Rudder Angle Indicator Device Market Overview
Rudder angle indicator device is referred to a device which is used to indicate the present position of the rudder blade. Rudder angle indicator device is fitted in the wheel house, bridge wings and engine control room. The device consists of a transmitter and several receivers situated on various places of the ship. Rudder angle indicator device is either electromechanical or electrical and displays the rudder's position in degrees.
Market Size and Forecast
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.
Our in-depth analysis segmented the global rudder angle indicator device market in the following segments:
By Distribution Channel
Global rudder angle indicator device market is further classified on the basis of region as follows:
Growth Drivers and Challenges
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
Scope and Context
Overview of the Parent Market
The global rudder angle indicator device market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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