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Fin Stabilizer Systems Market

Fin Stabilizer Systems Market Size, Share & Trends Analysis Report By Product Type (Folding Fin Stabilizer, Retractable Fin Stabilizer, Non-retractable Fin Stabilizer), By Vessel Type (Commercial, Defense) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRMM948DR
Study Period 2020-2032 CAGR 7.1%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market Asia-Pacific Fastest Growing Market
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Market Overview

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.

The global fin stabilizer systems market is expected to grow at a CAGR 7.1% during the forecast period, 2023–2031.

Market Dynamics

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 the rise in energy drives market growth.

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.

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.

Regional Analysis

China, India, and Japan to Be Frontrunners in Asia-Pacific’s Fin Stabilizer System Market

Asia-Pacific spearheads 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

Report Scope

Report Metric Details
By Product Type
  1. Folding Fin Stabilizer
  2. Retractable Fin Stabilizer
  3. Non-retractable Fin Stabilizer
By Vessel Type
  1. Commercial
    1. Ferries
    2. Cruise ships
    3. Yachts
  2. Defense
Company Profiles 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
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

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 market growth. International trade is largely made by the commercial sector, which primarily consists of 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.  

Market Size By Product Type

Top 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 Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the Fin Stabilizer Systems Market?
Fin Stabilizer Systems Market size will grow at approx. CAGR of 7.1% during the forecast period.
Some of the top prominent players in Fin Stabilizer Systems Market are, 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, etc.
Asia-Pacific has held a dominant position in the Fin Stabilizer Systems Market, with the largest market share.
The region is projected to exhibit the highest rate of growth in the Fin Stabilizer Systems Market.
The global Fin Stabilizer Systems Market report is segmented as follows: By Product Type, By Vessel Type

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