The study opines that cargo carriers hold relatively larger share of the marine shaft power meter market, than passenger vessels. More than 50% volume sales of the marine shaft power meter were held by cargo carriers in 2018. This can be attributed to efforts of ship owners in Germany, China, and Canada, toward strengthening their hold in the container space, in line with the upward trend of container-based shipping services in sea-borne trade.
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Seaborne trade will continue to expand worldwide on the back of competitive freight cost, as carriers increasingly invest in large container vessels for realizing the supply and demand balance. Freight carriers are also making significant investments in green technologies, to comply with new regulations, and meet logistics demands of companies that seek sustainable transport solution.
The Fact.MR study estimates robust sales of the marine shaft power meter in cargo ships and tankers, along with steady demand from passenger vessels, including high-speed crafts, fishing vessels, and cruise liners. Adoption of marine shaft power meters in passenger vessels is underpinned by the requirement of optimum fuel consumption, and investigating engine performance, and shaft power measurement solutions.
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APEJ to Retain its Hegemony in Marine Shaft Power Meter Market
APEJ is expected to hold pole position in the marine shaft power meter market in 2019, with volume sales envisaged to surpass 1,000 units. Revenues from the marine shaft power meter market in Japan are expected to be relatively lower than APEJ. These regions with their flourishing shipping industry and increasing marine trade offer potential growth opportunities for marine shaft power meter manufacturers.
Developing countries in APEJ such as China and South Korea are highly lucrative markets for marine shaft power meter collectively accounting for over four-fifth volume share, finds Fact.MR study. Ongoing recovery of shipbuilding activities is a key factor driving demand for marine shaft power meter in these APEJ countries.
“Technological advances in the shipping industry including autonomous ships and blockchain application, hold considerable promise for the supply side of shipping. Combining on-board system and digital platforms is also on a rise in vessels and cargo. The volume of world trade by sea has started to gradually increase in recent years, with growing demand for goods and raw materials by emerging economies,” reveals Fact.MR study.
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