COVID-19 Impact analysis

• The COVID-19 pandemic ceased the production of various end users in the marine steering gear systems industry to halt, resulting in a global lockdown. This has hampered the growth of the market in the last few months and is likely to continue through 2022.
• Due to the steep decline in shipbuilding activities, COVID-19 has already affected the sales of marine steering gear systems in the first half of 2020 and is anticipated to cause a negative impact on the market's growth in the first half of 2022.
• The major demand for marine steering gear systems was previously noticed from giant manufacturing countries including the U.S., India, France, Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for solenoid valves.
• Further, the potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Marine steering gear systems manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
• With the increasing number of vaccinations and leniency in restrictions laid by the government, the ship building industry has shown signs of recovery, which is a positive factory for the marine steering gear systems market. 

Top Impacting Factors

The cost efficiency offered by ships in the transport of goods has highlighted the importance of sea transport in international trade. Ships are the ideal transportation solution for large sized cargo such as cars, trucks, and machinery. Approximately, 90% of the bulk cargo across the globe is transported by container ships. These factors have substantially increased the number of container ships across the world, thereby fueling the demand for marine steering gear systems. Furthermore, the changing geopolitics across the globe has resulted in the expansion of naval forces across the globe. For instance, countries such as the U.S., China, and India have a substantial budget for naval expansion, thereby creating a demand for marine steering gear systems. However, technical problems such as oil leakages, unsatisfactory steering, high oil temperature, and noise creation from steering gear are a restraint on the growth of the market. The increasing purchasing power of people across the globe has significantly increased the number of cruise ships in the last few years. In addition, the demand for luxury yachts is increasing, providing favorable growth opportunities for the marine steering gear system market. 

Market Trends

• Major players in the industry are working on development of steering gears that ease the maneuverability of small ships. For instance, in September 2021, XENTA Systems S.r.l. introduced the X-AID and X-SELF steering systems. The X-SELF is an autonomous docking system that does not require human intervention to bring a boat in and out of its mooring place. 
• Rolls-Royce Plc. offers a wide range of rotary vane steering gears which can be used in ships of varying sizes. The gear systems are especially designed as a complete steering system with the actuator, power pack, rudder angle, and steering control. The steering gears have high positioning accuracy and a radar angle of up to 70°.  

Key Benefits of the Report

• This study presents the analytical depiction of the marine steering gear systems industry along with the current trends and future estimations to determine the future investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the marine steering gear systems market share.
• A quantitative analysis highlights the marine steering gear systems market growth scenario from 2020 to 2030.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed marine steering gear system market analysis based on competitive intensity and how the competition will take shape in coming years.