July 14, 2022 08:03 ET | Source: Stratview Research Stratview Research
Raipur, July 14, 2022 (GLOBE NEWSWIRE) -- The Marine Condition Monitoring System Market report by Stratview Research provides market segmentation in the most-detailed pattern. A high-level market analysis of major segments has been performed in the report and opportunities are identified. This report focuses on the market dynamics, current and emerging trends, competitive landscape, and regional analysis of the market. The study also includes an elaborated detail on the industry forecast and potential of this market.
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Covid Impact on the market
The worldwide marine industry was severely hit by the COVID-19 pandemic; however, the impact varies from type to type. Commercial ships recorded a mammoth decline, whereas military ships/vessels somehow maintained their demand amid the pandemic. Recreational boats, another segment, declined over 10% in terms of wholesale units.
The demand for condition monitoring systems is highly dependent on the organic growth of these ship/vessel categories.
In the marine industry, predictive maintenance has become more of a standard practice over time. Ships/vessels are subjected to scheduled maintenance lately, which is substantially more cost-effective as compared to unscheduled repairs. As a result, the condition monitoring techniques are being used by a growing number of ship owners, fleet managers, and onboard engineers to monitor the ships’ machine or engine condition to detect wear and damage early and avoid any unscheduled repairs. This trend is widely practiced in both, commercial as well as military categories, helping ship operators/governments in saving their maintenance costs.
Expected recovery of the marine industry soon paired with a greater adoption rate of condition monitoring systems is likely to drive the demand at a modest rate of 3.4% over the next five years, helping the market stakeholders to cross a landmark figure of US$ 700 million by 2027.
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Stratview Research has segmented the Marine Condition Monitoring System Market by the following types –
By Ship Type – Commercial Ships, Military Ships, and Others.
By Monitoring Technique Type – Vibration Analysis, Thermography, Oil Analysis, and Others.
By Product Type – Router-based System, Portable System, and Sensor-based System.
By Deployment Type – Cloud and On-Premises, and
By Region – North America, Europe, Asia-Pacific, and the Rest of the World.
Based on the monitoring technique type, Vibration analysis holds the market throne in 2020. Several rotating components, such as pumps, motors, fans, gearboxes, and engines, of ships need condition monitoring to have a smooth function and to avoid failures. Vibration analysis proved to be decisive in addressing this requirement.
Based on the ship type, the ship type is also likely to record the highest growth in terms of condition monitoring system demand in the next five years. Growing preference for goods transport from vessels paired with extreme weather environments makes the use of condition monitoring systems important in commercial ships.
Which region is expected to remain the largest market?
In terms of regions, North America is expected to remain the largest market for marine condition monitoring systems throughout the forecast period. This is largely due to the increasing number of commercial and military ships in the region.
Asia-Pacific is the second-largest market for condition monitoring systems after North America and is subjected to grow at the fastest pace in the post-pandemic market developments. China remains at the driving seat in the region’s growing demand for condition monitoring systems. India and Japan are also likely to substantiate the region's demand for these systems.
Who are the major key players in the market?
The following are the key players in the marine condition monitoring system market:
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