The fin stabilizer system includes electro-hydraulically operated fins that are found at the bottom part of the ship’s hull. The primary function of the fin stabilizer system is to provide resistance to the excess rolling of ship in either direction while moving. The fin stabilizer system consists a roll sensor that senses and activates the fins during the rolling motion of the vessel. Additionally, the stabilizers can also be used to induce forced rolls required to simulate rolling of ship in a calm sea, which is extensively used for the training purposes of the crew members.
Fin stabilizer systems also help in increasing the operational efficiency of the vessel as it reduces the fuel consumption level, enhancing sea keeping capabilities and ensuring crew safety and productivity by reducing turbulence and providing onboard comfort. Rising international seaborne trade activities, increasing freight transport activities, and growing number of fleet size drive the market growth.
Growing Seaborne Trade to Drive the Market Growth
In the last few years, the world economy has been witnessing a considerable upswing on account of increasing seaborne trade. As per the United Nations Conference on Trade and Development (UNCTAD), in 2017, the total trade volume reached 10.7 billion tons, mirroring an additional 411 million tons. This increase in trade was driven by megatrends such as growing digitalization, rise of electronic commerce, and the Belt and Road Initiative. In 2017, the global containerized trade increased by 6.4%. Apart from this, increasing shipments from the Organization of Petroleum Exporting Countries (OPEC) exporters and changing consumption of crude oil patterns across the globe due to rise in energy drives the market growth.
Figure 1: Seaborne Trade of Developing Economies, 2018
Growth in Fleet Size to Drive the Market Growth
The shipping industry was witnessing a significant decrease in terms of fleet size; however, it has been witnessing a considerable surge in the last five years. As per the UNCTAD, the size of the merchant fleet soared from 88,000 in 2014 to 96,000 in 2019 on account of increasing demand for new deliveries. In addition, the growth of seaborne trade, improving the balance between the demand and supply, and recovering freight rates and earnings drive the market growth.
Table 1: Merchant Fleet by Group of Economies, 2014–2019
Figure 2: Fleet Market Size by Region of Beneficial Ownership in Mwt, 2019
Note: Millions of Deadweight tons (Mwt)
Asia-Pacific accounted for about 49.45% of the global fleet market in 2019, which is largely driven by the contribution of countries such as Japan, China, and Singapore at 11%, 11%, and 6%, respectively. However, globally, Greece is the largest contributor to the fleet market, accounting for around 18% of the total fleet market size in 2019.
Advent of Artificial Intelligence in the Shipping Industry
The prominent players in the fin stabilizer systems market are significantly investing in the R&D activities to develop technologically advanced systems to gain a competitive edge. As industry 4.0 is the new trend, umpteen players in the shipping industry are adopting technologies such as artificial intelligence to sustain in the market competition. This has led the manufacturers in the industry to use advanced software techniques by developing control systems that are based on marine Artificial Intelligence.
Fin Stabilizer Systems Market: Segmentation
Commercial Vessel: Leading Contributor to the Global Trade Activities
Improving living standards has increased the demand and supply of various commodities across the globe. Around 90% of international trade is seaborne; thus, the increasing trade activities across the globe drive the market growth. International trade is largely made by the commercial sector, which primarily consists bulk carriers, container ships, and tankers. Rapid industrialization and urbanization is subsequently increasing the demand for power and raw materials, further driving the global trade and shipbuilding activities.
China, India, and Japan to Be Frontrunners in Asia-Pacific’s Fin Stabilizer System Market
Asia-Pacific spearhead’s the fin stabilizer market during the forecast period as the region is backed by the presence of prominent ports and shipbuilding companies. China, India, and Japan are leading contributors to the regional market on account of rapid industrialization and urbanization in these countries. As per the UNCTAD, China was the world’s top shipbuilder in 2019, with more than 40% of global ship orders. Thus, increasing shipbuilding activities provides an impetus to the regional market growth
Fin Stabilizer Systems Market: Segmentation
By Product Type
By Vessel Type
Fin Stabilizer Systems Market: Regions Covered
Central and South America and the Caribbean
The Middle East
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