Marine Shaft Power Meter Market Growth Focusing on Trends & Innovations During the Period Until 2030
A marine shaft power meter is the key technology that measures real time torque, power, and speed of marine shaft. Marine shaft power meter works using a strain gage to measure torque and a tachometer to measure shaft speed. Power is calculated by combining speed and torque in a simple equation. Global maritime trade has witnessed the fastest growth in last five years, according to the United Nations Conference on Trade and Development (UNCTAD). Growth and expansion in maritime trade will lead to lucrative growth of whole marine industry. The growing use of water crafts for trade and leisure recreation is also driving the adoption of marine shaft power meter market. Fleet owners are considering inclusion of efficiency measures such as optimizing shaft power and speed, and other measures to meet mandatory MRV regulation that recently came into force in Europe. Hence the global marine shaft power meter market will grow considerably from 2021-2030.
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The key players analyzed in the report include
Hoppe Marine, Trelleborg Marine Systems, Kongsberg Maritie, Datum Electronics, Shoyo Engineering, Aalberts Industries (VAF Instruments), Kyma AS, Aquametro Oil & Marine.
COVID-19 Impact analysis
The lockdown period after the outbreak of the COVID-19 pandemic has impacted marine shaft power meter market tremendously. The manufacturing and production units were shut during lockdown in most of the countries which resulted to decline in the production and demand for marine shaft power meter. Almost 80% of the global trade is carried by sea routes. Due to imposition of lockdown and COVID-19 containment policies, trade via sea route was also halted for the time being. Open-ups will help marine shaft power meter market to regain the growth and brighter future prospects. Significant growth can be observed during the forecast period.
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Top Impacting Factors
To achieve target reduction in greenhouse gas emissions, the use of marine shaft power meter and new devices by ship-owners and operators is growing consistently which gives global marine shaft market an opportunity.
The growing prominence of developing countries in global seaborne trade flows in terms of both exports and imports is driving global marine shaft power meter market.
Rising demand for cost-efficient, technologically advanced, and safe marine shaft power meter is a challenge for manufacturers resulting in high development cost in cost competitive market.
Stringent emission norms to reinforce the demand
Reduction of greenhouse gas emission from fleets remains a key area for the global shipping industry. The broader aims of reducing total annual greenhouse gas emission by minimum of 50% in next 3 decades will entail a change in existing status-quo. To achieve target reduction in emissions, the use of advance marine shaft power meter and new devices by fleet-owners and operators is growing significantly. Owners of ships 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 European commission.
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Marine trade pushing the market
Global maritime trade expanded at 4% in 2017, with being the fastest growth in five years, according to the United Nations Conference on Trade and Development (UNCTAD). Companies in countries such as Greece, Canada and China are adding new container ships to their fleet. The growing eminence of developing countries in global seaborne trade flows in both exports and imports is also creating significant opportunities for stakeholders more specifically OEMs.
Key Benefits of the Report
This study presents the analytical depiction of the marine shaft power meter industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the marine shaft power meter market.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the marine shaft power meter market growth scenario.
The report provides a detailed marine shaft power meter market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the marine shaft power meter market research report:
Which are the leading market players active in the marine shaft power meter market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the marine shaft power meter market?
What are the projections for the future that would help in taking further strategic steps?
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