The marine shaft power meter helps to accurately measure the power transmitted through the shaft. This enables measuring the actual power delivered by engine to propeller or a generator. Shaft power meter in a marine system is gaining traction by reducing running cost from equipment production, improved maintenance scheduling, and fuel saving. It measures speed, shaft torque, and power. It is suitable for all commercial vessels with both single or multiple shaft installations.
The report on the marine shaft power meter market offers key insights, in-depth analysis, along with the historic data and forecast on the market. Important factors impacting the marine shaft power meter market growth are also covered in the report. Market dynamics including drivers, latest trends, challenges, and growth opportunities in the marine shaft power meter market across different regions is also included in the report.
The study on the marine shaft power meter market also focuses on the segment-wise analysis and region-wise analysis of the marine shaft power meter market. Competitive analysis along with the details on the leading market players is also provided in the report. New developments along with the current scenario in the marine shaft power meter market are also included in this report.
Adoption of Smart Marine Shaft Power Meter Systems Growing
Fuel charges remain a key operational cost for shipping industry, accounting for over 40% of shipping cost. Unsurprisingly, the focus has shifted to adopting energy-efficient products and solutions. Key players in the marine shaft power meter market are focusing on developing smart shaft power meters to gain critical data pertaining to on propulsion shaft, engine, and propeller performance. High accuracy, low maintenance, and optimization of energy is a key development focus areas of manufacturers. Ship energy efficiency with real-time optimization model has emerged as a cornerstone in marine shaft power meter manufacturing, which is paving lucrative opportunities for manufacturers.
New touchscreen digital display system for data and diagnostics for marine shaft power meter by manufacturers has gained traction as the part of continues product improvement program.
High Cost of Development to Remain Longstanding Challenge
Growing demand for cost-efficient, technologically advanced, and high safety marine shaft power meter is an emerging challenge for manufacturers resulting in high development cost. Reducing product cost and improving system functionality features are major objectives of the manufacturers.
Sales of the marine shaft power meter is highly reliant upon cost competitiveness as the majority of the sales is to ship builders working on fixed price build contracts. Introducing new technologies and features along with the cost competitiveness in the market is one of the biggest challenges for marine shaft power meter manufacturers.
Marine Shaft Power Meter Market Remain Consolidated among Tier 1 Players
Tier 1 players hold nearly 1/3rd of the share in the marine shaft power meter market. The success of tier 1 players can be attributed to the production of technologically advanced products and their robust distribution network. Leading players in the market are also focusing on strategic partnerships and mergers and acquisitions.
Tier 2 and tier 3 players are focusing on development and launch of new products. Development of cost-effective products, leading to the reduction of fuel consumption is one of the key strategies of tier 2 and tier 3 players to retain their position in the marine shaft power meter market.
The marine shaft power meter market report provides a detailed profile of the leading players including Shoyo Engineering Co., Ltd, Hoppe Marine GmbH, Datum Electronics Limited, Kongsberg Maritime (Kongsberg Gruppen), Aquametro Oil & Marine AG, Trelleborg Marine Systems, Kyma A.S., VAF Instruments BV, and other prominent players.