COVID Update: Marine Engine Monitoring System Market is projected to reach a value of over USD 702 Million by 2027 at a CAGR of around 3.5%.
Marine Engine Monitoring System Market: Summary
The Global Marine Engine Monitoring System Market is projected to reach a value of over USD 702 Million by 2027 at a CAGR of around 3.5%.
Marine engine monitoring system is used to enhance the operational safety and to reduce loss of propulsion in the marine environment. Also, it offers a vessels and ships with single and modernized way for monitor various framework and to enhance the engine operations. Whereas the system offers advance safety and mitigate the unexpected repair cost. Moreover, it helps to provide a ship with a single central way to manage and control the equipment and operations.
Marine Engine Monitoring System Market: Drivers & Challenges
- Growing Usage of Big Data Analytics
The growing usage of big data analytics is witness to boost the growth of the marine engine monitoring system market in the forecast period. It helps to provide an advance feature to drive innovation and to deliver the tangible operational efficiencies. Whereas, it has the ability to provide the actual and accurate information to enhance the decision making. Also, it will support the ship owners to identify the optimum speed for fuel consumption.
Furthermore, in 2015 the Singapore’s Maritime and Port Authority (MPA) has signed a Memorandum of Understanding (MOU) to establish a two year agreement for the big data with IBM Corporation. Also in 2015, the European Union (EU) has funded more than USD 10 million for the project to enhance the big data in safety.
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- Fluctuations in Price of Oil & Gas
The one of the major concern issue for the marine engine monitoring system market is the fluctuation in the price of oil and gas which may hamper the growth of the market. According to the International Energy Agency, the marine fuel is projected to account for more than 18% of the total fuel oil demand globally. Whereas, the annual demand for the marine fuel is more than 250 MT and consists of both distillate and residual fuels.
Hence, various ports are looking at the development of Liquefied natural gas (LNG) bunker facilities. Also, the Wärtsilä is working with the shell to enhance the infrastructure for managing gas for marine bunkering.
Hence, the technological development and digitization bring various benefit but as the same time may create a challenging factor in the complex environments.
Marine Engine Monitoring System Market: Key Segments
- Segmentation based on Component: Hardware and Software.
- Segmentation based on Hardware: Routers & Switches, Sensors and Displays and Control Modules.
- Segmentation based on Ship Type: Commercial and Naval.
- Segmentation based on Deployment Type: Remote and On-Board.
- Segmentation based on Engine Type: Auxiliary Engine and Propulsion Engine.
- Segmentation based on End-User: Original Equipment Manufacturer (OEM) and Aftermarket.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, and Middle East & Africa with individual country-level analysis.
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Marine Engine Monitoring System Market: Report Scope
The report on the marine engine monitoring system market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report FeaturesSpecificsHistorical/Estimated/Forecasted Market Size Years2019–2027Base Year for Market Calculation2020Forecasted Period2021–2027 (2021 estimated year, forecasted up to 2027)Measured UnitsValue (USD Million)Segments IncludedComponent, Hardware, Ship Type, Deployment Type, Engine Type, End-Use, and RegionRegional CoverageNorth America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Applied Satellite Technology Ltd (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Cummins Inc.
- Emerson Electric Co.
- Jason Marine Group Limited
- Kistler Group
- Kongsberg Maritime
- Mitsubishi Heavy Industries Ltd
- NORIS Group GmbH
- Other Key Companies
- Rolls-Royce Motor
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Marine Engine Monitoring System Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Marine Engine Monitoring System Market, by Component
Marine Engine Monitoring System Market, by Hardware
- Routers & Switches
- Displays and Control Modules
Marine Engine Monitoring System Market, by Ship Type
Marine Engine Monitoring System Market, by Deployment Type
Marine Engine Monitoring System Market, by Engine Type
- Auxiliary Engine
- Propulsion Engine
Marine Engine Monitoring System Market, by End-User
- Original Equipment Manufacturer (OEM)
Marine Engine Monitoring System Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
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Table of Content
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 GLOBAL MARINE ENGINE MONITORING SYSTEM MARKET BY COMPONENT, Market Size in USD Million (2019–2027)
7 GLOBAL MARINE ENGINE MONITORING SYSTEM MARKET BY HARDWARE, Market Size in USD Million (2019–2027)
8 GLOBAL MARINE ENGINE MONITORING SYSTEM MARKET BY SHIP TYPE, Market Size in USD Million (2019–2027)
9 GLOBAL MARINE ENGINE MONITORING SYSTEM MARKET BY DEPLOYMENT TYPE, Market Size in USD Million (2019–2027)
10 Competitive Landscape
11 Company Profiles
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