The Marine Engine Monitoring System Market is estimated to be USD 508.4 million in 2018 and is projected to reach USD 656.5 million by 2025, at a CAGR of 3.72% from 2018 to 2028. Factors influencing the growth of the marine engine monitoring system market include growth in international seaborne trade, increase in demand for smart engines, the rise in demand for recreational boats, and growth in maritime tourism.
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The marine engine monitoring system market is led by a few major players that have a wide regional presence and an established brand image. Leading players in the marine engine monitoring system market include 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.
The marine engine monitoring system market in Europe is projected to grow at the highest CAGR from 2018 to 2025. The growth of the shipbuilding industry in Europe is one of the most significant factors contributing to the increased demand for marine engine monitoring systems in the region. In addition, investments in the defense sector and restructuring efforts undertaken by ship manufacturing companies are additional factors driving the marine engine monitoring system market in Europe. Germany, the UK, Italy, France, and Norway are the key countries considered for market analysis in the European region.
Based on ship type, the naval ships segment of the marine engine monitoring system market is projected to grow at the highest CAGR from 2018 to 2025. The commercial ship type segment has been further divided into merchant and recreational ships. Merchant ships are primarily used for commercial transportation. The merchant ships segment has been further categorized into bulk carrier, container ship, dry cargo, oil tanker, LPG & LNG (gas), chemical tanker, and passenger ship, which are made for blue water sailing. The increase in trading activities and growth in maritime tourism has led to the growing demand for recreational ships and passenger ships worldwide, which, in turn, is driving the demand for marine engine monitoring systems.
Based on component, the software segment is expected to grow at the highest CAGR during the forecast period. The software offers analytical solutions and trend analysis for engine performance and operations to analyze and predict failure and risk associated with marine engines. The growth of the hardware segment is primarily driven by the increasing use of advanced sensors and connectivity devices on marine engines.
Based on end user, the OEM segment of the marine engine monitoring system market is projected to grow at the highest CAGR during the forecast period. Increase in the deliveries of cruise ships, passenger ships, and recreational boats is driving the growth of OEMs segment. Advantages associated with the use of technologies such as IoT, machine to machine data transfer, advanced data analysis tools, improved efficiency, and fuel consumption of older engines enhance the engine components’ lifespan and reduce maintenance costs.
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Major Key Players in global Markets
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
