Marine Shaft Power Meter Market
Marine Shaft Power Meter Market Analysis By Display Type (Analogue, Digital), By Application (Passenger Vessels, Tankers, Cargo Carriers, Container Ships), By Sales Channel (OEMs (Original Equipment Manufacturers), Aftermarket) & By Region – Global Market Insights 2023 to 2033
Analysis of Marine Shaft Power Meter Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Marine Shaft Power Meter Market Outlook (2023 to 2033)
Fact.MR has reported that the global marine shaft power meter market increased at 3.7% CAGR and reached a value of US$ 491.17 million in 2022. The market is predicted to advance at a CAGR of 3.6% and reach US$ 724.75 million by the end of 2033.
Increasing requirements to reduce the running cost of equipment manufacturing, efficient maintenance scheduling, and fuel saving are forecasted to boost the demand for marine shaft power meters globally. Growing demand for marine shaft power meters from different application areas, including cargo carriers, container ships, passenger vessels, and tankers is also contributing to market growth.
- Demand for cargo carriers is predicted to increase at a CAGR of 4.2% and reach US$ 332.7 million by 2033.
- Sales of marine shaft power meters in Germany are predicted to rise at a CAGR of 5.1% and reach 74.65 million by 2033-end.
A marine shaft power meter is a prominent technology that is utilized for the monitoring of vessel performance. Power, torque, and speed are key metrics that are related to marine shaft power meters. The growing incidences of power failure along with the rising price of maintenance is fueling demand for marine shaft power meters in water vessels for use in the transportation sector.
The bearing, propeller, gearbox, and engine are prominent components whose dynamics are taken care of by marine shaft power meters. The owners of commercial vehicles are inclined to use marine shaft power meters. Different types of displays are adopted for marine shaft power meters to optimize fuel efficiency and reduce emissions.
Water transportation is predicted to drive new opportunities for industry players over the coming 10 years. Seaborne trade is expanding at a significant rate across developing economies. Rising demand for watercraft for transportation is also projected to boost marine shaft power meter sales. Regulations imposed in the shipping industry are also influencing the demand for marine shaft power meters.
The launch of eco-friendly marine shaft power meters is helping industry players to gain a competitive edge. The use of marine shaft power meters in testing and solving propulsion problems is also predicted to contribute to market growth opportunities.
Marine Shaft Power Meter Market Size (2023)
US$ 508.85 Million
Projected Market Value (2033)
US$ 724.75 Million
Global Market Growth Rate (2023 to 2033)
OEMs Market Value (2033)
US$ 533.4 Million
United States Market Growth Rate (2023 to 2033)
China Market Growth Rate (2023 to 2033)
India Market Value (2033)
US$ 59.43 Million
Key Companies Profiled
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What’s Pushing the Sales of Marine Shaft Power Meters Globally?
“Stringent Emission Norms Reinforcing Demand for Marine Shaft Power Meters”
Reduction in the emission of greenhouse gases from fleets is predicted to remain a significant concern for the shipping industry. The aim to reduce the emission of total annual greenhouse gas by a minimum of 50% over the coming decade is estimated to bring changes in the existing status of marine shaft power meters. In recent years, the use of various advanced marine shaft power meters by operators and fleet owners has been increasing significantly.
Ship owners are considering effective measures such as optimizing shaft speed and power to comply with the set regulations, which is leading to rising demand for marine shaft power meters.
“Thriving Marine Trade Propelling Demand for Marine Shaft Power Meters”
In the past few years, there has been a noteworthy increase in maritime trade around the world. Numerous countries around the world are adding new ships to their respective fleet. The increasing eminence of emerging economies in global trade is also projected to create significant growth opportunities for stakeholders, especially OEMs.
Which Aspect is Restraining the Sales Growth of Marine Shaft Power Meters?
“High Cost of Labor and Raw Materials”
Expensive raw materials, expert knowledge, and labor are required for the manufacturing of marine shaft power meters. The procedure to manufacture marine shaft power meters is time-consuming and quite expensive. The maintenance cost of marine shaft power meters is also high, which is restricting market expansion.
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How are New Companies Carving a Position for Themselves in This Market?
“Start-ups Adopting Integration of Technology for Improved Product Offerings”
New entrants are integrating technology in marine shaft power meters to improve their offerings. Further, aspiring players are continuously putting efforts to expand their distribution channels to consolidate their global footprints.
How is the United States Market Contributing to Global Revenue Growth?
“Highly Advanced Transportation Infrastructure Boosting Sales of Marine Shaft Power Meters”
Sales of marine shaft power meters in the United States are predicted to increase at a CAGR of 3.4% and reach a value of US$ 190.61 million by 2033.
The United States has one of the most prominent marine shaft power meter industries in the world because of its well-developed application sectors, including cargo carriers, passenger vessels, and others. The highly advanced manufacturing infrastructure is also contributing to the expansion of the market.
