Marine Shaft Power Meter Market Predicted to Reach Maximum Revenue and CAGR during 2018 to 2028


Posted March 5, 2020 by Basant90

Market Research Report Forecast Based on Global Industry Analysis, Market Size, Share and Upcoming Trends.

 
According to a recent FactMR study, over 1,900 units of marine shaft power meter are likely to be sold in 2019. 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 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.

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 FactMR 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.

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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 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.

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 FactMR study. Ongoing recovery of shipbuilding activities is a key factor driving demand for marine shaft power meter in these APEJ countries.

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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. The FactMR report offers key insights on the marine shaft power meter market for the period 2018-2028. According to the report, marine shaft power meter market is expected to register 3.0% CAGR in terms of volume between 2018 and 2028.

About FactMR

FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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Last Updated March 5, 2020