Growing Demand for Oil Discharge Monitoring Equipment from Ship Manufacturing Industry, States Fact.MR
Published : 23 Feb 2022 Industry: Industrial Goods
As per comprehensive industry analysis by Fact.MR, a market research and competitive intelligence provider, the global oil discharge monitoring equipment market is estimated to exceed a valuation of US$ 212 Mn in 2022, and expand at a steady CAGR of 4.8% by value over the assessment period of 2022-2032.
Oil discharge monitoring equipment is used to monitor the oil content that is released when seawater is discharged from a tanker to clean it after unloading the cargo. The main purpose of such systems is to regulate the discharge of slop tank oil to prevent pollution in the ocean due to oil.
Growing import and export activities are likely to surge the number of ships across the world. This will elevate overall demand for oil discharge monitoring equipment from shipbuilding and maintenance companies. Moreover, all active ships and vessels are kept under scheduled maintenance compliances within the span of 6 months to 1 year, creating high potential opportunity for oil discharge monitoring equipment adoption.
Key Takeaways from Market Study
- By vessel type, bulk carriers are expected to remain the most attractive vertical and surpass a valuation of US$ 143 Mn by the end of 2032.
- Automatic oil discharge monitoring equipment is projected to account for the highest valuation of US$ 334 Mn.
- On the basis of distribution, original equipment manufacturing is likely to grow 1.7X by value and create revenue worth US$ 243 Mn by 2032.
- East Asia is anticipated to be the most attractive regional market due to the presence of large ship manufacturing industries.
- The North America market is set to reach the mark US$ 60 Mn by the end of 2032.
- Utilization of oil discharge monitoring equipment in oil & chemical tankers is projected to surge 1.6X over the forecast period.
“Growth of the shipbuilding and ship maintenance business is likely to drive demand for oil discharge monitoring equipment,” says a Fact.MR analyst.
Leading manufacturers are providing OEM services for oil discharge monitoring equipment. Strategic entrance into aftermarket services is likely to improve profit margins and provide ample of opportunities for manufacturers.
The offering of aftermarket services by manufacturers is predicted to establish long-term relationships with customers, and reduce maintenance costs, and raise demand in the near future.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global oil discharge monitoring equipment market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on vessel type (oil & chemical tankers, bulk carriers, general cargo, container ships, gas carriers, offshore vessels and passenger ships, and other vessels), operation (automatic and manual), and distribution (OEMs and MRO service providers (aftermarket)), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia& Oceania, and the Middle East & Africa).
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Consultant – Industrial