Resumption of Maritime Trade across East & South Asia Flexing Marine Shaft Power Meter Sales: Fact.MR
DUBAI--(Korea Newswire) October 19, 2021 -- Extensive application of marine shaft power in cargo carriers for international trade and in container ships are increasing their sales. Following a period of decelerating sales amid COVID-19, the maritime industry is gradually recovering as marine trade is gaining momentum in East and South Asia.
Ongoing vaccination drive and relaxation across international and national borders have propelled the manufacturing activities and seaborne trade across Japan, China, and India. As per Fact.MR, China is anticipated to be the epicenter of the fastest-growing marine shaft power market across East Asia.
Increasing seaborne trade and shipping activities have encouraged key manufacturers to establish their presence across China and the rest of East Asia. The rising adoption of passenger ships, tankers, and container ships across Japan and China is fuelling the demand for digital marine shaft powers.
The shipbuilding industry in Japan is expected to offer attractive prospects for the growth of the marine shaft power meter market owing to the rising adoption of passenger ships and container ships in the country.
As per the Marine Industries Resource: Japan, investments in the shipbuilding industry across Japan doubled in the past decade, since US$ 157 million in 2011. The focus of the marine industry in Japan to increase energy-saving and environmental technology has surged the adoption of cargo carriers as they are more efficient and cost-effective, thus, providing lucrative opportunities for market players.
China to Remain at the Epicenter of Marine Shaft Power Meter Sales in East Asia
The maritime industry has had a significant impact on the economy of Japan, China, and South Korea. Being an island nation, Japan is extensively dependent on seaborne trade, which is established as a primary source of raw materials for the country.
Considering this, backed by the recovery of marine trade and the presence of several key players, Japan is expected to register lucrative growth opportunities for the sales of marine shaft power meters over the forecast period.
According to Japan’s MLIT (Ministry of Land, Infrastructure, Transport, and Tourism), the government has set a goal to reduce greenhouse gas emissions (GHG) emissions by a 30% from international shipping.
MLIT plays a big role in reaching the set goals by supporting Japan’s maritime cluster’s research and development of new technologies. Stringent goals set by them will spur the demand for high efficient vessels in Japan, pushing the adoption of marine shaft powers.
To improve accuracy, ensure cost-efficient maintenance, and affordable freight rates, the adoption of digital marine shaft power in cargo carriers is increasing rapidly. Additionally, commercial shipping, the naval sector, and offshore energy activities in China are improving the adoption of cargo carriers, which aides the adoption of marine shaft power meters.
With increasing seaborne trade activity across China and Japan, the marine shaft power meter manufacturers will benefit exponentially over the coming years, estimates Fact.MR.
China is home to the largest and fastest-growing maritime industry. A high number of marine shipping, trade, and related activities are creating a conducive environment for marine shaft power meter manufacturers. According to the “Marine Final” report, the marine industry in China generated US$ 989 billion and accounted for over 9.6% of the nation’s gross domestic product (GDP) in 2015.
In 2021, China’s shipbuilding industry witnessed growth by 4.9% during the FQ-20, as per the Ministry of Industry and Information Technology (MIIT). Despite the slight dip in sales due to the unprecedented outbreak of COVID-19, China remained one of the top 10 marine industries across the globe.
“Rising adoption of passenger ships, cargo carriers, and container tanks has encouraged the marine shaft power meter manufacturers to offer advanced technology and accurate torque measurement within the digital display to stay ahead in the competition,” says a Fact.MR analyst.
Who is Winning?
Demand for higher accuracy with greater horsepower measurements and enhanced torque measurement has compelled the key players to launch cost-effective and efficient products.
For instance, a couple of years back, global leader, Shoyo Engineering Co. announced the launch of its new SEC shaft horsepower meter integrated with the metal strip vibration method.
Besides this, the focus on the integration of advanced technologies is at an all-time high.
Recently, Datum Electronics, a global supplier and manufacturer of shaft power technology and torque measurement unveiled an enhanced ECR display for their Marine Shaft Power Meter (MSPM) system. The company has developed its new marine shaft power meter to provide ongoing power monitoring data on ships, including propulsion shafts, thrusters, and diesel generator shafts.
Some of the leading players profiled by Fact.MR operating in marine shaft power meter market includes:
· Datum Electronics Limited
· Shoyo Engineering Co., Ltd.
· Trelleborg Marine Systems
· Kongsberg Maritime
· Hoppe Marine GmbH
· VAF Instruments BV
· Kyma A.S.
· Aquametro Oil & Marine AG t.
Key Questions Answered by the Report
· The report offers insight into marine shaft power meter market demand outlook for 2021-2031
· The market study also highlights projected sales growth for marine shaft power meter market between 2021-2031
· Marine shaft power meter market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
· Marine shaft power meter market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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