- The Maritime Administration of the Department of Transportation from the United States published a report entitled ‘Cargo Preference’ on December 30, 2020. The cargo preference in the United States is a highly efficient shipping strategy for strengthening this sector.
These figures explain the lucrative nature of the United States market for marine shaft power meters.
Why is India a Key Market for Marine Shaft Power Meter Suppliers?
“Highly Developed Maritime Industry Attracting Marine Shaft Power Meter Suppliers”
Demand for marine shaft power meters in India is estimated to advance at a 5.4% CAGR and reach US$ 59.43 million by the end of 2033. An abundance of labor & raw material and the highly developed maritime industry are boosting the demand for marine shaft power meters.
- India Brand Equity Foundation (IBEF) published a report entitled, ‘Shipping Industry & Ports in India’ on February 28, 2021. According to the report, about 70% of India’s trade by value and 95% by volume is completed through maritime transport. India has 205 notified intermediate and minor and 12 major ports as per the report. With a coastline of about 7,517 km, India is one of the most significant coastal countries in the world.
These factors are expected to stimulate manufacturers of marine shaft power meters to increase their footprints, according to a research report by Fact.MR, a market research and competitive intelligence provider.
What is the Demand Outlook for Marine Shaft Power Meters in Germany?
“Presence of Numerous Leading Companies Contributing to Market Growth”
The marine shaft power meter market in Germany is forecasted to expand at a CAGR of 5.1% and reach a value of US$ 74.65 million by the end of the projected period. The prominence of various leading companies along with the advanced maritime industry are fueling sales of marine shaft power meters in Germany.
- The German Federal Ministry for Economic Affairs and Energy published a report in Germany. According to the report, the annual turnover from the maritime sector goes around EUR 50 billion. The Maritime Agenda 2025, which has been approved by the deferral cabinet is also anticipated to aid market growth opportunities in Germany over the coming decade.
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Will Increasing Demand for Cargo Carriers Stimulate the Sales of Marine Shaft Power Meters?
“Less Maintenance Cost of Cargo Carriers Propelling Their Demand, Leading to Increased Sales of Marine Shaft Power Meters”
Demand for cargo carriers is increasing due to the rising number of activities in the marine transportation industry. Demand for marine shaft power meters for cargo carriers is projected to progress at a CAGR of 4.2% and reach a value of US$ 332.7 million by 2033.
Advantages of cargo carriers include less maintenance cost, more economic viability for heavier cargo, and affordable freight rates. Therefore, the rising use of cargo carriers is predicted to lead to increasing demand for marine shaft power meters.
Why Do OEMs Account for High Sales of Marine Shaft Power Meters?
“Reliability of OEMs a Key Factor for Customers”
Sales of marine shaft power meters through OEMs (Original Equipment Manufacturers) are predicted to increase at a CAGR of 3.7% and reach US$ 533.4 million by 2033. OEMs are more reliable and therefore sales through this channel are expected to rise over the coming decade.
Marine shaft power meters are crucial in providing real-time data and therefore purchasing them from authentic and reliable sources is important. OEMs exhibit hegemony across the global market and thus are becoming popular.
Key Market Players
New developments, strengthening supply chain management systems, providing quality products, maintaining product standards, and other similar steps are projected to drive market growth.
There is a significant increase in competition among market players and they are launching new products, getting involved in mergers & acquisitions, etc., to gain higher profits.
For instance :
- Kyma A.S. launched Kyma Shaft Power Meter in 2019, which is an instrument used for regular measurement of thrust, power, revolutions, and torque on a rotating shaft.
Key players in the marine shaft power meter market are Datum Electronics Limited, Kongsberg Maritime, Shoyo Engineering Co., Ltd., Hoppe Marine GmbH, Trelleborg Marine Systems, VAF Instruments BV, Aquametro Oil & Marine AG, and Kyma A.S.
Segmentation of Marine Shaft Power Meter Industry Research
By Display Type :
By Application :
- Passenger Vessels
- Cargo Carriers
- Container Ships
By Sales Channel :
- OEMs (Original Equipment Manufacturers)
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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The global marine shaft power meter market valued at US$ 491.17 million in 2022.
Worldwide sales of marine shaft power meters are predicted to rise at a CAGR of 3.6% through 2033.
The Chinese market is projected to reach US$ 186.98 million by 2033.
Demand for marine shaft power meters for cargo carriers is forecasted to increase at 4.2% CAGR from 2023 to 2033.
The United States market is estimated to reach US$ 190.61 million by the end of 2033.
Demand for marine shaft power meters in Germany is forecasted to register a CAGR of 5.1% through 2033.
The marine shaft power meter market is predicted to reach US$ 724.75 million by 2033.