Marine Engine Monitoring System Market Report

Market Insights

Marine Engine Monitoring System Market is likely to grow from USD 501.33 million in 2021 to USD 677.33 million by 2028 at an impressive CAGR of 4.29% during the forecast period of 2022-2028. 

What is marine engine monitoring system?

Marine Engine Monitoring System refers to the use of vessel engines and vessel generators for the purpose of monitoring proper thrust, propulsion, and other factors.

Marine Engine Monitoring System works on hardware as well as software mechanism, Commercial and naval are the two ship types where marine engine monitoring system is used.

Market Drivers

Surge in international seaborne trade, increase in demand for deliveries of smart engines, recreational boats, and growth in maritime tourism are the key factors influencing the growth of the marine engine monitoring system market.

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Segments' Analysis

By Ship Type

Based on the ship type, the market is segmented as commercial and naval. The commercial segment is estimated to be the larger ship type segment during the forecast period. The growth of this segment is owing to the snowballing use of merchant ships for commercial transportation. The market is immensely influenced by the increase in trading activities and growth in maritime tourism, which has led to the growing demand for cargo and passenger ships globally, which, in turn, is underpinning the demand for ship deliveries, which has further emboldened the demand for marine engine monitoring systems.  

By Region

In terms of regions, the marine engine monitoring system market in Europe is estimated to register the highest growth during the forecast period, driven by the restructuring efforts undertaken by ship manufacturing companies in the region and increasing investments in the defense sector. Asia-Pacific is estimated as the largest market for marine engine monitoring system. Over the recent years, this region has depicted rapid economic development as well as the growth of the manufacturing and energy sectors, thereby accelerating maritime trade. The rise in seaborne trade has subsequently contributed to a rise in the demand for ships used to transport manufactured goods globally. China, South Korea, and Japan are the growth engines of the Asia-Pacific region.

Market Scope & segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The marine engine monitoring system market is segmented into the following categories. 

By Component Type:

• Hardware
  • (Component Type Analysis: Displays and Control Modules, Controller, Routers & Switches, and Sensors)

• Software

By Engine Type:

• Propulsion Engine
  • (Engine Type Analysis: Gas Turbine, Diesel Engine, Steam Engine, and Dual-Fuel Engine)
• Auxiliary Engine

By Ship Type:

• Commercial
  • (Ship Type Analysis: Merchant Ships and Recreational Boats)
• Naval
  • (Ship Type Analysis: Surface Naval Ships and Underwater Naval Ships)

By Deployment Type:

• Remote
• On-Board

By End-User Type:

• OEM
• Aftermarket

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

Some of the major players in the marine engine monitoring system market are-

• ABB Group
• AST Group
• Caterpillar
• Cummins
• CMR Group
• Emerson Electric
• Hyundai Heavy Industries
• Jason Marine Group
• Kistler Group
• Kongsberg Gruppen

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the component types by end-user type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.