Flap Rudder Market Size

Flap Rudder Market Size

Flap Rudder Market size valued at USD 160.8 million in 2020 and will grow at a CAGR of 4.3% between 2021 and 2027. Rising seaborne trade and ship repair activities will foster industry growth.

A flap rudder is a multi-section rudder consisting of a blade with a trailing edge flap activated by a mechanical or hydraulic system. It offers significant lift per rudder angle and 60% - 70% higher maximum lift compared to the conventional rudder of the same shape, size, and area. Moreover, it improves maneuvering at low-speed by blocking the forward thrust of the propeller. Flap rudder is suitable for general cargo carriers, container feeders, car carriers, cruise liners, research vessels, fishing vessels, etc.

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Favorable economic conditions in conjunction with marine infrastructure developments will bolster maritime trade activities over the next few years. Maritime trade is the backbone of international trade and plays a pivotal role in shipping activities. It accounts for nearly 80% of worldwide trade in terms of volume and 70% in terms of revenue. The majority of raw materials and manufactured goods are transported by sea routes. These aforementioned trends will generate the need for additional sea vessels in the future, thereby triggering shipbuilding activities and spurring the flap rudder industry growth.

Cruise tourism is witnessing gradual popularity as people seek unique and customized experiences. Rising spending propensity and luxury travel trends will fuel the growth of cruise tourism. Many leading tourism companies offer customized packages in-line with new destinations and added benefits to attract new customers. Such prospects associated with cruise tourism will support flap rudder market expansion through 2027.

The coronavirus pandemic has crippled the global maritime trade in a significant manner. The crisis took a heavy toll on supply chains of various industries, leading to plummeting cargo volumes. Capacity reduction and cost minimization were implemented to maintain profitability within the shipping industry. The unprecedented impacts of the pandemic led to a sharp decline in new ship orders.