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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The COVID-19 pandemic had disrupted the supply chain of various industries across the globe, which had drastically reduced the demand for flap rudders. The revenues of the companies have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition. Therefore, the shipbuilding industry has been witnessing a steep decline in ship orders and new ship vessels delivery due to the ongoing COVID-19 pandemic. however, return to normalcy as the shipbuilding sector started recovery as industrial operations were normalized after the recovery.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- 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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