Marine Shaft Power Meter Market to Hit US$ 724.75 Million by the End of 2033: Fact.MR Analysis

Growing Incidences of Power Failure to Support Marine Shaft Power Meter Market Growth Across Major Countries - U.S., Canada, Germany, UK, France, Japan, Korea

/EIN News/ -- Rockville, July 05, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, the marine shaft power metres market will be worth US$ 491.17 million in 2022 after growing at a 3.7% CAGR. By the end of 2033, the market is expected to grow at a CAGR of 3.6% and reach US$ 724.75 million.

Global demand for marine shaft power metres is expected to increase due to rising demands to lower the operating costs of equipment production, effective maintenance planning, and fuel savings. The market is expanding as a result of rising demand for marine shaft power metres from a variety of application sectors, such as tankers, passenger ships, container ships, and freight carriers.

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Key Driving Forces Accelerating the Market Growth

• The growth of shipbuilding and ship repair activities in North America creates a demand for marine shaft power meters. As the maritime industry expands, there is a need for accurate measurement and monitoring of shaft power, which drives the adoption of power meters.
• Sales of marine shaft power meters in the US are expected to witness a CAGR of 3.4% and are predicted to witness a value of US $ 109.61 Mn by 2033.
  • Environmental concerns and regulatory requirements in North America push the maritime industry to improve fuel efficiency and reduce emissions.
• Effective maintenance is crucial for maximizing the lifespan and reliability of marine propulsion systems. Marine shaft power meters provide real-time data on power consumption and shaft performance, facilitating condition monitoring and enabling preventive maintenance strategies, which are increasingly valued by ship operators.
• The integration of digitalization, the Internet of Things (IoT), and data analytics in the maritime industry is driving the adoption of advanced monitoring systems. Marine shaft power meters are an integral part of this trend, as they provide accurate and real-time data for analysis, optimization, and decision-making.
  

Vital indicators shaping the Future of the Industry

• Continued advancements in power metering technology will have a significant impact on the marine shaft power meter market. Innovations such as improved accuracy, enhanced data acquisition capabilities, and integration with digitalization and IoT technologies will shape the future of power meters, making them more efficient, reliable, and user-friendly.
• The regulatory landscape and environmental policies will play a crucial role in shaping the future of the marine shaft power meter market. Stricter regulations aimed at reducing emissions, improving energy efficiency, and ensuring vessel safety will drive the demand for power meters as they help ship operators comply with these regulations and achieve their sustainability goals.
• The ongoing energy transition and the increasing adoption of alternative fuels in the maritime industry will impact the marine shaft power meter market. As the industry moves towards cleaner and more sustainable energy sources, power meters will play a critical role in monitoring and optimizing power output for various propulsion systems and alternative fuels.
• The integration of digitalization and data analytics in the maritime industry will shape the future of the marine shaft power meter market. Advanced data analytics and real-time monitoring capabilities provided by power meters will enable ship operators to optimize performance, reduce fuel consumption, and implement predictive maintenance strategies, leading to cost savings and operational efficiency.

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Challenges hindering the market growth

• The installation of marine shaft power meters involves significant upfront costs, including the purchase of equipment, installation, and integration with existing ship systems. The high initial investment can be a deterrent for ship owners, particularly for smaller vessels or operators with limited budgets, hindering the widespread adoption of power meters.
• Many ship owners and operators may not be fully aware of the benefits and capabilities of marine shaft power meters. Limited knowledge and awareness about the importance of power monitoring and its impact on fuel efficiency and emissions reduction can result in a reluctance to invest in power metering systems.
• Retrofitting older vessels with marine shaft power meters can be a complex and costly process. Older ships may have limited space or outdated infrastructure, making the installation of power meters challenging. Retrofitting may require significant modifications to existing systems, leading to increased costs and potential disruptions to vessel operations.
  

How competition influences the market

Key companies in the market are focusing on new developments and maintaining product standards. Moreover, there is significant competition witnessed in the market that pushes the companies to launch new products, mergers, and acquisitions to establish higher profits.

• Competition fosters innovation and drives companies to develop advanced and more sophisticated marine shaft power meter products. To gain a competitive edge, manufacturers invest in research and development, introducing new features, improved accuracy, enhanced data acquisition capabilities, and integration with digitalization and IoT technologies. This continuous innovation benefits the market by offering customers a wider range of options and driving the overall market growth.
  

Key Companies Profiled

• Datum Electronics Limited
• Kongsberg Maritime
• Shoyo Engineering Co., Ltd.
• Hoppe Marine GmbH
• Trelleborg Marine Systems
• VAF Instruments BV
• Aquametro Oil & Marine AG
• Kyma A.S

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Segmentation of Marine Shaft Power Meter Industry Research

• By Display Type:
  • Analogue
  • Digital
• By Application:
  • Passenger Vessels
  • Cargo Carriers
  • Tankers
  • Container Ships
• By Sales Channel:
  • OEMs (Original Equipment Manufacturers)
  • Aftermarket
• By Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

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