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The worldwide marine industry was severely hit by the COVID-19 pandemic; however, the impact varies from type to type. Commercial ships recorded a mammoth decline, whereas military ships/vessels somehow maintained their demand amid the pandemic. Recreational boats, another segment, declined over 10% in terms of wholesale units. The demand for condition monitoring systems is highly dependent on the organic growth of these ship/vessel categories. Expected recovery of the marine industry in the near future paired with a greater adoption rate of condition monitoring systems is likely to drive the demand at a modest rate of 3.4% over the next five years, helping the market stakeholders to cross a landmark figure of US$ 700 million by 2027.
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