COVID19:MARINE ENGINE MONITORING SYSTEM MARKET TO REACH USD 702 MILLION BY 2027 | CAGR 3.5% — FORENCIS RESEARCH
Global Marine Engine Monitoring System Market: Key Highlights
- According to the new market research report “Marine Engine Monitoring System Market by Component (Hardware, Software), by Hardware (Routers & Switches, Sensors and Displays and Control Modules), by Ship Type (Commercial, Naval), by Deployment Type (Remote and On-Board), by Engine Type (Auxiliary Engine and Propulsion Engine), by End-Use (Original Equipment Manufacturer (OEM) and Aftermarket), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Marine Engine Monitoring System Market is estimated to reach USD 702 Million by 2027 at a CAGR of around 3.5% during the review period.
- Marine engine monitoring system is used to enhance the operational safety and to reduce loss of propulsion in the marine environment.
- Moreover, it helps to provide a ship with a single central way to manage and control the equipment and operations.
Global Marine Engine Monitoring System Market: Key Market Dynamics
- The growing usage 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.
- 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. Hence, these will lead to increase the market demand in the forecast period.
- The one of the major concern issue for the marine engine monitoring system market is the variation in the price of oil and gas which may hamper the growth of the market.
- Rising international marine freight transport as well as maritime tourism are one of the key drive to boost the growth of the marine engine monitoring market in the forecast period.
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Global Marine Engine Monitoring System Market: Regional Overview
- Asia-Pacific:
In the region, one of the major market player or marine engine monitoring system. The region is witness to advance its economic development and improve its manufacture as well as the energy sectors which will lead to enhance the maritime trade growth. The countries such as South Korea, China and Japan are the major player for the marine engine system in the region. Whereas the growth in seaborne trade is anticipate to boost the demand for the ships which being used for transport manufactured goods globally.
Hence, with the rising in demand of ships has also fuel the growth of propulsion systems and propellers in the region. And these demand and growth in the region will lead to enhance the marine engine monitoring system market in the forecast period.
- Europe
The region is witness to increase the demand of the market in the forecast period with the wide range of product and services in the sector. Whereas, the European marine equipment sector is one of the world leader for the products ranging from propulsion systems, environmental, and safety systems. Hence, the shipbuilding industries in the region is function in construction of complex naval vessels which includes submarines and cruise ships.
Furthermore, the European Union has announced to launch a new naval mission in the Mediterranean Sea to advance the United Nations arms embargo on Libya.
Global Marine Engine Monitoring System Market: Key Players Overview
- ABB:
ABB is a multinational company which operate in robotics, heavy electrical equipment, and power and automation technology areas. The company power and energy management system is the core of a vessel combined power as well as control system. With this Power and Energy Management System (PEMS), helps to provide the full control from power generation to the end user. However, the company provides a broad range of solution to enhance the safe, efficient and sustainable ship operations at Marintec China 2019.
Hence, the company advance its solution and products with the ABB Ability Marine Pilot product family, digital turbocharging solution, and smart motors.
- Cummins Inc.:
Cummins Inc. is an American Fortune 500 company which manufacture, design and power generation products. Also, the company provides diesel as well as alternative fuel engines and generators. In 2018, the company has Introduces the X15 Engine for commercial marine market which includes inland waterways, commercial fishing and passenger transport.
Hence, the company provides a C Command, a modular panel system with a display options designed for marine operators protect as well as to improve the performance and manage costs.
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