A new market research report, published by Future Market Insights, on the marine fin stabilizer market analyses the global industry trends during 2014 – 2021 and forecasts market growth and opportunity assessment for the period, 2022 – 2029.
The report covers latest trends, market dynamics, key success factors, macro-economic factors, forecast factors, industry value chain and competition analysis of key players. Retractable marine fin stabilizer is expected to account for major share of the manufacturers’ bottom lines, owing to its growing applications in passenger and merchant vessels. The report provides key insights into the marine fin stabilizer market and forecasts growth for the period of 2022 – 2029. The global marine fin stabilizer market was valued at ~US$ 100 Mn in 2021 and is projected to increase at a CAGR of ~3.6% during the projected period of 2022-2029.
“As the global shipbuilding industry recovers from a downward turn in the past and retrofit installations continue to move on an upward swing, manufacturers of marine fin stabilizers should be looking at a period of sustained demand,” says FMI analyst. “Growing efforts of vessel operators to increase crew and enhance safety and comfort of passengers will also work to the advantage of the manufacturers.”
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Rise in Retrofit Installations to be a Prominent Trend
First fit installations of marine fin stabilizers has always led the market, owing to passenger safety & comfort becoming a prerequisite. Although marine fin stabilizers have been in the market for almost 90 years, they were not widely adopted until the 2000s. They are installed on a variety of ships like passenger vessels, navy vessels and merchant vessels, but the rise in cruise ship and luxury yacht orders has resulted in increased demand for marine fin stabilizers. As a large proportion of older merchant ships and passenger vessels, still exist without marine fin stabilizers, operators have been opting to retrofit to upgrade safety measures and comfort levels.
Hence, the growing age of old vessels and the high number of vessels without stabilization systems is expected to drive retrofit installations in the marine fin stabilizer market.
Rise in Marine Tourism Sector Forecasted to Create Significant Opportunities
Marine tourism has been witnessing a robust growth over the last decade owing to changing people’s preferences for vacationing. In regions like Europe and North America, cruising has become a well-established vacation sector as more and more people are flocking to explore the seawaters. This has been driving the demand for cruise ships across European and key Asian countries. Increasing disposable per- capita income and growing number of billionaires have been driving demand for super-luxury yachts and the demand is expected to grow at a steady pace in the coming years. Hence, the growing marine tourism activities is expected to be a main driving force in the marine fin stabilizer market.
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Marine Fin Stabilizer Market: Vendor Insights
Global marine fin stabilizer market is a fairly consolidated market as there are small number of players involved in the manufacturing of marine fin stabilizers. Tier-1 players account for 50-55% share in the overall marine fin stabilizer market with a strong footprint across the world. Investments in R&D to develop fuel efficient marine fin stabilizer design and mergers & acquisitions are some of the noticeable trends in the competition landscape.
- For example, Imtra has launched curved fin stabilizers to reduce drag and improve fuel efficiency of vessels.
- Kongsberg Maritime has acquired the marine business of Rolls Royce (RRMC) in 2021, and now manufacturers and distributes RRMC products along with its own line of fin stabilizers.
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