Shipbuilding Anti-Vibration Market To Generate $1,526.1 Million Revenue by 2030
- Published: October 2023
The global shipbuilding anti-vibration market is expected to generate USD 1,526.1 million revenue by 2030, progressing at a CAGR of 5.8% during 2024–2030. This can be ascribed to the surging fishery industry, the growing tourism sector, the increasing use of automation in ships, vessels, and yachts, the presence of strict regulations governing noise and vibration to ensure healthy journeys for crews and passengers, the rising rate of international trade, and increasing demand for container ships, bulk carriers, and oil tankers.
The rapidly growing tourism industry has raised the demand for new cruise ships, yachts, motorboats, and sailboats. Cruise lines, ferry operators, and other tourism-related vessel companies try to improve a comfortable and enjoyable journey for their customers, and thus the industry motivates shipbuilders to adopt advanced technologies like anti-vibration systems to reduce noise and vibration, thereby enhancing passenger comfort and experience.
The rising international trade has had a significant positive impact on the shipbuilding industry, as the demand for new container ships, bulk cargo, and oil tankers is increasing. For instance, as of March 22, 2023, a study from the WTO regarding the Trade Facilitation Agreement (TFA) suggested that this new agreement would increase international trade by over USD 230 billion, particularly for agricultural products. Moreover, several trade agreements like the Free Trade Agreement, Preferential Trade Agreement, Comprehensive Economic Partnership Agreement, and Comprehensive Economic Cooperation Agreement took place to tighten the relations and meet the demands of several countries. Thus, these factors drive the market growth.
Mounts Category To Grow Significantly
Based on product type, the mounts category is expected to grow significantly in the coming years. This can be attributed to their advantages such as affordability, ability to dampen vibration, being more versatile, helping large ships to minimize vibration and noise, and increased efficiency. Further, the rapid adoption of robots and automation is creating demand for mounts.
Vibration and noise control must be handled seriously in order to meet increasing productivity expectations, work and safety regulations, and environmental awareness. Noise and vibration have a detrimental effect on a ship's systems, crews, the environment, and the ship itself. The harmful effects can be reduced by the adoption of mounts, as these ensure damage avoidance, reduce maintenance costs, and improve ongoing functioning. Thus, these factors are fueling the growth of the market in this category.
Bulk Carriers Category To Witness Considerable Growth
The bulk carriers category is expected to grow at a CAGR of 6.0% over the forecast period, owing to the surging need for more effective anti-vibration systems in bulk carriers, which are large vessels that generate high vibrations. The vibration can lead to problems such as fatigue, stress, and even structural damage to a ship. Moreover, the increasing number and size of bulk carriers being built, as a result of increased global trade, is driving the demand for anti-vibration systems, as these systems assure the safety and dependability of these huge vessels.
MEA Is Contributing Significantly to the Market Growth
MEA is creating a high demand for shipbuilding anti-vibration solutions. This is because the region is a major hub for international trade, oil & gas production, agriculture imports, and also the tourism sector including cruise, yachts, and motorboats. The increasing demand for these activities is leading to a rise in the number of ships that are being built and operated in the region, which, in turn, drives the need for anti-vibration systems. Additionally, the presence of government regulations in the region regarding ships being equipped with anti-vibration systems to minimize noise is contributing significantly to the growth of the market.
Some of the key shipbuilding anti-vibration market players are Trelleborg Group, ContiTech Deutschland GmbH, Aplicaciones Mecánicas del Caucho S.A., Bridgestone Industrial, Getzner Werkstoffe GmbH, GMT Rubber-Metal-Technic Ltd., Hutchinson Paulstra, PARKER HANNIFIN CORP, Trelleborg Group, and Vibracoustic SE.