Over the past years, the marine shaft power meter industry has exhibited steady growth due to high requirement for reducing running cost of equipment production, fuel saving, and efficient maintenance scheduling. With surge in demand across diverse application sectors such as passenger vessels, cargo carriers, tankers, and container ships, the growth scope for manufacturers has widened during the past years – 2015 to 2019. In 2020, the coronavirus outbreak affected the growth of players in this industry, while slow yet steady recovery has started since the last quarter of the year, making stakeholders optimistic again.
According to Fact.MR, prominence of using analogue and digital displays in marine shaft power meters will provide significant contribution to the growth of suppliers. On the other hand, manufacturers have started bringing in a flurry of new products to meet various requirements from the maritime industry. These factors will aid growth of the marine shaft power meter industry during the forecast period.
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How is Recovery of the Maritime Industry Key to Growth of Marine Shaft Power Meter Manufacturers?
Despite facing difficulties due to the onset of COVID-19, the maritime industry has started recovering with the commencement of vaccination and the world getting back to the new normal. Marine shaft power meters are extensively used in maritime for enhanced equipment maintenance, fuel saving, and measurement of crucial real-time parameters.
According to a report titled “Global Marine Trends 2030- Society of Maritime Industries”, published by the Maritime Industries Organization, three sectors will exhibit hegemony in the maritime industry-
- Commercial shipping, fleet ownership, and shipbuilding
- Naval sector
- Offshore energy
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As per the report, the volume of seaborne trade will exhibit promising growth and will reach somewhere between 19 and 24 billion tonnes by 2030, while China will play a key role as an emerging maritime superpower in shipping. This, in turn, will favor the manufacturers of marine shaft power meters over the coming years.
Segmentation by Category
- Passenger Vessels
- Cargo Carriers
- Container Ships
- Other Cargo Ships
- Other Vessels
- Display type
- Sales Channel
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
Competition in the global marine shaft power meter market is getting stronger with each passing year. In order to remain in key positions, market players are more frequently launching new products.
- VAF Instruments BV launched its new extensive range of shaft power thrust meters, shaft power torque meters, and others, in recent years.
- Kyma A.S. launched its new Kyma Shaft Power Meter, an instrument for continuous measurement of torque, thrust, revolutions, and power on a rotating shaft, in 2019.
For More Insights-https://www.globenewswire.com/news-release/2022/03/09/2400432/0/en/Low-Code-Development-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-187-Bn-by-2032-Currently-US-Accounts-For-the-Largest-Market-Share-in-the-World.html
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