The bow and stern thrusters’ market is estimated to be valued at USD 477.33 Mn in 2024 and is expected to reach USD 654.34 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
To learn more about this report, request sample copy
The bow and stern thrusters market is expected to witness positive growth over the forecast period. The increasing demand for technologically-advanced and efficient maneuvering control systems from commercial vessels is driving the demand for bow and stern thrusters. Additionally, the growing global marine tourism and transportation industry is also contributing to the growth of the market. Ship owners are increasingly focusing on enhancing ship maneuverability, safety, and optimizing fuel consumption which is further propelling the adoption of bow and stern thrusters. Growing international trade and commerce activities will further augment the demand for commercial vessels, which, in turn, will drive the bow and stern thrusters market growth during the forecast period.
Rising Demand from the Yachting Industry
The yachting industry has been witnessing steady growth over the past decade owing to rising high-net-worth individuals’ population and increasing disposable incomes. Yachts are becoming a status symbol and means of luxury for wealthy customers. Manufacturers are introducing various sophisticated and technologically advanced features in yachts to attract more customers. Bow thrusters and stern thrusters have become an important equipment installed in most of the yachts and boats to assist in docking. They help in precise maneuvering of large and heavy yachts while berthing and give confidence to the captain and crew during operations in confined spaces. With growth in super yachts and mega yachts segment, the demand for thrusters is also rising. Their installation enables easier navigation of yachts in marinas and harbors. This has significantly boosted the sales of bow thrusters as well as stern thrusters. Going forward, further income growth, increasing passion for boating as leisure and vacation activity is expected to drive new yacht sales which will complement Bow and Stern Thrusters Market.
In November 2022, VETUS, a boat systems designer, introduced its latest BOW PRO Boosted thruster units for 400-mm tunnels, in DC thruster power. The BOW PRO Boosted 385 and BOW PRO Boosted 420 are the most powerful fully proportional brushless thrusters available, compatible with 48VDC. These new models expand VETUS' advanced BOW PRO lineup, catering to larger boats ranging from 25m to 40m (82ft to 131ft). With power outputs of up to 385kgf (BOWB385) and 420kgf (BOWB420) at 48V, these units maintain the efficiency and innovation of VETUS BOW PRO thrusters. Users can benefit from precise proportional control during docking or maneuvering without concerns about overuse or overheating. The products were first showcased at METSTRADE 2022.
Apart from yachting and leisure boats, commercial vessels are also adopting bow thrusters and stern thrusters in large numbers. Their installation helps in efficient cargo operations, reduced turnaround time, and safety during berthing. With rising global trade, the freight traffic has been growing necessitating newer cargo ships and tankers. Shipping companies are opting for technologically-advanced designs with features like thrusters that enhance productivity. Government regulations in many countries also mandate installation of thrusters in tankers and containers above certain tonnage for safe navigation in ports. Manufacturers are introducing specialized thruster designs suitable for tough conditions faced by dredgers, tugboats and offshore support vessels. Growing offshore energy industry has also boosted demand for offshore service vessels which is a key growth area. Even ferries and passenger vessels engaged in short sea shipping are recognizing benefits of maneuverability offered by thrusters. Strict emission norms are further driving adoption of efficient propulsion systems having auxiliary thrusters. This wide application base across commercial marine industry ensures steady demand growth for bow and stern thrusters’ market over the long run.
In January 2023, Ulstein, a company specializing in ship designs and construction, officially began the construction of Acta Marine's CSOVs (Construction Service Operation Vessels) by initiating the steel cutting process at their shipyard. These 89-meter-long vessels will feature a motion-compensated crane and gangway provided by SMST, ensuring safe personnel transfer even in significant wave heights up to 3.0 meters. With accommodations for up to 135 people, the CSOVs also incorporate Methanol MDO/HVO engines and a battery power storage system for enhanced energy efficiency and CO2 reduction. These vessels stand out as the first to adopt Ulstein's TWIN X-STERN® design, characterized by two sterns and main propeller units at each end. This design, along with thrusters and a symmetrical hull, leads to lower energy consumption, reduced motions, improved maneuverability, and enhanced comfort. The innovative concept not only decreases noise levels on board but also has the potential to save significant energy during operation.
Bow And Stern Thrusters Market Report Snapshots
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients