An azimuth thruster is a device that converts any form of energy into mechanical energy, generating thrust through rotating blades or jets of water to drive vehicles forward or serve as a power source for other devices.
Overview of Market Development
Market size: According to our research data, the global azimuth thruster market size is expected to increase from $670 million in 2024 to $740 million in 2029, with an estimated compound annual growth rate (CAGR) of 2.01%. This indicates that the market is undergoing a stable growth phase.
Market driving factors: The growth in demand for azimuth thrusters is mainly driven by the demand in the shipbuilding industry, especially in application areas such as oil tankers, chemical tankers, and cruise ships. In addition, technological progress and intelligent development are also important factors in market growth.
Outlook trend: It is expected that the global azimuth thruster market will continue to maintain a growth trend in the coming years. With the continuous development of the shipbuilding industry and the increasing demand for efficient propulsion solutions, the azimuth thruster market will usher in more development opportunities.
Analysis of Market Competition Pattern
From the perspective of market competition, the concentration of the global azimuth thruster market is moderate. Data shows that the sales value of azimuth thrusters from the top 3 companies totaled $252 million in 2023, with a total share of 38.46%. The top 3 companies were SCHOTTEL Group, Rolls Royce, and IHI Power Systems Co., Ltd. (IPS), In 2023, the sales value shares of these three companies in the global market for azimuth thrusters were 18.69%, 10.45%, and 9.32%, respectively.
Global Azimuth Thruster Market Size Forecast and Competition Pattern Analysis
Source: www.globalmarketmonitor.com
Segmented Market Analysis
From the perspective of product types, according to different amount of power, azimuth thrusters can be divided into three categories: azimuth thrusters below 1.5 MW, azimuth thrusters between 1.5 MW and 3.5 MW, and azimuth thrusters above 3.5 MW. Among them, azimuth thrusters between 1.5 MW and 3.5 MW dominate the market, with an expected market share of 62.69% by 2024.
From an application perspective, azimuth thrusters are widely used in offshore support ships, tugboats, passenger ships, shuttle cruise ships, drilling ships, and production and storage tankers. Among them, tugboats occupy the largest market share in downstream applications, with an estimated 37.76% in 2024.
Global Azimuth Thruster Segment Market Size and Market Share Forecast in 2024
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Market Size (Million USD)
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Market Share
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Segmented by Type
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Azimuth Thrusters Below 1.5 MW
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71
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10.59%
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Azimuth Thrusters Between 1.5 MW And 3.5 MW
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420
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62.69%
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Azimuth Thrusters Above 3.5 MW
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179
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26.72%
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Segmented by Application
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Offshore Support Ships
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122
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18.21%
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Tugboats
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253
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37.76%
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Passenger Ships
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21
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3.13%
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Shuttle Cruise Ships
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57
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8.51%
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Drilling Ships
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58
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8.66%
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Production and Storage Tankers
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42
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6.27%
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Others
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117
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17.46%
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Source: www.globalmarketmonitor.com
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