Marine Condition Monitoring System Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027

Market Highlights

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 the 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 in order 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.

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. Expected recovery of the marine industry in the near future 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.

Market Segments' Analysis

Based on the monitoring technique type, the market is segmented as vibration analysis, thermography, oil analysis, and others. Vibration analysis holds the market throne in 2020. Several rotating components, such as pumps, motors, fans, gearboxes, and engines, of ships need condition monitoring in order to have a smooth function and to avoid failures. Vibration analysis proved to be decisive in addressing this requirement. It is also anticipated that vibration analysis will have the highest growth among all types of condition monitoring systems in the coming five years.

Based on the ship type, the market is segmented as commercial ships, military ships, and others out of which commercial ships remain the biggest demand generator for condition monitoring systems. 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. Military ships/vessels is another category that also generates a good demand for condition monitoring systems.

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. The region is home to a number of shipbuilding OEMs and a number of players in the condition monitoring system market space. This is expected to drive the regional market in the forthcoming years.

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.

Key Players

The following are the key players in the marine condition monitoring system market:

• Baker Hughes Company
• SKF
• Emerson Electric Co.
• Siemens
• PARKER HANNIFIN CORP

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's marine condition monitoring system market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.

• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.

• Market trend and forecast analysis.

• Market segment trend and forecast.

• Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.

• Attractive market segments and associated growth opportunities.

• Emerging trends.

• Strategic growth opportunities for the existing and new players.

• Key success factors.

The marine condition monitoring system market is segmented into the following categories:

Marine Condition Monitoring System Market, by Ship Type

• Commercial Ships (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Military Ships (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Marine Condition Monitoring System Market, by Monitoring Technique Type

• Vibration Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Thermography (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Oil Analysis (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Marine Condition Monitoring System Market, by Product Type

• Router-based Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Portable Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Sensor-based Systems (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Marine Condition Monitoring System Market, by Deployment Type

• Cloud (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• On-Premises (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Marine Condition Monitoring System Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Japan, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)