About the Report
Being an integral part of measuring real-time torque, speed, and power of marine shafts, marine shaft power meters hold high potential. While the COVID-19 pandemic substantially declined demand growth for this industry, currently, it’s going through a recovery phase with signs of further expansion. The latest edition of the marine shaft power meter market study by Fact.MR offers a thorough analysis of the latest trends and shifted demand-supply patterns for the post-pandemic years. The study also expands on the previous competitive landscape section, and readers will get to know the key strategies of established players as well as new entrants in this space.
While the report provides insights on the global market, it emphasizes on the growth scope in leading countries such as the United states, Canada, Germany, Mexico, China, and Japan, to name a few, for the forecast years of 2021 to 2031.
Historical Vs. Future Outlook of Marine Shaft Power Meter Sales
Over the past years, the marine shaft power meter industry has exhibited steady growth due to high requirement for reducing running cost of equipment production, fuel saving, and efficient maintenance scheduling. With surge in demand across diverse application sectors such as passenger vessels, cargo carriers, tankers, and container ships, the growth scope for manufacturers has widened during the past years - 2015 to 2019. In 2020, the coronavirus outbreak affected the growth of players in this industry, while slow yet steady recovery has started since the last quarter of the year, making stakeholders optimistic again.
According to Fact.MR, prominence of using analogue and digital displays in marine shaft power meters will provide significant contribution to the growth of suppliers. On the other hand, manufacturers have started bringing in a flurry of new products to meet various requirements from the maritime industry. These factors will aid growth of the marine shaft power meter industry during the forecast period.
How is Recovery of the Maritime Industry Key to Growth of Marine Shaft Power Meter Manufacturers?
Despite facing difficulties due to the onset of COVID-19, the maritime industry has started recovering with the commencement of vaccination and the world getting back to the new normal. Marine shaft power meters are extensively used in maritime for enhanced equipment maintenance, fuel saving, and measurement of crucial real-time parameters.
According to a report titled “Global Marine Trends 2030- Society of Maritime Industries”, published by the Maritime Industries Organization, three sectors will exhibit hegemony in the maritime industry-
- Commercial shipping, fleet ownership, and shipbuilding
- Naval sector
- Offshore energy
As per the report, the volume of seaborne trade will exhibit promising growth and will reach somewhere between 19 and 24 billion tonnes by 2030, while China will play a key role as an emerging maritime superpower in shipping. This, in turn, will favor the manufacturers of marine shaft power meters over the coming years.
What are the Key Challenges Faced by Marine Shaft Power Meter Manufacturers?
Development of marine shaft power meters requires costly raw materials, labor, and expert knowledge and handling. Additionally, the process cycle to manufacture high safety marine shaft power meters itself is expensive and time-consuming. As maintenance of marine shaft power meters often acts as an overhead, this come in the way of their wider adoption.
Also, manufacturing hubs got affected due to the financial crisis and shortage of labor and raw materials during lockdowns. While the industry is bouncing back at a slow but steady pace, the impact is likely to last for some time.
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What’s Driving Growth of the United States Marine Shaft Power Meter Industry?
The United States is leading in the world’s largest marine shaft power meter industry - North America, owing to its highly advanced manufacturing infrastructure and well-developed application segments such as passenger vessels, cargo carriers, and others.
According to a report titled “Cargo Preference”, published by the Maritime Administration of the United States Department of Transportation on 30th December 2020, over the years, cargo preference in the U.S. has been a highly effective shipping strategy to strengthen this sector in the global industry. As per the report, the percentages of cargo required to be carried on U.S.-flag vessels are as follows-
- Military Cargo- 100%
- Civilian Agencies Cargo- at least 50%
- Agricultural Cargo- at least 50%
- Export Import Bank Cargo- 100%
These figures explain why the U.S. is set to remain a highly lucrative market for marine shaft power meters over the years to come.
How are Stakeholders in Germany Gaining Increasing Profits?
Germany is at the forefront of the Europe marine shaft power meter industry, and is projected to expand steadily over the coming years. Advanced maritime industry and prominence of leading companies are subject to fuel the sales of marine shaft power meters in Germany through 2031.
