Global Flap Rudder Market to hit $214.6 Mn by 2027; Global Market Insights Inc.

Selbyville, Delaware, March 30, 2021 (GLOBE NEWSWIRE) —

Global Market Insights Inc. has recently added a new report on the flap rudder market which estimates the market valuation for flap rudder will cross US$ 214.6 million by 2027. Increasing maritime trade activities will augment the industry expansion.

Urbanization, growing seaborne trade, and favorable economic conditions will boost the growth of the shipbuilding sector over the next few years. The integration of automation into modular shipbuilding technique will support the shipbuilding industry’s growth. Efficient maneuvering requirements and high lift capabilities of flap rudders will boost the product penetration in the shipbuilding sector in future.

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Increasing seafood consumption and changing dietary patterns will positively influence the growth of the fishing sector. Sea vessels need to follow certain tracks at low speeds in all weather conditions during fishing operations. Efficient flap rudder holds paramount importance within fishing vessels to withstand strong currents, wind, and waves. This, in turn, will spur the sales of flap rudders for fishing vessels over the next few years.

High repair & maintenance costs associated with the component may hamper flap rudder market expansion. Coronavirus pandemic has severely affected the shipbuilding industry leading to significant reduction in new ship orders. Moreover, the delivery of new ship vessels will plummet, thereby affecting flap rudder market growth over a short term. However, the industry growth will return to normalcy as the shipbuilding sector gains momentum over the next few years.

Flap rudder market is segmented on the basis of flap material, fit, and ship. The linefit segment is expected to witness over 4% CAGR by 2027 owing to favorable trends associated with new ship vessels. Composites are becoming widely popular as these materials significantly reduce the weight of rudders while improving the overall efficiency.

Based on ship, flap rudder market is categorized into bulk carriers, oil & gas carriers, offshore vessels, general cargo ships, container ships, ferries & passenger ships, and others including chemical tankers, fishing vessels, etc. Increasing transportation of non-bulk cargo will augment the flap rudder sales within container ships in the future.

Europe is expected to cross USD 25 million by 2027 owing to rising popularity of marine tourism and fishing operations. Further, upcoming offshore projects, such as Penguins redevelopment Neptune Deep (Romania), are likely to increase the offshore activities in the region.

Some major findings of the flap rudder market report include:

• Superior strength, easy workability, and cost efficiency will propel the growth of metal flaps.
• The growth of the retrofit segment will be attributable to the rising demand for rudder conversions.
• Kongsberg Maritime, Becker Marine Systems GmbH, Wuxi Delin Marine Equipment Co., Ltd., Damen Marine Components, De Waal BV, and Nakashima Propeller Co., Ltd. are a few key players in the flap rudder industry.

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Partial chapters of report table of contents (TOC):

Chapter 2. Executive Summary

2.1.  Flap rudder market 360? synopsis, 2017 – 2027

2.1.1. Business trends

2.1.2. Flap material trends

2.1.3. Fit trends

2.1.4. Ship trends

2.1.5. Regional trends

Chapter 3. Flap Rudder Industry Insights

3.1.  Industry segmentation

3.2.  Impact of COVID-19 on industry landscape

3.3.  Industry ecosystem analysis

3.3.1. Profit margin analysis

3.3.2. Value addition at each stage

3.3.3. Distribution channel analysis

3.3.4. Vendor matrix

3.4.  Industry megatrends

3.5.  Innovation & sustainability

3.5.1. Patent analysis

3.5.2. Technology landscape

3.5.3. Future trends

3.6.  Industry impact forces

3.6.1. Growth drivers

3.6.1.1. Favorable trends associated with seaborne trade

3.6.1.2. Positive outlook of marine tourism

3.6.1.3. Rising shipbuilding & repair activities across the globe

3.6.2. Industry pitfalls & challenges

3.6.2.1. High maintenance costs associated with flap material

3.6.2.2. Temporary shutdowns of facilities due to COVID-19

3.7.  Regulatory landscape

3.7.1. North America

3.7.2. Europe

3.7.3. Asia Pacific

3.8.  Growth potential analysis

3.9.  Competitive landscape, 2019

3.9.1. Top players overview, 2019

3.9.2. Strategy dashboard

3.10.     Porter’s analysis

3.10.1.    Supplier power

3.10.2.    Buyer power

3.10.3.    Threat of new entrants

3.10.4.    Threat of substitutes

3.10.5.    Industry rivalry

3.11.  Cost structure analysis

3.11.1.  R&D cost

3.11.2.  Manufacturing & equipment cost

3.11.3.  Raw material cost

3.11.4.  Distribution cots

3.11.5.  Operating cost

3.11.6.  Miscellaneous cost

3.12.  PESTEL analysis

3.13.  Impact of COVID-19 on shipbuilding sector

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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