The global flap rudder market is anticipated to grow at a significant CAGR of nearly 4.5% during the forecast period. The major factors that drives the growth of the flap rudder market include the rising demand for marine vessels for fishing and in the defence sector. For instance, as per the Food and Agriculture of the United Nations (FAO), “in 2018, the total global capture by fisheries reached the highest level ever recorded at 96.4 million tonnes,” an increase of 5.4% from the average between 2014-2017. The supportive government conditions along with marine infrastructure development will further enhance the market growth.
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In addition to this, increased demand for marine vessels in the defence sector is also driving the market growth. For instance, as per the CISEC more than 40,000 vessels passed through the Bosphorus sea in 2019, transporting almost 650 million tons of cargo, and reaffirming the Turkish Straits as one of the most important maritime trade corridors across the globe. Also, leisure activities such as underwater tourism and research are expected to boost the global flap rudder market significant growth. The expansion of the aerospace industry and increasing preference for air travel might restrain the growth of the flap rudder market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Flap Rudder Market Report Segment
By Flap Material
- Metal
- Composites
By Fit
- Linefit
- Retrofit
By Ship
- Bulk carriers
- Oil & gas carriers
- Offshore vessels
- General cargo ships
- Container ships
- Ferries & passenger ships
- Others
Global Flap Rudder Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global flap rudder market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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