Marine Engine Monitoring System Market to Witness Mounting Growth
Stratview Research has published a new report titled “Marine Engine Monitoring System Market” which is segmented by Component Type (Hardware, Software), by Engine Type (Propulsion Engine, Auxiliary Engine), by Ship Type (Commercial, Naval), by Deployment Type (Remote, On-Board), by End-User Type (OEM, Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, Marine Engine Monitoring System Market is likely to witness an impressive CAGR of 5.2% during the forecast period. 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.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
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.
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.
Who are the Key Players in the Market?
This report provides market intelligence in the most comprehensive way. It also provides critical insights into the key players active in the market, that will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players activen in the Marine Engine Monitoring System Market:
· ABB Group
· AST Group
· Caterpillar
· Cummins
· CMR Group
· Emerson Electric
· Hyundai Heavy Industries
· Jason Marine Group
· Kistler Group
· Kongsberg Gruppen
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