The marine engine monitoring system market is estimated to be USD 508.4 Million in 2018 and is projected to reach USD 656.5 Million by 2025, at a CAGR of 3.72% during the forecast period. Asia Pacific is expected to be the largest market for marine engine monitoring systems from 2018 to 2025 followed by Europe. The growth of the marine engine monitoring system market is mainly driven by the rise in deliveries of smart engines, the increase in the adoption of digitalization, and predictive maintenance for marine engines.
Key players operating in the marine engine monitoring system market include ABB (Switzerland), AST Group (UK),CMR Group (France), Caterpillar (US), Cummins (US), Emerson (US), Hyundai Heavy Industries (South Korea), Jason Marine (Singapore), Kongsberg (Norway), MAN Diesel & Turbo (Germany), Mitsubishi Heavy Industries (Japan), NORIS Group (Germany), Rolls Royce (UK), and Wartsila (Finland) among others.
Major strategies adopted by leading market players include contacts, new product launches, agreements, expansions, acquisitions, and partnerships. The strategy of contracts was the most commonly adopted strategy between 2014 and 2018. Key players have also adopted the strategy of contacts, agreements, and new product launches to strengthen their foothold in the marine engine monitoring system market.
Rolls-Royce, a UK-based leading marine engine monitoring company, adopted strategies, such as investments, contracts, and new product launches to enhance its customer base worldwide. For example, in 2017, Rolls-Royce signed a contract with the Technology Centre for Offshore and Marine, Singapore (TCOMS) to form a strategic partnership to develop smart ship technologies. The partners are expected to work on world-leading research to develop fundamental technologies such as smart sensing, digital twinning, and integrated modeling, which are essential for the development of future marine databased solutions.
Kongsberg Maritime (Norway) is another prominent player in the marine engine monitoring system market and offers a diverse portfolio of marine engine monitoring systems. The company is engaged in the development of technologically advanced products for various end-use industries. In October 2016, Kongsberg Maritime completed an extensive refit of a 21-year-old main engine, remote control system aboard a VLCC (Very Large Crude Carrier) during the vessel's scheduled docking. The original Main Engine, Remote Control System installed at a newbuilding yard in Japan was de-commissioned, and the latest Kongsberg AutoChief 600 was commissioned by the Dedicated Refit Team.
Wärtsilä (Finland) is one of the key players in the marine engine monitoring system market. In July 2016, Wärtsilä and Rederiaktiebolaget Eckerö extended their long-term maintenance contract for Eckerö’s entire fleet of 5 vessels. The 5-year agreement between Wärtsilä and Rederiaktiebolaget Eckerö covers the 5 vessels. One of the vessels has been equipped with the Wärtsilä Condition-based maintenance system, which provides data to enable dynamic maintenance planning.
Marine Engine Monitoring System Market by Engine Type (Propulsion Engine, Auxiliary Engine), End Use (OEM, Aftermarket), Component (Hardware, Software), Ship Type (Commercial, Naval), Deployment (On-Board, Remote), and Region - Global Forecast to 2025
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