Our in-depth analysis segmented the global rudder angle indicator device market in the following segments:
Global rudder angle indicator device market is further classified on the basis of region as follows:
The global rudder angle indicator device market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, the market of rudder angle indicator device market is riding on the back of growing marine industry and increasing marine transportation. Moreover, the augmented demand for rudder angle indicator device is increasing on the account of rising need to check the rudder blade position.
In the terms of regional platform, Asia Pacific accounted the largest percentage of market share in overall rudder angle indicator device market. Further, Asia Pacific is projected to continue its dominance over the forecast period on the account of growing marine industry and increasing international trade. Moreover, the major countries witnessing the augmented for rudder angle indicator device includes China, Japan and others. Further, positive GDP figures of this region and favorable government initiatives to upgrade marine industry are envisioned to propel the growth of rudder angle indicator device market in Asia-pacific region.
Europe region captured the second largest market of global rudder angle device market in 2016. Additionally, increasing number of waterborne transportation and trade in the region is anticipated to swell the demand for rudder angle indicator device during the forecast period. Additionally, Germany is expected to be the major contributor to the growth of the rudder angle indicator device market over the forecast period.
North America region is believed to showcase a significant growth over the forecast period. Further, U.S. is the major contributor in the market of rudder angle indicator device due to presence of major key players of rudder angle indicator device in North America region.
CLICK TO DOWNLOAD SAMPLE REPORT
Factor such as growing waterborne trade across the globe coupled with increase in manufacturing of ships to fulfill the demand for goods trading is believed to be the dynamic factor behind the rapid growth of rudder angle indicator device market by the end of 2024. In addition to this, huge growth in the GDP of the growing economies such as India and China is anticipated to fuel the growth of the international trade. This factor is projected to swell the growth of rudder angle indicator device.
Furthermore, riding on the back of rising marine industry and growing research and development activities by major key players to provide innovative technology in the field of marine are envisioned to bolster the growth of rudder angle indicator device market.
However, recent decline of shipbuilding in Portsmouth is projected to hamper the growth of rudder angle indicator device market over the forecast period.
The major key players for rudder angle indicator device are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.