Marine Shaft Power Meter Market Expected to Witness the Highest Growth during the Forecast Period 2018-2028

The study opines that cargo carriers hold relatively larger share of the marine shaft power meter market, than passenger vessels. More than 50% volume sales of the marine shaft power meter were held by cargo carriers in 2018. This can be attributed to efforts of ship owners in Germany, China, and Canada, toward strengthening their hold in the container space, in line with the upward trend of container-based shipping services in sea-borne trade.

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Seaborne trade will continue to expand worldwide on the back of competitive freight cost, as carriers increasingly invest in large container vessels for realizing the supply and demand balance. Freight carriers are also making significant investments in green technologies, to comply with new regulations, and meet logistics demands of companies that seek sustainable transport solution.

The Fact.MR study estimates robust sales of the marine shaft power meter in cargo ships and tankers, along with steady demand from  passenger vessels, including high-speed crafts, fishing vessels, and cruise liners. Adoption of marine shaft power meters in passenger vessels is underpinned by the requirement of optimum fuel consumption, and investigating engine performance, and shaft power measurement solutions.

APEJ is expected to hold pole position in the marine shaft power meter market in 2019, with volume sales envisaged to surpass 1,000 units. Revenues from the marine shaft power meter market in Japan are expected to be relatively lower than APEJ. These regions with their flourishing shipping industry and increasing marine trade offer potential growth opportunities for marine shaft power meter manufacturers.

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Developing countries in APEJ such as China and South Korea are highly lucrative markets for marine shaft power meter collectively accounting for over four-fifth volume share, finds Fact.MR study. Ongoing recovery of shipbuilding activities is a key factor driving demand for marine shaft power meter in these APEJ countries.

The study further states, “Complementing efforts by the shipping industry to address greenhouse gas emission, International Maritime Organization (IMO) has set an emission reduction target. These targets have been introduced in form of mandatory energy-efficiency requirements. This is resulting in the growing demand for marine shaft power meter system by the shipping companies to improve efficiency and reduce fuel consumption. Meanwhile, recently released MRV regulation in Europe has made it mandatory to shipping companies to get their emission report verified and receive Document of Compliance (DOC) to prevent any penalty.”

In a bid to meet the demand for significant sustainability and optimize fuel consumption, the shipping industry’s reliance on technically advanced marine shaft power meter has substantially increased in recent years. Fact.MR expects that sales of marine shaft power meter through OEM will register significant growth, with sales  projected to exceed 1,800 units in 2019.

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