The marine engine monitoring system market is estimated to be USD 508.4 million in 2018 and is projected to reach USD 656.5 million by 2025, at a CAGR of 3.72% from 2018 to 2025
NEW YORK, May 17, 2018 /PRNewswire/ -- The marine engine monitoring system market is projected to grow at a CAGR of 3.72% during the forecast period.
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The marine engine monitoring system market is estimated to be USD 508.4 million in 2018 and is projected to reach USD 656.5 million by 2025, at a CAGR of 3.72% from 2018 to 2025. Growth in international seaborne trade, increased demand for marine engine monitoring systems from the new shipbuilding & repair market, and rise in maritime tourism are key factors that are expected to drive the marine engine monitoring system market. However, stringent environmental regulations worldwide coupled with lack of common data standard by marine engine monitoring systems are key restraints impacting the growth of the marine engine monitoring system market. Unpredicted system failure and faulty alarm errors occur due to the lack of common data standards.
Based on component, the hardware segment is estimated to lead the marine engine monitoring system market in 2018.
Based on component, the hardware segment is estimated to lead the marine engine monitoring system market in 2018.The hardware segment is further divided into sensors, Displays and Control Modules and Electronic Parametric Controller (ERC), Routers & Switches.
The hardware segment is anticipated to lead the marine engine monitoring system market due to the increasing installation of components in intelligent & smart engines.Wartsila, Rolls Royce, and Caterpillar are launching with intelligent & smart engines for marine.
The engine will have pre-installed hardware components.
Based on engine type, the propulsion engine segment is estimated to lead the marine engine monitoring system market in 2018.
Based on engine type, the propulsion engine segment is estimated to lead the marine engine monitoring system market in 2018.This segment has further divided into diesel engine, gas turbine, dual-fuel engine and nuclear power engine.
The increasing demand for diesel engine in commercial ships worldwide is driving the propulsion engine segment.
Asia Pacific is projected to lead the marine engine monitoring system market during the forecast period." The marine engine monitoring system in Asia Pacific is expected to lead the marine engine monitoring system market during the forecast period. The increasing demand for bulk carriers and oil tankers for import and export activities in Asia is driving the demand for more sophisticated marine engines, which is further fueling the growth of the marine engine monitoring system market in the region. In addition, the demand for both commercial and naval vessels in this region is anticipated to drive the growing demand for marine engine monitoring systems.
Break-up of the profile of primary participants for this report:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: C Level – 75% and Director Level – 25%
• By Region: Asia – 45%, Europe – 30%, North America – 20%, and RoW – 5%
Major players operating in the marine engine monitoring system market include ABB (Switzerland), AST Group (UK), CMR Group (France), Caterpillar (US), Cummins (US), Emerson (US), Hyundai Heavy Industries (South Korea), Jason Marine (Singapore), Kongsberg (Norway), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (Japan), NORIS Group (Germany), Rolls Royce (UK), and Wartsila (Finland), among others.
Research Coverage
The research study segments the marine engine monitoring system market based on engine type (propulsion engine, auxiliary engine), end user (OEM, aftermarket), component (hardware, software), ship type (commercial, naval ships), deployment (on-board, remote monitoring), and region.These segments and subsegments are mapped across major regions, namely North America, Europe, Asia, and RoW (Rest of the World).
The report provides in-depth market intelligence regarding the key factors influencing the growth of the marine engine monitoring system market (drivers, restraints, opportunities, and industry-specific challenges). It analyses micromarkets with respect to individual growth trends, prospects, and their contribution to the marine engine monitoring system market.
Reasons to buy the report:
From an insight perspective, the marine engine monitoring system market report focuses on various levels of analysis — industry analysis, market share analysis of top players, and company profiles, which together comprise and discuss basic views on competitive landscape, high-growth regions and countries, and their respective regulatory policies, drivers, restraints, and opportunities.
The marine engine monitoring system market report provides insights on the following pointers:
• Market Penetration: Information regarding the competitive landscape of the marine engine monitoring system market
• Market Sizing: Market size in 2017 and projection of the market from 2018 to 2025
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the marine engine monitoring system market
• Market Overview: Market dynamics and subsequent analysis of associated trends, drivers, restraints, and opportunities in the marine engine monitoring system market
• Market Development: Comprehensive information about lucrative markets in various regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the marine engine monitoring system market
• Regional Analysis: Factors influencing the growth of the marine engine monitoring system market in North America, Europe, Asia Pacific, and the Rest of the World
• Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading market players
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