Marine shaft power meters are a key technology in monitoring vessel performance, and are gaining fast traction with the marine industry getting back to its feet after the shockwaves of the COVID-19 pandemic. Additionally, rise in cases of power failure and increase in overall maintenance costs are pushing the demand curve for marine shaft power meters upward. While the United Nations Conference on Trade and Development (UNCTAD) report published in November 2020 indicates maritime trade growth of 4.8% by the end of 2021, the latest updated report by Fact.MR provides insights on upcoming opportunities awaiting stakeholders in this industry.
According to the study, adoption of a variety of displays, both, digital and analogue, is catering to the growth of manufacturers, while high potential in countries such as the United States, Germany, Italy, France, China, and India will take the center stage for stakeholders over the forecast period of 2021 to 2031.
Key Takeaways from Study
- High demand for marine shaft power meters in cargo carriers
- Growing demand for digital displays to fuel sales
- OEM sales channel to have major contribution to growth of market
- The United States to lead in the world’s largest marine shaft power meter industry – North America
- Germany to dominate the world’s second-largest market – Europe
- China to remain the most lucrative country in the world’s fastest-growing market for marine shaft power meters – Asia Pacific
- France, Japan, India, the United Kingdom, Mexico, and a few other countries to maintain positive market outlooks throughout the forecast period
“With the global maritime industry coming back on its feet, requirement for marine shaft power meters is set to gain momentum over the coming years. Furthermore, rise in adoption in passenger vehicles, tankers, and container ships will contribute in raising the revenue of manufacturers,”says a Fact.MR analyst.
Demand Rising for High Safety Marine Shaft Power Meters
Demand for high safety marine shaft power meters is getting prominent across diverse applications such as cargo carriers, passenger vessels, and other cargo ships, due to their highly sought-after properties such as,
- Higher accuracy with horse power measurements
- Enhanced and more reliable performance in measuring torque, speed, and thrust
- Improved maintenance scheduling and fuel saving
- Excellent outcome in protecting equipment
Who is Winning in this Space?
The global marine shaft power meter market is expanding steadily after getting over the restraints due to the COVID-19 pandemic. In order to excel in this industry, key players are launching broader category of products.
- Shoyo Engineering Co., Ltd launched its new SEC Shaft Horsepower Meter, equipped with a metal strip vibration method, a couple of years back.
- Hoppe Marine GmbH launched its new MAIHAK Shaft Power Meter, Fuel Consumption Measurement Solutions, and others, during the last 5 years.