About this market
The global naval market is growth in investment in auxiliaries such as oilers and supply ships to support the naval fleet in long-range operations of a country. The growth of naval capabilities will result in the growth of automation, cybersecurity, sensor integration, and related technologies. Therefore, the growth of the naval market in developed countries and emerging economies during the forecast period is likely to be balanced and sustainable. This will lead to foster demand for marine engines, and in turn, will drive the market for as monitoring systems. Technavios analysts have predicted that the marine engine monitoring system market will register a CAGR of over 3% by 2023.
Need to reduce overall operational expenses
The increasing cost of fuel and the lack of skilled staff are significant challenges that adversely impact naval and commercial ship operators. The use of automated solutions in the marine industry reduces the need for workers. Efficient power management systems also reduce the overall energy consumption in vessels. The marine industry deals with foreign currency and records high competition. Therefore, control on operational expenses helps ship operators to widen their profit margins.
Reduced manufacturing of new vessels
The growth of the global marine engine monitoring system is significantly dependent on new shipbuilding requirements. The significant Asian shipbuilding countries, such as China and Singapore, observed a steep decline for new ships between 2016 and 2017. This affected the automation systems market in the marine industry. The adverse impact of this challenge is expected to sustain during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the marine engine monitoring system market during the 2019-2023, view our report.
The marine engine monitoring system market is moderately fragmented with the vendors focusing on the development of automation systems for the marine industry. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the markets competitive landscape and offering information on the products offered by companies.