Ship rudders market to hit $2.64b by 2029

This expansion is fuelled by various factors, such as green shipping initiatives.

The global ship rudders market is projected to grow to $2.64b by 2029, reflecting a compound annual growth rate (CAGR) of 5.5%.

“This uptick during the forecast period is linked to the emergence of green shipping initiatives, an increase in global trade, the embracement of electric propulsion, the burgeoning shipbuilding industry, and the expansion in arctic shipping,” according to a report by The Business Research Company (TBRC).

The company said this sector was valued at $2.05b in 2024, and is projected to rise to $2.13b in 2025, indicating a compound annual growth rate (CAGR) of 3.9%. Key factors driving this include the advancements in early rudder development, the transition from sail to steamship, progress in hydrodynamic research, the implications of the industrial revolution, and the escalation of naval warfare.

The 2029 expansion is expected to be driven by an increase in cargo transportation via waterways.

“Ship rudders play a critical role in cargo transportation as they provide steering, port manoeuvring, adaptability to external factors, collision avoidance, and enhanced navigation for ships,” TBRC said.

The company expects the Asia-Pacific region to display the most rapid growth in this market during the forecast period.