Marine Components Market To Witness Steady Expansion During 2018 To 2028 | Key Players Are Trelleborg Marine Systems, Kyma A.S., VAF Instruments BV, etc.

The purpose of this comprehensive forecast report presented by FactMR is to elaborate the various market projections impacting the global marine components market size during the period through 2018-2028. This assessment delivers high-end statistics concerning market size, growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about market growth trends along with upcoming opportunities that are expected to reshape the overall structure of the marine shaft power meter market during the forecast period.

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Notable Highlights

Datum Electronics Ltd. has entered into a partnership with Intertech B.V. Under the agreement, Intertech will represent Datum’s products in different areas including torque transducers, marine shaft power meters, torque meters, torque sensors, and wind turbine condition monitoring systems. Datum Electronics also received a contract from Oldendorff Carriers to supply shaft power meter system.
Kongsberg Gruppen, Norway-based supplier of high-technology systems, plans to acquire Rolls-Royce Commercial Marine. The acquisition includes marine products, systems, and aftermarket service business carried by subsidiaries of Rolls-Royce plc. The deal will have an enterprise value of GBP 500 million.
Aalberts Industries NV acquired a 100% share of VAF Instruments B.V. The name of the company, management, products, and solutions of VAF will remain unchanged.
Hoppe Marine GmbH has opened its new office in Singapore. Hoppe Singapore will provide sales and services to ship owners, operators, ship yards, and ship design offices in the region.

The marine shaft power meter market report provides a detailed profile of the leading players including Shoyo Engineering Co., Ltd, Hoppe Marine GmbH, Datum Electronics Limited, Kongsberg Maritime (Kongsberg Gruppen), Aquametro Oil & Marine AG, Trelleborg Marine Systems, Kyma A.S., VAF Instruments BV, and other prominent players.

Marine Shaft Power Meter Market Remain Consolidated among Tier 1 Players

Tier 1 players hold nearly 1/3rd of the share in the marine shaft power meter market. The success of tier 1 players can be attributed to the production of technologically advanced products and their robust distribution network. Leading players in the market are also focusing on strategic partnerships and mergers and acquisitions.

Tier 2 and tier 3 players are focusing on development and launch of new products. Development of cost-effective products, leading to the reduction of fuel consumption is one of the key strategies of tier 2 and tier 3 players to retain their position in the marine shaft power meter market.  

Significant Growth in Marine Transport Driving Demand

Global maritime trade expanded at 4% in 2017, witnessing the fastest growth in five years, according to the United Nations Conference on Trade and Development (UNCTAD). Companies in Canada, Greece, and China are adding new containerships to their fleet. The growing prominence of developing countries in global seaborne trade flows in terms of both exports and imports is also creating significant opportunities for stakeholders.

Reduction of greenhouse gas emission from ships remains a key focus area for the global shipping industry. The broader aims of reducing total annual greenhouse gas emission by at least 50% by 2050 will entail a change in existing status-quo. To achieve target reduction in emissions, the use of marine shaft power meter and new devices by ship-owners and operators is growing significantly.The growing use of water crafts for transportation and recreation is also driving the adoption of marine shaft power meter. On account of growing demand in the shipping industry, manufacturers are concentrating on developing new cost-efficient marine shaft power meter with higher safety and eco-friendly technologies. Ship owners are considering inclusion of efficiency measures such as optimizing shaft power and speed, and other measures to comply with MRV regulation that recently came into force in Europe.  

Adoption of Smart Marine Shaft Power Meter Systems Growing

Fuel charges remain a key operational cost for shipping industry, accounting for over 40% of shipping cost. Unsurprisingly, the focus has shifted to adopting energy-efficient products and solutions. Key players in the marine shaft power meter market are focusing on developing smart shaft power meters to gain critical data pertaining to on propulsion shaft, engine, and propeller performance. High accuracy, low maintenance, and optimization of energy is a key development focus areas of manufacturers. Ship energy efficiency with real-time optimization model has emerged as a cornerstone in marine shaft power meter manufacturing, which is paving lucrative opportunities for manufacturers.

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