Europe to Hold Significant Share in the Fin Stabilizer Systems Market

Introduction

Fin stabilizer systems are rotor fins mounted on the bottom of the ship’s hull to resist and reduce excessive ship roll due to wind or waves. Technological advancements, coupled with the concerted efforts to reduce trade barriers, have increased the international and interregional trade activities in the last two decades. This increase in trade activity has surged the demand for bulk carriers and other ocean transportation vessels across the globe. Apart from this, rising geopolitical tension and increasing disputes among various economies have subsequently increased the naval fleet across the globe, further driving the market growth.

Greece to Dominate the Global Shipping Industry

Europe held a prominent share in the fin stabilizer market in 2019 and is anticipated to witness healthy growth in the coming years as the region is backed by the presence of economies such as Greece, Norway, Germany, the U.K, and Denmark that are among the top ten ship owing nations in the world. Apart from this, well-established shipping industry, increasing competition, rising freight rates, and increasing exports drive regional market growth. Greece dominated the global shipping industry in 2019, accounting for around 18% of the total fleet market.

Competitive Players

Key Players

• SKF Group
• Mitsubishi Heavy Industries, Ltd
• Veljan Hydrair Limited
• Fincantieri S.p.A
• ABB Marine Inc.
• Krosys Incorporated
• Northrop Grumman Sperry Marine B.V
• Simplex Americas LLC
• Western Marine Electronics, Inc.
• Kongsberg Maritime
• Matn's Stabilizers
• Quantum Marine Stabilizers

Recent Developments

Segmentation

Fin Stabilizer Systems Market: Segmentation

By Product Type

• Folding Fin Stabilizer
• Retractable Fin Stabilizer
• Non-retractable Fin Stabilizer

By Vessel Type

• Commercial
  • Ferries
  • Cruise ships
  • Yachts
• Defense

Fin Stabilizer Systems Market: Regions Covered

North America

• The U.S.
• Canada
• Mexico

Europe

• Germany
• France
• The U.K.
• Italy
• The Rest of Europe

Asia-Pacific

• China
• Japan
• India
• South Korea
• Australia
• The Rest of Asia-Pacific

Central and South America and the Caribbean

• Brazil
• Argentina
• Colombia
• The Rest of Central and South America and the Caribbean

The Middle East

• Saudi Arabia
• The UAE
• Oman
• Turkey
• The Rest of the Middle East

Africa

• Nigeria
• South Africa
• The Rest of Africa