As stated in a report published by the European Commission (EC) DG Fisheries and Maritime Affairs, in Germany, marine equipment is one of the largest sectors, making up more than a third of all employment. According to a report published by the Germany Federal Ministry for Economic Affairs and Energy, in Germany, annual turnover from the maritime industry goes up to EUR 50 billion, while the Maritime Agenda 2025, approved by the federal cabinet, is projected to aid further growth of this industry.
Why is China a Highly Potential Market for Marine Shaft Power Meters?
China, being the epicenter of the fastest-growing Asia Pacific marine shaft power meter market, is set to maintain its lead during the forecast period. Backed by high number of marine shipping, trade, and related activities, China is the center of attraction for stakeholders in this industry.
According to a report titled “Marine Final”, published by the Export Government of China on 22nd March 2017, the marine industry has significantly fueled China’s economic growth over the past few years, while China’s marine economy generated US$ 989 Billion in 2015, an annual increase of 7%, accounting for 9.6% of the nation’s Gross Domestic Product (GDP). These statistics reveal the high growth scope for suppliers of marine shaft power meters in China.
What’s Pushing Sales of Marine Shaft Power Meters in India?
India has emerged as another highly lucrative market for marine shaft power meters in recent years. Highly developed maritime industry, and abundance of raw material & labor, are boosting growth in India.
According to a report titled “Shipping Industry & Ports in India”, published by the India Brand Equity Foundation (IBEF) on 28th February 2021, around 95% of India’s trading by volume and 70% by value is done through maritime transport. As per the report, India has 12 major and 205 notified minor and intermediate ports, and it is the sixteenth-largest maritime country in the world with a coastline of around 7,517 kms. No doubt that marine shaft power meter manufacturers are targeting India in order to increase their sales footprint.
How are Cargo Carriers Influencing Sales of Marine Shaft Power Meters?
Presently, application of marine shaft power meters in cargo carriers is the most dominant due to high number of cargo carrier activities. Cargo carriers are gaining traction due to a lot of advantages such as-
- Affordable freight rates
- More economically viable for bulkier cargo
- Less maintenance cost
As a result, application of marine shaft power meters in this sector is predicted to increase further in the near future.
Other key segments in terms of application that account for higher sales are passenger vessels, tankers, container ships, other cargo ships, and other vessels.
Which Display Type Contributes to High Sales of Manufacturers?
Currently, digital display is highly popular in marine shaft power meters, and is anticipated to remain dominant throughout the forecast period. While digitization has played a major role for manufacturers in this industry, accuracy, cost-efficiency, and hassle-free maintenance have made digital display highly preferred across diverse applications. Analogue display is the other segment in this category bolstering growth in this industry.
Which is the Mostly Sought-after Sales Channel for Marine Shaft Power Meters?
OEM or Original Equipment Manufacturers, being more reliable, are leading in the global marine shaft power meter market in terms of sales channel. Marine shaft power meters are crucial components of marine shafts, are require efficient reliability and authentic sources, and hence, this segment is exhibiting hegemony in the global industry, while the aftermarket also remains another key segment in this space.
An Adaptive Approach to Modern-day Research Needs
Competition in the global marine shaft power meter market is getting stronger with each passing year. In order to remain in key positions, market players are more frequently launching new products.
- VAF Instruments BV launched its new extensive range of shaft power thrust meters, shaft power torque meters, and others, in recent years.
- Kyma A.S. launched its new Kyma Shaft Power Meter, an instrument for continuous measurement of torque, thrust, revolutions, and power on a rotating shaft, in 2019.
Historical Data Available for
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Segmentation by Category
- Passenger Vessels
- Cargo Carriers
- Container Ships
- Other Cargo Ships
- Other Vessels
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
- FAQs -
Some of the top companies providing marine shaft power meters are Datum Electronics Ltd., Aalberts Industries NV, and Hoppe Marine GmbH.
The United States, China, the United Kingdom, Germany, Mexico, India, Japan, Canada, and a few others are lucrative markets for marine shaft power meters, and are expected to sustain their positions throughout the forecast period.
Presently, cargo carriers is the leading application of marine shaft power meters, and is expected to keep leading over the next ten years.
Presently, analogue and digital display types are available for marine shaft power meters and digital display gaining fast ground.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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