The marine engine monitoring system market is estimated to be USD 508.4 Million in 2018 and is projected to reach USD 656.5 Million by 2025, at a CAGR of 3.72% during period 2018 to 2025. The report segments the marine engine monitoring system market based on component, engine type, ship type, end user, deployment, and region.
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This growth can be attributed to the increase in international seaborne trade, the rise in the demand for deliveries of smart engines, recreational boats, and growth in maritime tourism. Increase in trading activities and growth in maritime tourism has led to the rising demand for cargo and passenger ships worldwide, which, in turn, is driving the demand for ship deliveries, which has further boosted demand for marine engine monitoring systems.
- Attractive Opportunities in the Marine Engine Monitoring System Market
- Marine Engine Monitoring System Market, By Product Type
- Asia Pacific Marine Engine Monitoring System Market, By Country and Ship Type
- Marine Engine Monitoring System Market, By Sensor Type
- Marine Engine Monitoring System Market, By End User
- Marine Engine Monitoring System Market, By Propulsion Engine Subtype
- Marine Engine Monitoring System Market, By Engine Type
Marine engine monitoring system market is anticipated to witness significant growth in the near future, primarily driven by the growth in international seaborne trade and increased demand for marine propellers from the new shipbuilding & repair market.
Increased navy budgets worldwide, rise in the usage of inland waterways, and technological innovations in marine propulsion systems are key opportunities in the market.
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Marine engine monitoring system market in 2018. The hardware segment is further divided into sensors, Displays and Control Modules and Electronic Parametric Controller (ERC), Routers & Switches.
The hardware segment is anticipated to lead the marine engine monitoring system market due to the increasing installation of components in intelligent & smart engines. Wartsila, Rolls Royce, and Caterpillar are launching with intelligent & smart engines for marine.
The engine will have pre-installed hardware components.
Break-up of the profile of primary participants for this report:
- By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
- By Designation: C Level – 75% and Director Level – 25%
- By Region: Asia – 45%, Europe – 30%, North America – 20%, and RoW – 5%
Leading players in the marine engine monitoring system market include ABB (Switzerland), AST Group (UK), CMR Group (France), Caterpillar (US), Cummins (US), Emerson (US), Hyundai Heavy Industries (South Korea), Jason Marine (Singapore), Kongsberg (Norway), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (Japan), NORIS Group (Germany), Rolls Royce (UK), and Wartsila (Finland), among others.
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The marine engine monitoring system in Asia Pacific is expected to lead the marine engine monitoring system market during the forecast period. The increasing demand for bulk carriers and oil tankers for import and export activities in Asia is driving the demand for more sophisticated marine engines, which is further fueling the growth of the marine engine monitoring system market in the region.
Commercial segment is largest ship type segment of marine engine monitoring system market. Growth of commercial segment can be attributed to increasing use of merchant ships for commercial transportation.
Commercial segment has been further categorized into merchant ships and recreational ships.