Global Marine Shaft Power Meter Market Analysis Reports Revenue Growth

Posted by Arslan on February 13th, 2019

Tier 1 players hold nearly 1/3rd of the share in the marine shaft power meter market. The success of tier 1 players can be attributed to the production of technologically advanced products and their robust distribution network. Leading players in the market are also focusing on strategic partnerships and mergers and acquisitions.

Tier 2 and tier 3 players are focusing on development and launch of new products. Development of cost-effective products, leading to the reduction of fuel consumption is one of the key strategies of tier 2 and tier 3 players to retain their position in the marine shaft power meter market.

Significant Growth in Marine Transport Driving Demand

Global maritime trade expanded at 4% in 2017, witnessing the fastest growth in five years, according to the United Nations Conference on Trade and Development (UNCTAD). Companies in Canada, Greece, and China are adding new containerships to their fleet. The growing prominence of developing countries in global seaborne trade flows in terms of both exports and imports is also creating significant opportunities for stakeholders.

Reduction of greenhouse gas emission from ships remains a key focus area for the global shipping industry. The broader aims of reducing total annual greenhouse gas emission by at least 50% by 2050 will entail a change in existing status-quo. To achieve target reduction in emissions, the use of marine shaft power meter and new devices by ship-owners and operators is growing significantly.

The growing use of water crafts for transportation and recreation is also driving the adoption of marine shaft power meter. On account of growing demand in the shipping industry, manufacturers are concentrating on developing new cost-efficient marine shaft power meter with higher safety and eco-friendly technologies.

Ship owners are considering inclusion of efficiency measures such as optimizing shaft power and speed, and other measures to comply with MRV regulation that recently came into force in Europe.  

Adoption of Smart Marine Shaft Power Meter Systems Growing

Fuel charges remain a key operational cost for shipping industry, accounting for over 40% of shipping cost. Unsurprisingly, the focus has shifted to adopting energy-efficient products and solutions. Key players in the marine shaft power meter market are focusing on developing smart shaft power meters to gain critical data pertaining to on propulsion shaft, engine, and propeller performance. High accuracy, low maintenance, and optimization of energy is a key development focus areas of manufacturers. Ship energy efficiency with real-time optimization model has emerged as a cornerstone in marine shaft power meter manufacturing, which is paving lucrative opportunities for manufacturers.

New touchscreen digital display system for data and diagnostics for marine shaft power meter by manufacturers has gained traction as the part of continues product improvement program.

High Cost of Development to Remain Longstanding Challenge

Growing demand for cost-efficient, technologically advanced, and high safety marine shaft power meter is an emerging challenge for manufacturers resulting in high development cost. Reducing product cost and improving system functionality features are major objectives of the manufacturers.

Sales of the marine shaft power meter is highly reliant upon cost competitiveness as the majority of the sales is to ship builders working on fixed price build contracts. Introducing new technologies and features along with the cost competitiveness in the market is one of the biggest challenges for marine shaft power meter manufacturers.

Research Methodology

The extensive research methodology is used to develop marine shaft power meter market report. Important data and information is provided by the researchers on the market along with the historical data and forecast. Analysts have used primary as well as secondary research methodologies to gather exclusive data and information on the marine shaft power meter market. The data collected on the market is cross-checked with valid data sources and with insights provided during interviews with industry experts.

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