Growing Tourism Sectors Boost Shipbuilding Anti-Vibration Market
Date
11/26/2023 3:06:54 AM
(MENAFN- P&S Intelligence) The shipbuilding anti-vibration market was USD 1,033.3 million in 2023, which will increase to USD 1,526.1 million, with a 5.8% CAGR, by 2030.
The progression of this industry can be because of the growth in the tourism sector coupled with the rising need for luxurious cruise yachts or ships.
The bearing pads category, based on product type, accounted for a significant share. This can be because of the advantages they offer like effective controlling and minimizing vibrations produced by engines, HVAC systems, or other parts, which enhance the durability and performance of a ship’s components.
In 2023, elastomers led the material category, with a 40% share. This can be because of its advantages such as noise reduction and vibration dampening by vanishing or absorbing vibrations produced by waves, engines, or other components.
Moreover, the natural rubber category, under the elastomers category, will advance at the fastest rate, during this decade. This is because it provides nonstop exceptional services in the anti-vibration system.
In 2023, HVAC vibration led the function type category, with a 35% share. This can be because these systems are essential for any kind of boat, ship, tug, or oil container because they are essential to changing air conditions.
The fishing boats category, based on application, is the largest contributor to the shipbuilding anti-vibration market in 2023, with a share of 20%. This will be because of the swiftly advancing fishing sector globally, as a result of the increasing export and import within the key nations such as India, China, Germany, Vietnam, and the U.S.
The container ships category, on the other hand, is advancing at the fastest rate in the industry. This can be because of the significantly rising trade globally, growing e-commerce demand, supply chain optimization, and rapid globalization.
Therefore, these factors have resulted in the construction of additional container vessels, boosting the demand for anti-vibration technologies in shipbuilding.
APAC led the industry in 2023, and also growing at the fastest rate, with a revenue of USD 0.4 billion, and it will further propel at a rate of 6.2% during this decade.
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