production activities, and renewable energy projects such as offshore wind farms. Azimuth thrusters are particularly valued in this segment for their superior maneuverability, precise positioning capabilities, and enhanced operational efficiency, crucial for dynamic and often harsh offshore environments. The need for dynamic positioning systems in offshore vessels, such as drill ships, supply vessels, and floating production storage and offloading (FPSO) units, is propelling the adoption of azimuth thrusters. Additionally, the push for greener and more sustainable offshore operations is leading to integrating hybrid and electric azimuth thrusters, reducing emissions and improving fuel efficiency.

For instance, Kongsberg Maritime’s launch of the Azipull-PM thruster, which combines azimuth thruster benefits with permanent magnet motor technology, highlights the ongoing advancements catering to this segment.

 North America is expected to Grow with a Significant CAGR During the Forecast Period.

The North American azimuth thrusters market is poised for substantial growth, driven by the region’s robust maritime industry and increasing investments in modernizing marine infrastructure. The demand for azimuth thrusters in North America is propelled by the need for advanced propulsion systems that offer superior maneuverability, efficiency, and environmental compliance. Key sectors such as offshore oil and gas, commercial shipping, and naval defense increasingly adopt azimuth thrusters to enhance operational capabilities and meet stringent environmental regulations.

Azimuth Thruster Industry Overview

The azimuth thruster market is competitive and fragmented, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Siemens AG, Rolls-Royce Holdings plc, Wartsila Corporation, Schottel GmbH, Kawasaki Heavy Industries, Ltd., ABB Ltd., Brunvoll AS, Voith Group, Caterpillar Inc., and Teignbridge Propellers International Ltd.

Azimuth Thruster Market News

In January 2023, Rolls-Royce completed the acquisition of Veth Propulsion, a Dutch manufacturer of marine propulsion systems. This acquisition aimed to enhance Rolls-Royce’s product portfolio and strengthen its position in the marine propulsion market.

In July 2023, Wärtsilä, a global leader in innovative technologies and complete lifecycle solutions for the marine and energy markets, acquired Eniram, a company specializing in energy management and analytics for marine industries. This acquisition is expected to bolster Wärtsilä’s capabilities in providing data-driven solutions for optimizing vessel operations, including those using azimuth thrusters.

Azimuth Thruster Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report briefly reviews overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global azimuth thruster market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Azimuth Thruster Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global azimuth thruster market were the three major steps undertaken to create and analyze the adoption of azimuth thruster in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global azimuth thruster market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the azimuth thruster market through company internal sources such as annual reports and financial statements, performance presentations, press releases, etc., and external sources including journals, news and articles, government publications, competitor publications, sector reports, third-party databases, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the azimuth thruster market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as power rating, application, propulsion system, and thruster type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the azimuth thruster market. Further, we conducted factor analysis using dependent and independent variables such power rating, application, propulsion system, and thruster type of the azimuth thruster market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global azimuth thruster market sector.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global azimuth thruster market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the azimuth thruster market across the major markets domestically.
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global azimuth thruster market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global azimuth thruster market. data was split into several segments & sub-segments after studying various parameters and trends in the power rating, application, propulsion system, and thruster type of the global azimuth thruster market.

The main objective of the Global Azimuth Thruster Market Study

The current & future market trends of the global azimuth thruster market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market’s overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the azimuth thruster market in terms of value (USD) and the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of power rating, application, propulsion system, and thruster type.
• Define and analysis of the regulatory framework for the azimuth thruster
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the azimuth thruster market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the azimuth thruster market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry.

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