The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Marine Engine Monitoring System Market?is anticipated to register a CAGR of about 4%, during the forecast period (2020 – 2025).
- The major factors that will drive the growth during the forecast period in the market are increasing trade activities between the economies which will increase the demand of marine vessels as the major trade activities between countries takes place through marine route. For instance, in India 90% of its total international trade by volume takes place through marine route.
- During the forecast period it is expected that these trade activities are going to rise owing to the trade activities from the developing nations.
- Rise in stringent government norms for regulation of marine safety and pollution will drive the growth of Marine engine monitoring system market. Customization of marine engine monitoring system for the safety of operations and cost reduction has also been a driving factor for the market studied.
- Because of the rise of Covid-19 pandemic the world economy has come to a standstill. All the trade activities are stopped for an indefinite period. This situation has impacted the marine industry, as the world economies will take some time to cope-up with the aftereffects of the pandemic.
Key Market Trends
Rise in Government Norms for Marine Safety will Drive the Growth of the Market
With the increase in the government norms for marine safety and pollution control, the hardware and software providers for marine engine monitoring system expect the market to grow with a higher CAGR during the forecast period. With the use of monitoring systems for engine, the vessel operators can reduce the cost which they occur due to the breakdown of the engine parts during the journey. These systems save fuel which in-turn decreases fuel costs for operators and reduces marine pollution which has grown up substantially due to the growing trade activities.
Asia-Pacific is Estimated to be the Largest Market
Over the recent years, this region has depicted rapid economic development as well as the growth of the manufacturing and energy sectors, thereby accelerating maritime trade, these activities are expected to increase in the forecast period. The rise in seaborne trade has subsequently contributed to a rise in the demand for ships used to transport manufactured goods globally. The region consists of fastest growing economies in the world like China and India. The rapid pace of growth is supported by increasing industrialization and construction activities in the region. This will require increase in demand for marine vessels for raw material and finished goods’ import and export from the region. This will drive the growth in the market.
The Marine Engine Monitoring system market is fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the marine engine monitoring system market are ABB, Caterpillar, Cummins, Hyundai Electric, Mitsubishi and others. Companies are investing heavily in research and development for the innovation of new and advanced products and technologies that is enabling users to monitor their engine for proper preventive and predictive maintenance to reduce probability of engine downtime. In September 2019, Schaller Automation launched an intelligent marine engine monitoring system
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