Emerging Trends in Marine Engine Monitoring System Market

Posted by Loise Williams on October 8th, 2019

Marine engine monitoring system offer vessels and ships single and streamlined central ways of monitoring, controlling, and improving engine efficiency. These systems offer improved operational safety and mitigate the risk of unexpected repair costs. As per the latest market research report published by Technavio, the marine engine monitoring system market size will grow USD 98.52 million during 2019-2023.

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An autonomous ship is a self-driving vessel that has automated systems, software, and IT solutions. The leading automation systems provider and marine industrial vendors invest heavily in their development. While autonomous ships have numerous benefits, they are still under development.

In December 2018, Rolls-Royce and Finferries, successfully demonstrated the world’s first fully autonomous ferry in the archipelago south of the city of Turku, Finland. Also, in the same year, Boston-based Sea Machines Robotics raised USD 10 million that would help the company further develop autonomous solutions for the maritime industry.

In June 2018, an autonomous ship model was successfully tested in Aker Arctic’s ice model test laboratory in Helsinki, Finland. In January 2018, Rolls-Royce opened its autonomous ship R&D center in Finland. Hence, the advent of maritime autonomous surface ships (MASS) is expected to be one of the key trends supporting the growth of the marine engine monitoring system market at a CAGR of 3.45% during the forecast period. 

The growing number of naval vessels is one of the key trends expected to gain traction in the marine engine monitoring system market during 2019-2023. Defense globalization is also driving many economies across the globe to focus on maritime security and sea-based defense, in turn, boosting the growth of the marine engine monitoring system market. In addition, several investments in auxiliaries including oilers and supply ships are expected to support the naval fleet in long-range operations.

Such a rising growth in naval capabilities will boost the adoption of automation, cybersecurity, sensor integration, and other related advanced technologies. As a result, surging development of naval markets across the advanced and emerging economies will lead the marine engine monitoring system market to register a CAGR of over 3% during the forecast period.