Marine Shaft Power Meter Market Growth Set to Surge Significantly through 2028

Posted by Arslan on January 15th, 2020

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

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The Fact.MR 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 Fact.MR 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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