NEW YORK , Aug. 29, 2022 /PRNewswire/ -- The marine engine monitoring system market is growing at a CAGR of 3.92% and is expected to register an incremental growth of USD 119.18 million between 2021 and 2026. The report analyses the market size, growth, and provides accurate predictions on the growth of the market.
The report recognizes the following as the key players in the marine engine monitoring system market ABB Ltd., Applied Satellite Technology Ltd., Bayerische Motoren Werke AG, Caterpillar Inc., and CMR Group among others.
The global marine engine monitoring system market structure is fragmented in nature.
APAC to have a significant share in the marine engine monitoring system market.
Market to observe 3.1% YOY growth in 2022. View Sample Report Here.
The marine engine monitoring system market is segmented by application (propulsion and auxiliary).
The demand for marine engine monitoring systems for propulsion engines has been significant in the market. The segment is driven by benefits associated with the use of marine engine monitoring systems in propulsion engines such as reduced fuel consumption, improved planning of maintenance, reduced risk of engine damage, and others. In addition, the ongoing development of intelligent propulsion engines for marine vessels will further aid in the growth of the segment over the forecast period.
The global marine engine monitoring system market is analyzed across five regions — APAC, Europe , North America , South America , and the Middle East and Africa .
APAC is currently the dominating region, occupying 53% of the global market share. The rise in seaborne trade and the increasing demand for new container vessels and tankers are driving the growth of the regional market. In addition, increasing government support to support the development of the marine industry in emerging markets will further aid in the growth of the marine engine monitoring system market in APAC.
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The marine engine monitoring system market is expected to witness substantial growth during the forecast period, primarily due to the growing number of naval vessels owing to uncertainties in APAC, the Middle East , and Russia . Countries across APAC, the Middle East , and Russia are rethinking their defense strategies due to some uncertainties across borders. This is increasing investments in sea-based defense and maritime security. For instance, in July 2018 , Vladimir Putin, the president of Russia , announced the country's plans to add 26 new ships by the end of the year. Many such defense plans are expected to increase the demand for marine engines over the forecast period, thereby driving the growth of the market.
The report also covers information on the upcoming trends and challenges that will influence the market growth. Explore the scope of the full report by Downloading a Sample Report.
The marine engine monitoring system market is fragmented. The market is highly capital-intensive and poses a stiff challenge for the local players. Small players find it difficult to compete with international vendors in terms of quality, features, functionalities, and services. With the introduction of products with new features and innovative technologies such as autonomous ships, big data analytics, and others, the competition is expected to intensify.
Here are some of the products offered by key vendors:
ABB Ltd.: The company offers marine engine monitoring systems such as Cylmate Pressure Transducer PFPL203, Cylmate angle transducer PMVG21, and Cylmate controller PFPA202.
Applied Satellite Technology Ltd.: The company offers marine engine monitoring systems such as iVMS, VMS Plus, IRIS, and iRAMS Telemetry.
Caterpillar Inc.: The company offers marine engine monitoring systems such as Cat Marine Digital Services, Cat Asset Intelligence, and Cat Remote Fleet Vision.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the marine engine monitoring system market report:
Further breakdown of the market segmentation at requested regions.
Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
Know the strategies adopted by vendors during the recovery phase.
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Marine Engine Monitoring System Market Scope
Accelerate at a CAGR of 3.92%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
ABB Ltd., Applied Satellite Technology Ltd., Bayerische Motoren Werke AG, Caterpillar Inc., CMR Group, Cummins Inc., Emerson Electric Co., Hyundai Heavy Industries Group, Jason Marine Group Ltd., Kongsberg Gruppen ASA, Mitsubishi Heavy Industries Ltd., NORIS Group GmbH, Porsche Automobil Holding SE, Siemens Energy AG, and Wartsila Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
3.4 Market outlook: Forecast for 2021-2026
5.3 Propulsion - Market size and forecast 2021-2026
5.4 Auxiliary - Market size and forecast 2021-2026
7.3 APAC - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 North America - Market size and forecast 2021-2026
7.6 South America - Market size and forecast 2021-2026
7.7 Middle East and Africa - Market size and forecast 2021-2026
7.8 China - Market size and forecast 2021-2026
7.9 US - Market size and forecast 2021-2026
7.10 Japan - Market size and forecast 2021-2026
7.11 Germany - Market size and forecast 2021-2026
7.12 UK - Market size and forecast 2021-2026
8.3 Impact of drivers and challenges
11.3 Currency conversion rates for US$
demand for POS terminals: With the rising popularity of card-based payments, POS terminals are being deployed by the business of all sizes from big retail chains and hotels to restaurants and pop-up stores. The demand for POS terminals is driven by increased consumer awareness toward EMV standards as a large number of people are now capable of cashless transactions through EMV cards. Moreover, the commercial introduction of sophisticated technologies like near-field communication (NFC) and magnetic secure technology (MST) and the growing adoption of Internet of Things (IoT) devices are leading the customers to shift from cashless transactions to contactless transactions. Due to the growing trend toward contactless transactions, the market is witnessing a growing deployment of contactless POS terminals. Further, this deployment is driven by the increased preference for mPOS terminals. The demand for these mPOS terminals is driven by the need for portable POS terminals from SMEs, food trucks, pop-up stores, and sales traders.
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