Cargo Carriers Accounted for 5 in 10 Marine Shaft Power Meters Sold in 2018, finds Fact.MR
Published : 23 Jan 2019 Industry: Automotive
According to a recent Fact.MR study, over 1,900 units of a marine shaft power meter are likely to be sold in 2019. The growth of the marine shaft power meter market can be attributed to various factors including
- Growing seaborne trade that relies heavily on cargo carriers
- Development of technically advanced and cost-effective solution and increasing demand for new marine shaft power meter to optimize fuel saving
- Imposition of new regulations on the shipping industry to reduce greenhouse gas emission
The study opines that cargo carriers hold a relatively larger share of the marine shaft power meter market than passenger's vessels. More than 50% of volume sales of the marine shaft power meter were held by cargo carriers in 2018. This can be attributed to the 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.
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 the logistics demands of companies that seek sustainable transport solutions.
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 to Retain its Hegemony in Marine Shaft Power Meter Market
APEJ is expected to hold pole position in the marine shaft power meter market in 2019, with volume sales envisaged surpassing 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.
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. The ongoing recovery of shipbuilding activities is a key factor driving demand for marine shaft power meters in these APEJ countries.
“Technological advances in the shipping industry including autonomous ships and blockchain application, hold considerable promise for the supply side of shipping. Combining onboard systems and digital platforms is also on a rise in vessels and cargo. The volume of world trade by sea has started to gradually increase in recent years, with growing demand for goods and raw materials by emerging economies,” reveals Fact.MR study.
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 systems 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 meters has substantially increased in recent years. Fact.MR expects that sales of marine shaft power meters through OEM will register significant growth, with sales projected to exceed 1,800 units in 2019.
The Fact.MR report offers key insights on the marine shaft power meter market for the period 2018-2028. According to the report, the marine shaft power meter market is expected to register 3.0% CAGR in terms of volume between 2018 and 2028.