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The marine engine monitoring system market size is forecast to increase by USD 104.9 million, at a CAGR of 3.2% between 2024 and 2028. The proliferation of naval vessels, coupled with the imperative to reduce overall operational expenses, underscores the growing importance of big data analytics in maritime operations. As the number of naval vessels increases, so does the complexity of managing and optimizing their operations. In this context, big data analytics offer invaluable insights into vessel performance, maintenance needs, and resource allocation, enabling naval forces to enhance operational efficiency and effectiveness while minimizing costs. By leveraging advanced analytics techniques, such as predictive maintenance and real-time data monitoring, naval authorities can identify cost-saving opportunities, streamline processes, and optimize fleet management strategies. Furthermore, big data analytics empower naval forces to make data-driven decisions, improve situational awareness, and enhance mission outcomes. As such, the adoption of big data analytics emerges as a strategic imperative for modern naval operations, enabling organizations to navigate the challenges of an increasingly complex maritime environment while maximizing operational effectiveness and cost-efficiency. Our market growth analysis report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.
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In the maritime domain, marine engine monitoring systems play a pivotal role in ensuring vessel efficiency and safety. With diverse engine types and ship categories traversing global waters, monitoring solutions are crucial for optimizing performance and mitigating risks. Market players, driven by evolving financial positions and growth strategies, leverage core competencies to capture market share. Insights from sources like Yahoo Finance inform decision-making, guiding executives and engineers in product development and market positioning. Robust market engineering processes, including data triangulation and market breakdown procedures, underpin market analysis. Advancements like LNG-powered cruise ships and SOFC technology address environmental concerns, reducing greenhouse emissions. As the market ecosystem evolves, strategic partnerships and innovative solutions, informed by comprehensive research methodologies and statistics, drive industry growth. Our researchers studied the market research and growth data for years, with 2023 as the base year along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their 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 market. There are also increasing investments in the developments of auxiliaries such as oilers and supply shipbuilders 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 marine 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 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 361.00 million in 2018. Some of the applications of 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 engine capacity in the upcoming years. Hence these factors will fuel the growth of this segment of the market during the forecast period.
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APAC is estimated to contribute 58% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout 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 the 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.
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 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 key companies, including:
Applied Satellite Technology Ltd., Caterpillar Inc., CMR Group, Cummins Inc., Emerson Electric Co., Hyundai Heavy Industries Group, Jason Engineering AS, Kistler Group, 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 market forecast the 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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In the realm of maritime operations, marine engine monitoring systems are indispensable for optimizing vessel performance and ensuring safety. These systems cater to a diverse range of engine types and ship categories, providing real-time insights into engine health and efficiency. Market analysis involves rigorous market engineering processes to understand demand dynamics and competitive landscapes. Key players like AST group Research methodology, Jason Marine, and MAN Diesel & Turbo drive innovation, leveraging insights from key vendor revenues and market trends. Assumptions and insights from reports like PDF brochures inform strategic decisions. Advancements such as LNG-powered cruise ships and technologies like Emissions Connect and Tekomar XPERT marine underscore the industry's commitment to environmental sustainability and operational efficiency. Players like ChantierDavie contribute to market growth through innovative solutions tailored to industry needs. Further, the market engineering process for LNG-powered cruise ship involves strategic consideration of engine type and ship design, culminating in the creation of a comprehensive PDF brochure tailored to showcase the advantages of this environmentally friendly ship type.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
Market Growth 2024-2028 |
USD 104.9 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.06 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
China, US, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Applied Satellite Technology Ltd., Caterpillar Inc., CMR Group, Cummins Inc., Emerson Electric Co., Hyundai Heavy Industries Group, Jason Engineering AS, Kistler Group, 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. |
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, Market condition analysis for the forecast period |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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