The Marine Engine Monitoring System market is estimated to be USD 490.2 Million in 2017 and is projected to reach USD 656.5 Million by 2025, at a CAGR of 3.72% during the forecast period. The objective of this study is to analyze, define, describe, and forecast the marine engine monitoring system market based on component, engine type, end user, ship type, deployment, and region. The report also focuses on providing a competitive landscape of this market by profiling companies based on their financial positions, product portfolios, and growth strategies as well as analyzing their core competencies and market share to anticipate the degree of competition prevailing in the market. This report tracks and analyzes competitive developments such as contracts, new product launches/developments, and research & development (R&D) activities in the marine engine monitoring system market. The base year considered for this study is 2017 and the forecast period is from 2018 to 2025.
The research methodology used to estimate and forecast the size of the marine engine monitoring system market began with capturing data on key vendor revenues. Secondary sources referred for this study included annual reports, Yahoo Finance, Association of European Shipbuilders, United Nations Conference on Trade and Development (UNCTAD), and press releases. The bottom-up procedure was employed to arrive at the overall size of the market by determining the revenue of key market players. After arriving at the overall market size, the market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key industry experts, such as CEOs, VPs, directors, executives, and engineers. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.
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Market Ecosystem
The marine engine monitoring system market has been segmented on the basis of component, engine type, end user, ship type, deployment, and region. ABB (Switzerland), AST Group (UK), CMR Group (France), Caterpillar (US), Cummins (US), Emerson (US), Hyundai Heavy Industries (South Korea), Jason Marine (Singapore), Kongsberg (Norway), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (Japan), NORIS Group (Germany), Rolls Royce (UK), and Wartsila (Finland), among others, are the key manufacturers of marine engine monitoring systems. Contracts, new product launches/developments, agreements, and acquisitions are the major strategies adopted by the key players in the marine engine monitoring system market.
The marine engine monitoring system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). The market in Europe is projected to grow at the highest CAGR during the forecast period, owing to increasing investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies in the region.
Asia Pacific is the largest market for marine engine monitoring system. Over the past few years, this region has witnessed rapid economic development as well as the growth of the manufacturing and energy sectors, thereby increasing maritime trade. The rise in seaborne trade has subsequently led to an increase in the demand for ships used to transport manufactured goods worldwide. Thus, the increase in the number of ships has contributed to the growing demand for propulsion systems and propellers in the region. China, South Korea, and Japan are the key markets for marine engine monitoring systems in the Asia Pacific region.
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