Wednesday, 09 November 2022 09:30 AM
Company Update
NEWARK, DE / ACCESSWIRE / November 9, 2022 / The global marine fin stabilizer market is anticipated to reach a valuation of US$ 226.9 Mn in 2029, with sales growing at a standard CAGR of 3.7% from 2022 to 2029. Valued at US$ 170.6 Mn in 2021, the target market is expected to reach an estimated US$ 176.4 Mn by the end of 2022. The elevated demand for cruise ships and yachts for tourism and recreational activities will fuel the growth of the marine fin stabilizer market. The evolution of the shipbuilding industry will further aid the expansion of the target market size during the forecast period.
Located at the backside of the ship's hull, marine fin stabilizers supply resistance to the ship in any direction. An upsurge in the demand for yachts and cruise ships along with the growing need for the comfort and safety of passengers onboard these vessels further drives the demand for marine fin stabilizers during 2022-229.
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One of the major growth-inducing factors is the expansion of marine fleet size. Many marine fin stabilizer manufacturers are concentrating on launching different types of fin stabilizers that constitute features like low water resistance, and greater efficiency. These stabilizers are produced using evolved materials with unique features. This aspect further amplifies the demand for marine fin stabilizers in the global market.
Other features that market players are keen on introducing are fully electric fin stabilizers that are lightweight and compact in size. This factor results in heightened demand for these stabilizers from yacht owners all over the world. Manufacturers are utilizing progressive technology that allows marine fin stabilizers faster and more controlled performance as well as the ability to control boat steering together with the fins. All of these considerations drive the growth of the marine fin stabilizers market in the projected period.
"Rising maritime and coastal tourism coupled with the introduction of zero-speed marine stabilizers that ensure safety will propel the global growth of the marine fin stabilizer market over the forecast period," says an FMI analyst.
Key Takeaways:
- The marine fin stabilizer market in the United States will record a CAGR of 2.7%.
- Germany will have a strong impact on Europe's marine fin stabilizer market with a 3.9% CAGR.
- By product type, the retractable segment will make significant contributions to the overall market growth.
- The merchant vessel segment will generate a growth opportunity of US$ 31.9 Mn during 2022-2029.
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Competitive Landscape
The Neptune, Groupe Foure Lagadec, Fincantieri S.p.A, SKF Group, Western Marine Electronics Inc., Imtra Corp, Kongsberg Maritime (RRCM), The NAIAD Dynamics US Inc, Mitsubishi Heavy Industries, Quantum Marine Stabilizers, Matn's Stabilizers, CMC Marine Srl, ABT TRAC, Rotorswing Marine UK, and WTSV Technologies among others are some of the major players in the marine fin stabilizer market profiled in the full version of the report.
Leading market players are increasing research and development activities for new product designs. These organizations offer advanced technologies along with dependable and durable fin stabilizers. These market participants employ partnerships and collaboration strategies to gain a competitive edge.
More Insights into Marine Fin Stabilizer Market Report
In its latest report, FMI offers an unbiased analysis of the global marine fin stabilizermarket, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (retractable fin stabilizers, non-retractable fin stabilizers, anchor or rest stabilizers), vessel type (passenger vessels (), naval and coast guard vessels, fishing vessels, merchant vessels), fit type (first fit, retro fit), and region.
According to the latest FMI reports, based on segmentation, the retractable segment is expected to make the most contributions to the overall growth of the overall market. This segment will generate a growth opportunity of over US$ 33.2 Mn during 2022-2029. In terms of vessel type, the merchant vessel segment will dominate the international market space while creating an incremental opportunity of US$ 31.9 Mn during the forecast period.
Based on region, the marine fin stabilizermarket in China will demonstrate considerable growth during 2022-2029. A major supplier of the product, China's marine fin stabilizermarket will register a CAGR of 3.8%. Rising demand for retrofitted fin stabilizers for a variety of ships and yachts due to safety concerns propels the growth of the target market in China. Besides, the marine fin stabilizermarket in Germany and the U.S., too, will display notable growth.
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Global Marine Fin Stabilizer Market by Category
By Product Type:
- Retractable fin stabilizers
- Non- retractable fin stabilizers
- Anchor or rest stabilizers
By Vessel Type:
- Passenger Vessels
- Passenger & Vehicle Ferries
- Cruise Ships
- Yachts & Super- yachts
- Naval and Coast Guard Vessels
- Fishing Vessels
- Merchant Vessels
By Fit Type:
- First Fit
- Retro Fit
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Marine Fin Stabilizer Market Background
3.1. Macro-Economic Factors
3.2. Opportunity Analysis
3.3. Global Economic Outlook
3.4. Global Marine Fin Stabilizer Market Outlook
3.5. Market Dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Trends
3.6. Porter's Five Forces Analysis
3.7. Value Chain Analysis
3.8. Opportunity Assessment Factors - Relevance & Impact
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