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The marine engine monitoring system market size is estimated to grow at a CAGR of 4.09% between 2022 and 2027 and the size of the market is forecast to increase by USD 132.58 million. The growth of the market depends on several factors such as the growing number of naval vessels, the need to reduce overall operational expenses, and the growing importance of big data analytics.
This report extensively covers market segmentation by application (commercial and naval), product (propulsion and auxiliary), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Marine Engine Monitoring System Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Many countries are rethinking their defense strategies based on APAC, the Middle East, and Russia's uncertainties. Several countries are shifting towards sea-based defense and ensuring maritime security for the security of global trade and local economic resources. This is a positive sign for the global marine engine monitoring systems market. There are also increasing investments in the development of auxiliaries such as oilers and supply ships for supporting a country's naval fleet.
Moreover, increased naval capabilities will also help strengthen automation, cybersecurity, sensor integration, and related technologies. When it comes to regional markets, APAC will be the leader in acquiring new hulls and naval spending, and the Middle East and North Africa will also see significant naval investments. This will also increase demand for marine engines in these regions and result in increased market growth during the forecast period.
Autonomous ships are self-driving vessels with automated systems, software, and IT solutions. There is a significant investment in its development by leading automation system providers and marine industrial vendors as it would help improve navigation safety and ship operations. However, their construction can cost about three to four times the cost of a traditional vessel, which seriously limits their commerciality.
Furthermore, they have enhanced features like automated health monitoring and control algorithms which allow automation and help to reduce total operational expenditure. Despite numerous benefits, they are still in their nascent stage making it vague whether governments and the maritime industry would adopt it. Uncertainty of the reliability, safety, and security of the operation of autonomous ships and job loss due to automation is a concern for the maritime industry. Hence such factors are expected to hinder market growth during the forecast period.
Marine engines mostly use diesel engines that emit nitrous oxides, particulate matter, carbon oxides, hydrocarbons, and sulfur oxides. These emissions cause ozone depletion and result in global warming. Hence several regulatory bodies address this such as the International Convention on the Prevention of Pollution from Ships, or MARPOL which governs marine pollution-related issues. Annex VI of the MARPOL convention deals with air pollution caused by marine vessels and mandates the usage of fuel with a sulfur content of 1% or lower.
Moreover, the North American Emission Control Area (ECA), which applies to ships within the US and Canada also has a set of regulatory requirements. For instance, they make it mandatory for diesel engines in US-flagged ships to have an Engine International Air Pollution Prevention (EIAPP) certificate issued by the Environmental Protection Agency (EPA). Moreover, ships must provide documents that prove compliance with fuel requirements, emission standards, etc. Such regulations will make operations for marine propulsion and auxiliary engine manufacturers challenging and hinder the growth of the market during the forecast period.
The commercial segment will account for a major share of the market's growth during the forecast period. Commercial marine operations have trusted propulsion systems at sea, in rivers and lakes around the world. Numerous vendors including ABB, Caterpillar, and Mitsubishi, provide marine engine monitoring systems for commercial purposes. These include handling material, cargo, and vessels used in port operations.
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The commercial segment was valued at USD 354.25 million in 2017 and continued to grow until 2021. Some of the applications of marine engine monitoring systems in the commercial segment include twist lock, turnbuckle, and bottle screw lashing rods. These are predominant applications that will fuel the growth of marine engines in the upcoming years. Hence these factors will fuel the growth of this segment of the market during the forecast period.
Based on product, the market has been segmented into propulsion and auxiliary. The propulsion segment will account for the largest share of this segment.? They operate on fossil fuels like diesel or natural gas and are used to generate thrust for vessel movement. Propulsion engines however are shifting towards alternatives such as gas, gas turbine, dual-fuel, and hybrid engines to adhere to stringent marine and environmental regulations. They serve a number of applications including providing real-time information on exhaust temperatures, oil and water temperatures, engine power, and loads. Factors like increasing seaborne trade, integration of intelligent propulsion systems, and adoption of big data analytics will also increase demand for propulsion engines. Hence such factors will result in the market growth of this segment during the forecast period.
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APAC is estimated to contribute 52% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, the market is driven by factors such as rapid economic development and growth in the energy and manufacturing sectors. Maritime trade via container vessels and tankers is greatly preferred to transport oil and natural gas and ships to transport mineral ores. Trade agreements such as Regional Comprehensive Economic Partnership (RCEP) agreement, which includes China, South Korea, and Japan will boost bilateral trade. This will also increase the regional demand for propulsion and auxiliary engines. These countries are advancing the construction of modern vessels for the future and governments in these countries are also investing massively in them to promote bilateral and global trade. Additionally, the growing travel and tourism industry will also contribute to the growth of the market during the forecast period.
The COVID-19 outbreak negatively impacted the regional marine industry, which in turn severely impacted the marine engine monitoring system market. However, there were government initiatives to support the maritime industry such as in India where 100% FDI was allowed for port and harbor construction and maintenance projects through the automatic route. However, after large-scale vaccinations, the maritime industry recovered which also had a positive impact on the regional marine engine monitoring system. Hence such factors are predicted to boost regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers marine engine monitoring systems such as Cylmate Pressure Transducer PFPL203, Cylmate angle transducer PMVG21, and Cylmate controller PFPA202.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Applied Satellite Technology Ltd., Caterpillar Inc., CMR Group, Cummins Inc., Emerson Electric Co., Hyundai Heavy Industries Co. Ltd., Jason Engineering AS, Kistler Holding AG, Kongsberg Gruppen ASA, KROHNE Messtechnik GmbH, Mitsubishi Heavy Industries Ltd., Monico Inc., NORIS Group GmbH, Rolls Royce Holdings Plc, Scania AB, Valmet Corp., Veethree Group, Volkswagen AG, and Wartsila Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The marine engine monitoring system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Marine Engine Monitoring System Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.09% |
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Market growth 2023-2027 |
USD 132.58 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.05 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Applied Satellite Technology Ltd., Caterpillar Inc., CMR Group, Cummins Inc., Emerson Electric Co., Hyundai Heavy Industries Co. Ltd., Jason Engineering AS, Kistler Holding AG, Kongsberg Gruppen ASA, KROHNE Messtechnik GmbH, Mitsubishi Heavy Industries Ltd., Monico Inc., NORIS Group GmbH, Rolls Royce Holdings Plc, Scania AB, Valmet Corp., Veethree Group, Volkswagen AG, and Wartsila Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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