Flap Rudder Market size worth over $214.6 Mn by 2027
Published Date: March 30, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Flap Rudder Market size to reach USD 214.6 million by 2027, according to a new research report by Global Market Insights Inc.
Increasing offshore construction activities across the globe is anticipated to drive flap rudder industry growth. Offshore construction includes a variety of activities such as design, engineering, and construction of offshore structures such as submarine pipelines, floating oil & gas platforms, offshore platforms, subsea oil & gas development, offshore wind power, etc.
In 2018, there were more than 65,000 wells drilled onshore and around 2,300 wells were drilled offshore. The key growth driving factors for the offshore drilling industry include huge investments in new offshore reserves, increasing demand for oil & gas, rising deep-water activities for oil exploration, etc. Globally, major upcoming offshore drilling projects are being planned, which will enhance the offshore activities across the world. Qatar Petroleum is planning to expand North Field by 2023.
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High costs associated with the product may hamper the flap rudder market demand in coming years. Flap rudders have complex structure and more moving parts compared to other types of rudders. Due to a large number of moving parts and mechanical complexities, maintenance of flap rudders is difficult. Proper periodic maintenance must be ensured in order to avoid major repairs in future leading to additional expenses. Moreover, flap rudders may cause large hinge moments, which, in turn, can reduce the overall operational performance. Many key players in the market are adopting new materials and modifying design parameters to decrease the weight of these rudders, minimize production costs, and improve efficiency.
Browse key industry insights spread across 140 pages with 123 market data tables & 19 figures & charts from the report, “Flap Rudder Market Size By Flap Material (Metal, Composites), By Fit (Linefit, Retrofit), By Ship (Bulk Carriers, Oil & Gas Carriers, Offshore Vessels, General Cargo Ships, Container Ships, Ferries & Passenger Ships), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Steel flap rudder market demand is likely to cross USD 170 million by 2027. The steel material is the traditional choice for manufacturing rudder flap and rudder stock. It is mainly used owing to its high strength & ductility, superior toughness, and good corrosion resistance. In addition, it offers good formability at room temperature and has lower preheat requirements. It can withstand high loads and provide excellent performance. However, structures made of steel possess high weight.
Retrofit will grow at a steady pace over the forecast period
The retrofit segment is set to witness over 3.5% CAGR from 2021 to 2027 propelled by rising ship repair & maintenance activities. Old rudders are replaced by new rudders during retrofit procedures as old rudders are not able to operate at optimum efficiency. In February 2018, Becker Marine Systems received an order for retrofitting flap rudders from Canal Barge Company, Inc. These rudders are to be installed on 140-ft. boat Eugenie P. Jones.
Bulk carriers segment is predicted to clutch a significant flap rudder market share by 2027. These are used to transport bulk goods including coal, grain, iron ore, phosphate, bauxite, nitrate, etc. Favorable trends associated with maritime trade and increasing transportation of raw materials will contribute to the product’s growth within the bulk carrier segment.
Product differentiation & development will form the basis of industry expansion
Damen Marine Components, De Waal BV, Becker Marine Systems GmbH, Nakashima Propeller Co., Ltd., Kongsberg Maritime, and Wuxi Delin Marine Equipment Co., Ltd. are major manufacturers in the flap rudder market. These manufacturers are adopting state-of-the-art technologies and using new materials to lower the weight of rudders and improve performance benefits. In September 2010, Becker Marine Systems GmbH introduced composite rudder flap and stock to achieve weight savings in flap rudders.
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