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Global Marine Steering Market Size To Cross The USD 1 Billion Market By 2023

“Marine Steering Systems Market”, this study is recently published by Adroit Market Research covering global market size.
Adroit Market Research
Global Marine Steering Systems
Market Size 2017
By Type (Hydraulic Steering Systems, Electronic Power
Steering and Mechanical Steering), By Application
(Outboard Steering, Inboard Steering), By Region and
Forecast 2017 to 2023
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Global Marine Steering Market Size To Cross The USD 1 Billion Market By
• The global marine steering systems market size is expected to be worth USD 1,153.2 million by 2023 due to increasing
demand for premium cruise ships and boats especially for tourism and recreational purposes. Also, rising investments in
adding new defense systems in naval ships are propelling the growth of global marine steering systems market. On
account of increasing border security awareness, governments are rigorously funding the navies to add new and
technologically advanced ships to the fleet. In 2017, the government of Canada invested USD 800 million to renew the
Royal Canadian Navy’s fleet. Thales Group, a defense service provider received this contract for the service & support of
Canada’s naval ships.
• In 2017, hydraulic steering systems accounted for 57.3% share of the global marine steering systems market. Hydraulic
steering wheel adds controlled drive to the steering mechanism to offer easy maneuvering, thereby reducing physical
efforts even at lower speed. Increasing adoption of hydraulic steering systems due to nominal costs, easy installation and
less requirement of technical expertise are some major factors driving the growth of this segment. Increase in
international trade drives the demand for marine shipping and large container carriers. This has further increased the
scope for advanced hydraulic steering systems especially designed for cargo and trade ships. Electronic steering systems
are expected to witness the fastest growth due to increased preference towards advanced human machine interface
especially in submarines and cruise ships.
• Outboard steering application of marine steering systems are projected to witness the fastest growth as an outboard
motor is somewhat simpler in design than inboard motors. An outboard motor typically does not require a distinct rudder
since the motor itself is turned to change directions.
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Global Marine Steering Market Size To Cross The USD 1 Billion Market By
• North America leads the global marine steering systems market due to a rapid increase in the sales of recreational boats.
Inclination of consumers/tourists towards recreational boating has increased considerably over the last decade. Europe is
expected to be the second fastest growing market on account of increasing preference towards leisure activities and
increasing investments for changing traditional steering systems with hydraulic and electronic systems. Asia-Pacific is
expected to foresee the fastest growth of 8.1% between 2018 and 2023 due to rising trade activities and increasing cruise
tourism especially in East Asian countries.
• The global marine steering systems market is highly fragmented owing to the presence of large number of local as well as
international players. Generally, most of the players are located either in the U.S. or Eu-5 countries, although they have little
presence across other regions as well. Some of the key players include SeaStar Solutions Incorporated, Mercury Marine, Inc.,
Vetus, N.V. Sperry Marine, Inc. and Pretech Co. Inc.
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Key segments of the global marine steering market
Type Overview, 2013-2023 (USD Million)
• Hydraulic Steering Systems
• Electronic Power Steering
• Mechanical Steering
Application Overview, 2013 – 2023 (USD Million)
• Outboard Steering
• Inboard Steering
Regional Overview, 2013 – 2023 (USD Million)
• North America
• Europe
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Adroit Market Research
Key segments of the global marine steering market
• Asia-Pacific
• Middle East & Africa
• Central & South America
The report has analyzed several players in the market, some of which include
• SeaStar Solutions Incorporated
• Mercury Marine, Inc.
• Vetus, N.V.
• Sperry Marine, Inc.
• Pretech Co. Inc.
• Others
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Adroit Market Research is an India-based business analytics and consulting company. Our
target audience is a wide range of corporations, manufacturing companies, product/technology
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size, key trends, participants and future outlook of an industry. We intend to become our
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our core, we are curious people who love to identify and understand industry patterns, create
an insightful study around our findings and churn out money-making roadmaps. Our analysts
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