The global marine fin stabilizer market is anticipated to reach a valuation of US$ 8.3 billion in 2023, driven by the growing marine market culture. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 12.1% between 2023 and 2033, and reaching a total valuation of around US$ 26.1 billion by 2033.
Technological developments in ship design have allowed naval architects in analyzing and studying the wave motions around the bottom or hull of the ship. Further, they have impactfully assisted them with advancement in designs and methods to lessen such effects. Consequently, passengers and crew of the ship guarantee a safe and comfortable voyage which further augments the growth of the marine fins stabilizer market.
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Various categories and patterns of motion have been experienced during their voyage because of the wind and water waves which is most likely to hinder the growth of the marine fin stabilizer market.
Key Takeaways from the Market Study
- The global marine fin stabilizer market expanded at a CAGR of 11.3% between 2018 and 2022.
- The market share of North America in 2022 was 27%.
- Germany is forecasted at a CAGR of 10.9% CAGR from 2023 to 2033.
- China is predicted at a CAGR of 6.8% CAGR from 2023 to 2033.
- Based on product type, the retractable segment is estimated to influence the global marine fin stabilizers with a market share of 70.1% in 2022.
- Based on vessel type, merchant vessel is projected to create a market share of 50.2% in 2022 of the market share.
“Increase in the overall demand for marine fin stabilizers is one of the key drivers of the marine fin stabilizer market”, comments a Future Market Insights analyst.
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Market Competition
Key players in the marine fin stabilizers market focus on research and development for new product designs of fin stabilizers for merchant vessels, fishing vessels, and coast guard ships. Many companies also focus on strengthening their geographic presence across the globe through partnerships and collaborations with other manufacturers.
- First order for LNG fuel gas supply systems was received by Mitsubishi Heavy Industries for their high-pressure marine engines for both low and high-pressure types.
- Kongsberg Maritime announced a contract with Finnish shipyard Rauma marine constructions (RMC) for delivering marine propulsion and steering equipment for passenger ferries.
Key Companies Profiled
- 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 United Kingdom
- WTSV Technologies
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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 & Superyachts
- Naval and Coast Guard Vessels
- Fishing Vessels
- Merchant Vessels
By Fit Type:
- First Fit
- Retro Fit
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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