BOW AND STERN THRUSTERS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
High raw material prices due to inflation have increased operating costs for manufacturers. Strict environmental regulations on emissions from ships pose technical challenges to develop new eco-friendly thruster designs. Declining global trade volumes have postponed new ship building plans, reducing immediate demand. Geopolitical tensions in some Asian and European markets have made certain regions risky for expansion.
Market Opportunities: Innovative Thruster Solutions in Hybrid-electric Shipping
As international trade recovers from the pandemic, the demand for cargo ships is expected to rise steadily driving need for new thrusters. Strict emission norms will necessitate retrofitting older ships with greener propulsion alternatives. Innovation in hybrid-electric and fully autonomous ship technologies provide a potential uplift to the bow and stern thrusters market.
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