The cargo carrier application segment of marine shaft power meter market is projected to be the relatively most lucrative application segment in the global marine shaft power meter market, growing at a significant CAGR of 4.6% over the forecast period. With the increasing middle-class disposable income, the tourism industry has witnessed significant growth in the recent past. Increased traction of people towards maritime tourism which is creating the need of new ships so as for the need for marine shaft power meter. All region across the globe are anticipated to see further urbanization in the upcoming decade, which is in turn expected to create substantial business opportunity for shipbuilding industry so as for marine shaft power meter manufacturers.
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Transportation via sea is economical and more energy efficient than other modes of transportation. Currently, seaborne trade accounts for more than ~90% of the global overseas business. As one of the critical international trades in the world, seaborne transport is expected to play an important role in global shipbuilding industry which in turn indirectly fuel the need for marine shaft power meter in global marine shaft power market. Moreover, positive outlook of the shipbuilding industry and the digitalization and advancement in connecting technology, remote monitoring, and integration of big data analytics are some of the prime factors creating new opportunities for manufacturers in the global marine shaft power meters market. Owing to the above facts the cargo carrier application of marine shaft power meters is growing at a relatively high pace as compared to passenger application. It is projected that the market size cargo carrier application will reach more than US$ 23 Mn by 2028 in the global marine shaft power meter market.
Digital Display to Remain Popular in Marine Shaft Power Meter Market
The demand for digital display marine shaft power meters is estimated to grow at an above average growth rate and is projected to reach more than US$ 40 Mn by 2028 end. The marine shaft meter with analogue display is anticipated to witness slow growth as compare to digital type marine shaft power meter.
Owing to increasing fleet size expansion and regulations focused towards improving the efficiency of new ships are some of the prime factors responsible for the dominance of the OEM sales channel for marine shaft power meter market over the forecast period. On the other hand, due to the low replacement cycle the aftermarket sales channel in anticipated to register to witness relatively slow growth over the projection period.
APEJ: Market Leader in the Marine Shaft Power Meter Market
The marine shaft power meter market has been evaluated across primary regions such as North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific Excluding Japan (APEJ) and Middle East and Africa (MEA). Among these, APEJ marine shaft power meter market is expected to hold maximum value share over the projection period. The china followed by the South Korea is holding the maximum is holding the maximum share and projected to maintain its dominance over the projection period. The market for Marine Shaft Power Meter is estimated to grow at a significant CAGR of 3.2% and will represent a total incremental opportunity of over US$ 11.7 Mn in terms of value in global marine shaft power meters market over the forecast period.